Press Release

Automotive Air Conditioning Market to Grow at 7.47% CAGR through 2029

Increasing demand for passenger comfort, adoption of electric vehicles, and stringent environmental regulations are the factors driving the global automotive air conditioning market in the forecast period.

 

According to TechSci Research report, “Automotive Air Conditioning Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F”, the Global Automotive Air Conditioning Market stood at USD 65.34 Billion in 2023 and is anticipated to grow with a CAGR of 7.47% in the forecast period. The global automotive air conditioning market is poised for significant growth driven by several compelling trends and opportunities. One prominent growth driver is the increasing consumer demand for enhanced comfort and convenience features in vehicles. As lifestyles evolve and urbanization intensifies, there is a rising expectation among consumers for more comfortable driving experiences. Automotive air conditioning systems play a crucial role in meeting these expectations by providing efficient cooling and heating solutions, thereby enhancing overall passenger comfort. This trend is particularly pronounced in regions experiencing rapid economic development, where rising disposable incomes allow more consumers to afford vehicles equipped with advanced air conditioning technologies.

 

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The market growth is due to the ongoing shift towards electric vehicles (EVs). With the global automotive industry embracing sustainability initiatives, EVs are becoming increasingly popular due to their lower environmental impact and reduced reliance on fossil fuels. Automotive air conditioning systems in EVs are critical for maintaining optimal battery performance and ensuring passenger comfort without compromising vehicle range. As governments worldwide implement stricter emissions regulations, the demand for efficient thermal management solutions in EVs is expected to drive innovation in automotive air conditioning technologies, presenting significant growth opportunities for market participants.

Despite these opportunities, the market faces several challenges that could potentially hinder growth. One such challenge is the volatility in raw material prices, particularly for refrigerants used in automotive air conditioning systems. Regulatory changes aimed at reducing greenhouse gas emissions have led to shifts towards more environmentally friendly refrigerants, necessitating investments in research and development to adapt existing technologies. The complexity and cost associated with integrating advanced air conditioning systems into vehicles, especially in emerging markets, pose logistical and economic challenges for manufacturers. The global automotive air conditioning market is witnessing robust growth driven by evolving consumer preferences for comfort, the proliferation of electric vehicles, and stringent regulatory standards promoting sustainability. While these trends present significant opportunities for market expansion, challenges such as raw material price volatility and technological complexities must be navigated effectively. Overall, the market outlook remains positive, with continued innovation and strategic partnerships expected to play pivotal roles in shaping the future landscape of automotive air conditioning solutions.

Regulatory standards and environmental considerations play a crucial role in shaping the market dynamics. Stringent regulations regarding vehicle emissions and energy efficiency have prompted automakers to invest in eco-friendly air conditioning solutions. This has led to the adoption of alternative refrigerants with lower global warming potential (GWP) and the development of systems that minimize leakage and energy consumption. Customer expectations and preferences also influence market trends. Consumers are increasingly prioritizing comfort and convenience features when purchasing vehicles, including reliable and effective air conditioning systems. This consumer demand drives automakers and suppliers to continually innovate and improve their products to meet evolving expectations. The aftermarket segment of the automotive air conditioning market contributes significantly to its overall size. Maintenance, repair, and replacement of air conditioning components and systems represent a substantial portion of aftermarket activities, driven by vehicle age, climate conditions, and technological advancements.

The global Automotive Air Conditioning Market is segmented into technology, component, vehicle type, and region.

The automatic segment is emerging as the fastest-growing technology in the Global Automotive Air Conditioning Market. This growth is primarily driven by advancements in automotive technology and consumer demand for enhanced comfort and convenience features. Automatic air conditioning systems offer superior control over cabin temperature, humidity levels, and air distribution compared to manual systems. They incorporate sensors to monitor and adjust settings automatically, optimizing comfort and energy efficiency. 

Moreover, the increasing adoption of electric vehicles (EVs) and hybrid vehicles has bolstered the demand for automatic air conditioning systems due to their compatibility with electrified drivetrains. These systems contribute to the overall efficiency and range of electric vehicles by managing energy consumption more effectively. Additionally, technological innovations such as dual-zone and multi-zone automatic climate control systems further appeal to consumers seeking personalized comfort options. As automotive manufacturers continue to prioritize comfort and sustainability, the automatic air conditioning segment is poised for significant growth, driving the evolution of air conditioning technologies in the automotive industry globally.

Major companies operating in Global Automotive Air Conditioning Market are:

  • Denso Corporation
  • MAHLE GmbH
  • Marelli Holdings Co., Ltd
  • Hitachi Astemo, Ltd.
  • Sanden Corporation
  • Subros Ltd.
  • Mitsubishi Heavy Industries Ltd.
  • Visteon Corporation
  • Panasonic Industry Co., Ltd. 
  • Webasto SE

 

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“The global automotive air conditioning market is poised for significant growth, driven by several key factors. Increasing demand for passenger comfort, rising disposable incomes, and a surge in automobile production are primary drivers. Moreover, growing awareness of environmental concerns has led to a greater emphasis on energy-efficient and eco-friendly air conditioning systems in vehicles. With continuous innovations and the adoption of sustainable solutions expected to shape the future of automotive air conditioning, ensuring a comfortable and environmentally conscious driving experience” said Mr. Karan Chechi, Research Director of TechSci Research, a research-based management consulting firm.

Automotive Air Conditioning Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Technology (Manual and Automatic), By Component (Compressor, Evaporator, Receiver, and Condenser), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Region, Competition, 2019-2029F, has evaluated the future growth potential of Global Automotive Air Conditioning Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in Global Automotive Air Conditioning Market.

 

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Automotive Air Conditioning Market – Global Industry Size, Share, Trends Opportunity, and Forecast, Segmented By Technology (Manual and Automatic), By Component (Compressor, Evaporator, Receiver, and Condenser), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Region, Competition, 2019-2029F

Automotive | Jul, 2024

Increasing demand for passenger comfort, adoption of electric vehicles, and stringent environmental regulations are the factors driving the global automotive air conditioning market in the forecast period.

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