Key Players in the Global Automotive Climate Control System Market Tap Emerging Economies; States MRFR Unleashing the Insights for 2017-2023
Vehicle Climate Control System market, as the name suggests creates ambient comfort within the vehicle. The system refers to the car’s integrated heating, ventilation, and air conditioning (HVAC) system and is designed to provide comfort to the passenger as quickly as possible. As heat flows from areas of high temperature to low temperature; the climate control system creates a flow of cooling air below the ambient air temperature using a vapor compression system.
Automotive climate control system has become standard equipment in every vehicle. As a matter of fact, it is even ranking head of anti-lock braking systems (ABS). Considering the demand for futuristic comfort features, nowadays, most of the vehicles are equipped either with manual or automatic climate control system.
As a result, the automotive climate control system market is an ever-increasing space invariably enjoying the increasing traction on the global platform. The augmenting demand for more comfort and luxury has led to the increasing size of the market, fostering developments in the climate control system.
Acknowledging the exponential accruals, the is perceives currently, Market Research Future (MRFR) in its recently published study report asserts that the global automotive climate control system market is projected to reach USD 24,853.4 MN by 2023, posting a staggering double-digit CAGR of 14.92% throughout the forecast period (2017 – 2023).
The market is predominantly driven by the burgeoning automotive industry led by rising disposable income. Technological advancements transpired in the automotive HVAC systems and the demand for more efficient, environment-friendly, and unconventional climate control system are some of the factors providing colossal impetus to the growth of the market.
On the other hand, the requirement of high investment capital to develop the climate controls systems barricades the growth of the market. Nevertheless, the increasing number of automotive unit sale worldwide is expected to fuel the market growth, attracting many investors to the market, eventually.
Automotive Climate Control System Market – Regional Analysis
Asia Pacific is expected to remain the largest region in the global automotive climate control system market. Factors such as the continuous growth in the automotive sector, the presence of manufacturers, and the increasing awareness towards energy efficient products that can reduce the energy cost drive the growth of the regional market.
China is the largest producer of automobiles aftermarket parts across the globe, which puts China as the largest contributor to the market in the region. The automotive climate control system market in the North American market, globally. The APAC market is mainly driven by factors such as the increasing production and the growing demand for comfort features in vehicles.
Automotive Climate Control System Market – Competitive Analysis
Highly competitive, the automotive climate control system market is reliant on automobile sales and is driven by the increase in automotive production. Led by the presence of a number of large and small-scale players that account for a substantial share, the market appears to be fragmented.
Well established players incorporate strategic initiatives such as collaboration, acquisition, partnership, product & technology launch, and expansion, to maintain their positions in the market. The competitive nature of the market is envisaged to intensify as more entrants get attracted to the mass market.
Also, these players focus on new product development initiatives and geographical expansion. The market is anticipated to witness relentless innovations and development of new products that will eventually result in intense competition among the climate control system manufacturers.
These Players invest heavily in R&D to develop a technology that is entirely on a different level compared to their competition. They strive to develop systems with adept technologies, unrivaled design, and features.