The global automotive heating, ventilation, and air conditioning (HVAC) controllers market is growing in the automotive industry, owning to rise in the demand for passenger cars equipped with these controllers. A significant increase in sales of sports-utility vehicles (SUVs) across the Asia-Pacific (APAC) and European countries is driving the growth of the market. Increase in the demand for greater safety and comfort in road vehicles is also a contributing factor toward the growth of the market in the forecast years.
The automotive HVAC controllers market is classified into manual and automatic based on technology. The increasing demand for comfort and luxury by consumers has led to an expectation of higher growth rate in the market for automatic HVAC controllers, thereby, boosting the growth of the market in the coming years.
Based on vehicle type, the automotive HVAC controllers market is categorized into passenger vehicle and commercial vehicle. Of these, the passenger vehicle has higher adoption rate of the HVAC controllers. Over 80% of new passenger vehicles are estimated to have HVAC controllers, which serve as a driving factor for the growth of the market in the coming years.
The APAC region is expected to be the most potential market for the HVAC controllers in the coming years, owning to rapid growth in the overall automobile industry in the region. The regional market is led by China, Japan, India, and South Korea, which are forecasted to experience robust growth in production and sales of automobiles and their allied products. For instance, China, Japan, and Korea altogether recorded a production unit of 37 million, comprising 42% of the world’s automobile production. Due to this, the automotive HVAC controllers market is expected to witness the fastest growth during the forecast period.
Major driver for the growth of the automotive HVAC controllers market is the significant growth in the automotive industry around the world in the recent years. There is huge demand recorded for both passenger cars and light commercial vehicles, attributed by rising per capita income and improving standard of living in developing economies like India and China. The increase in the standard of living has escalated the demand for more comfort and luxury, which further enhanced the demand for the HVAC controllers in the market.
The main constraining factor for the growth of the automotive HVAC controllers market is the price. Advanced technology utilized to develop effective HVAC controllers incurs a significant amount of cost of production, attributing to high investment in research and development, which leads to high price of the products. Besides these, the HVAC controllers are required to be constantly serviced and maintained, thereby increasing maintenance cost, which makes them difficult for consumers to sustain.
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Some of the key players operating in the global automotive HVAC controllers market are Denso Corp., Mahle Inc., Thermo King Corporation, Valeo SA, WABCO Holdings Inc., Halla Climate Control Corp., Delphi Technologies PLC, Sanden Holdings Corp., Visteon Corp., and Webasto SE.
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This post was originally published on Business Analytics