Growing Need for Private Car Rental Services to Boost Automotive Air Conditioning Market Growth
New York, US, Sept. 12, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR), “Automotive Air Conditioning Market Analysis by Technology, Component, Vehicle type, and Regions – Forecast till 2030” valuation is poised to reach USD 26,280 million by 2030, registering an 6.60% CAGR throughout the forecast period (2022–2030).
The increase in global warming & altering ozone depletion coupled with the increasing government initiatives for developing advanced AC systems will offer robust opportunities for the market over the forecast period.
Automotive AC Market Report Scope:
Denso Corporation (Japan), Hanon Systems (South Korea), Mitsubishi Heavy Industries Ltd.(Japan), and MAHLE GmbH (Germany). Valeo SA (France), Keihin Corporation(Japan), Calsonic Kansei Corporation (Japan), Samvardhana Motherson Group (India), Subros Limited (India), and SMAC Auto Air (New Zealand)
Increasing Global Warming to offer Robust Opportunities
Growing Need for Private Car Rental Services to Boost Automotive Air Conditioning Market Growth
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Drivers Growing Need for Private Car Rental Services to Boost Market Growth Growing need for the private car rental services such as Ola, Lyft, and Uber is expected to drive demand for the product, which will improve the consumer experience. Furthermore, increasing competition among taxi services is expected to facilitate the use of developing differentiation in solutions, thereby boosting customer loyalty.
Risk of Specific Health Problems to act as Market Restraint The risk of specific health problems like aggravation of respiratory problems and skin dryness & automotive AC systems consuming more fuel for operation may act as market restraints over the forecast period.
High Maintenance Cost to act as Market Challenge The high maintenance cost and high chances of mechanical failure may act as market challenges over the forecast period.
Automotive Air Conditioning Market Segments
The global automotive air conditioning market is bifurcated based on vehicle type, component, and technology.
By technology, automatic will lead the market over the forecast period.
By component, compressor will dominate the market over the forecast period.
By vehicle type, passenger car will spearhead the market over the forecast period.
Browse In-depth Market Research Report (132 Pages) on Automotive Air Conditioning Market:
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Automotive AC Market Regional Analysis
APAC to Domineer Automotive Air Conditioning Market The APAC region grabs the maximum share in the market and is predicted to hold the majority of the market share at the review period. This is attributed to rapid industrialization and massive demand for automobiles in Asia Pacific developing countries such as India, Japan, and China among others, driven via enormous population growth and rising consumer disposable income. As the largest automotive manufacturer, Asia Pacific is expected to domineer the market during the forecast period. Countries with extensive road networks, such as India, China, and Japan, have increased need for automobiles.
During the forecast period, Asia Pacific is expected to have the largest market share for automotive AC. As per the International Energy Agency, Asia is growing faster in terms of economic development. India and China are both important players in this region. Both are mature vehicle exporters with mature, developed economies and slowly rising populations. Demand will remain strong across major trading nations, with many other countries planning or building to build the receiving terminals. The Asia Pacific market will grow rapidly for the presence of eminent automobile manufacturers and large-scale vehicle production in this region. Emerging markets like India, China, and South Korea are experiencing increased vehicle demand as a result of various initiatives undertaken by state government bodies to revitalize the auto industry in such countries.
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North America to Have Admirable Growth in Automotive AC Market North America is the world's second-largest market and is predicted to maintain its significant market share during the review period. This growth is due to the region's early adoption of technological advancements, demand for high-quality automobiles and auto components, & the presence of eminent market players in this region, particularly in developed countries like the United States and Canada. These influential factors indeed are predicted to have a significant impact on the region’s market growth. North America's market will grow at a favorable CAGR during the forecast period. This is due to improving macroeconomic conditions & increased investment in R&D activities.
The market in North America, like other developed markets around the world, is expected to grow primarily due to replacement sales. Furthermore, rising government promotional activities to increase the use of energy-efficient ac systems to cut down energy consumption are expected to fuel the regional market's growth. Despite the fact that the overall market fell due to the pandemic’s spread, North America recorded growth during 2020 and was not as negatively impacted as the rest of the world. This is due to strong demand in both regions in the fourth quarter of 2020. North America will grow significantly in the coming years owing to increased vehicle production. Similarly, demand for vehicle safety & comfort features is increasing in these regions.
COVID-19 Analysis The recent COVID-19 epidemic slowed the market growth, resulting in a drop in passenger vehicle sales across the board. Using an automotive AC system was previously considered a luxury, and not all vehicles were equipped with one. It is now a required feature in all vehicles due to the widespread acceptance of the basic automotive safety & comfort standards. False claims that the epidemic spreads through the use of air conditioners have severely harmed the air conditioning industry, defaming the entire industry. Manufacturing companies are using the internet to spread the word about false charges, but the impact of viruses has led people to believe in the fake news & misinformation in such situations. Although production already has been halted due to the shutdown, the pandemic is expected to disrupt the market in the coming days. The global demand graph has shown a significant reduction in demand, and it is predicted to take a longer time to recover. Many developing economies are expected to enter a recession period, with growing need for goods predicted to reach new lows, increasing the size and share of the Automotive Air Conditioning Market.
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Automotive Air Conditioning Market Competitive Analysis
Dominant Key Players on Automotive AC Market Covered are:
Mitsubishi Heavy Industries Ltd. (Japan)
SMAC Auto Air (New Zealand)
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
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