Global Automotive Air Conditioning Systems market is expected to witness a compound annual growth rate (CAGR) of 5.1% from 2019 to 2026; the growth is attributed to increasing disposable income of consumers in the Asia Pacific and Rest of the World (RoW) primarily, and replacement trend in western countries namely the U.S. and Europe. The Asia Pacific is the largest manufacturer of air conditioning systems globally and this region is expected to maintain its dominance and remain at the first position being the largest market across the globe. Countries such as China, India, and Japan are expected to witness robust growth in the coming years.
The automotive air conditioning market is segmented into technology, component, and vehicle type. On the basis of technology, the market is segmented into manual and automatic. By component, the market is segmented into compressor, evaporator, receiver, and condenser. Among these, compressors, are expected to dominate the market during the entire forecast period. On the basis of vehicle type, the market is segmented into the passenger car and commercial vehicle. Passenger car segment is expected to dominate the market during the forecast period. On the basis of region, the market is segmented into North America, Asia Pacific, Europe, and Rest of the World (RoW).
The growing popularity of private car rental services such as Ola, Uber, and Lyft are expected to raise the demand for air conditioning system in cars primarily. Growing demand for cars in countries like Italy, Germany, UK, and France are expected the boost the growth of air conditioning systems market in Europe. Energy efficiency and government norms related to the environment are expected to propel the air conditioning systems market growth in Europe primarily. What's next in Air Conditioning - Fighting for Stars or Focus Shift needed on Hydrocarbons. The hydrocarbons such as CFC’s used in air conditioning systems are harmful to the environment as these gases are not green and have adverse effects on the environment.
The major key players in the automotive air conditioning systems market are Mitsubishi Heavy Industries Ltd, Denso Corporation (Japan), Hanon Systems (South Korea), Sanden Holding Corporation and Calsonic Kansei Corporation. The various key strategies adopted by most of the key players are product development, new product launches, acquisitions and partnerships to strengthen their global position. Recently, light and small fuel-efficient technology in introduced by Denso Corporation which is expected to add a new chapter in the history of global air conditioning systems market.
Scope of Global Air Conditioning System Market