Automotive heating, ventilation, and air conditioning (HVAC) systems have undergone a transformative shift with manufacturers emphasising green technology for enhanced environmental sustainability and cost effectiveness. To align with rigorous government emission regulations, market competitors are actively producing eco-friendly HVAC products.
The surge in energy efficiency, coupled with strategic mergers and acquisitions, is driving market growth. Amid rising global warming concerns, the Asia-Pacific (APAC) automotive HVAC systems market is anticipated to post a compound annual growth rate (CAGR) of 2.3% over 2023-28, forecasts GlobalData, a leading data and analytics company.
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GlobalData’s latest report, Automotive Heating, Ventilation and Air-Conditioning (HVAC) Market Trends and Analysis by Technology, Companies and Forecast to 2028, reveals that the APAC automotive HVAC systems market is estimated to grow from 45.3m units in 2023 to 50.8m units in 2028.
Lucy Tripathi, senior automotive analyst at GlobalData, said: “The long term growth of the automotive HVAC market is anticipated to be aided by the increased demand for thermal comfort and increased safety brought about by the adoption of HVAC systems. Reducing the system’s weight and size could help the market expand in the upcoming years. The increased use of HVAC systems in passenger cars is a result of the cheaper integration of electronics, sensors, and automated climate control features. The increasing electrification of vehicles is anticipated to lead to a rise in the incorporation of sophisticated safety and comfort features in cars.”
GlobalData anticipates the key players’ technological capabilities and offerings to be improved by the technological advancements and significant investments in research and development.
Tripathi said: “In addition, the manufacturers of less expensive HVAC systems and the use of environmentally friendly refrigerants present profitable development prospects for the companies involved in the automotive HVAC industry. Leading manufacturers like Behr-Hella Thermocontrol (BHTC), Denso and Valeo are putting sophisticated HVAC systems in their cars which aid in the battle against tiny particles inside the car cabin.”
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By GlobalDataOne of the biggest markets and a major source of the demand for these car HVAC systems within APAC is China. People’s growing preferences for comfort and safety are the reasons behind the increasing demand for passenger vehicles from China, India, and other countries in the region.
Customers are gravitating towards high end cars with comparable comfort features. Additionally, foreign companies are producing more vehicles in Malaysia and Thailand.
Tripathi said: “As the fastest-growing region in the world, APAC is contributing to the growth of the global automotive HVAC market. Owing to the proximity of major automakers, the substantial output of automobiles, and the rapidly increasing demand for vehicles in the auto-producing nations – China, South Korea, and India – the APAC automotive HVAC market is bound to witness substantial expansion. To revitalise the auto industry in the coming years, government initiatives are crucial for steering the automotive HVAC market.”
