The global automotive HVAC market size is estimated to reach USD 28.95 billion by 2025, according to a study by Grand View Research Inc., expanding at a CAGR of 8.6% during the forecast period. The market is driven by increasing development of innovative, fuel efficient, and eco-friendly HVAC solutions coupled with surging global demand for passenger vehicles. Rising disposable income and growing inclination towards more luxurious and comfortable travel are anticipated to foster the growth of the automotive HVAC market.
In current scenario, an automotive HVAC unit has become an integral part of passenger vehicles, offering comfort features that influence consumer buying behavior. Rising concerns regarding global warming are leading to increase in temperature levels, which in turn is resulting in increased demand for enhanced interior environment and comfort. Technological innovations and substantial investments in R&D activities are leading to innovation of fuel-efficient and eco-friendly HVAC units coupled with innovative designs to lower the weight and size of systems for better adaptability.
Spiraling demand for private vehicle owing to flourishing car rental industry and rising average time spent on vehicles is expected to boost the growth of the market. Additionally, affordable automobile finance schemes and increasing preference to use private vehicles rather than public transport can also favor the growth of the automotive HVAC market. Asia Pacific is anticipated to dominate the global market throughout the forecast horizon owing to presence of key automobile manufacturers coupled with a broader consumer base boosting vehicle demand. Rising concerns about environmental effects of refrigerants and high maintenance costs can hinder the growth of the automotive HVAC market.
Browse Details of Report, Please Visit @ https://www.grandviewresearch.com/industry-analysis/automotive-hvac-market
Key Takeaways from the report:
Have Any Query? Ask Our Experts @ https://www.grandviewresearch.com/inquiry/724/ibb
Grand View Research has segmented the global automotive HVAC market on the basis of technology, vehicle type and region:
Automotive HVAC Technology Outlook (Revenue, USD Million, 2015 – 2025)
Automotive HVAC Vehicle Type Outlook (Revenue, USD Million, 2015 – 2025)
Automotive HVAC Regional Outlook (Revenue, USD Million, 2015 – 2025)
Browse Related Reports :
Rear Axle Market Analysis By Type (Drive, Dead, Lift), By Application (Heavy Vehicles, Luxury Vehicles, Executive Vehicles, Economy Vehicles, SUV, MUV, Railways), By Region, And Segment Forecasts, 2018 – 2024
https://www.grandviewresearch.com/industry-analysis/rear-axle-market
Automotive Sunroof Market Size, Share & Trends Analysis Report By Product (Glass, Fabric), By Vehicle (Premium & Luxury, Mid-Segment), By Region, Competitive Landscape, And Segment Forecasts, 2018 – 2025
https://www.grandviewresearch.com/industry-analysis/automotive-sunroof-market
About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
Media ContactCompany Name: Grand View Research, Inc.Contact Person: Sherry James, Corporate Sales Specialist – U.S.A.Email: Send EmailPhone: 1-415-349-0058, Toll Free: 1-888-202-9519Address:201, Spear Street, 1100 City: San FranciscoState: CaliforniaCountry: United StatesWebsite: www.grandviewresearch.com/industry-analysis/automotive-hvac-market