| Air Conditioning Market worth 24.28 Billion USD by 2020 |
The report “ Air Conditioning Market by Technology (Manual/Semi-Automatic and Automatic),Component (Compressor, Evaporator, Drier/Receiver, and Condenser, Vehicle Type (PC, LCV, HCV, Off-Highway and Locomotive), and by Region - Global Trend and Forecast to 2020 ” defines and segments the air conditioning market, with an analysis and forecast of the global market size, by volume and value. The report highlights potential growth opportunities for the air conditioning market during the forecast period, and also includes a review of market drivers, restraints, opportunities, challenges, competitive landscape, and other key aspects related to the automotive air conditioning market.
The air conditioning market is projected to grow at a CAGR of 6.69% from 2015 to 2020 to reach USD 24.28 Billion by 2020.
Asia-Pacific: Largest market, by value, for automotive air conditioning
The Asia-Pacific region comprises countries such as China, India, Japan, and South-Korea. The Chinese automotive air conditioning market is estimated to lead the Asia-Pacific region, as it is the largest producer and consumer of automobiles across the globe. The recent infrastructure developments and industrialization activities in India have opened up new avenues, opportunities, and markets for OEMs. The demand for passenger cars is growing in India due to the increase in per capita income.
North America: One of the key markets for automotive air conditioning
The North American region comprises the U.S., Canada, and Mexico, which is a technologically advanced and matured automotive market. The North American region is dominated by domestic OEMs such as Ford Motors Co., General Motors Co., and Fiat-Chrysler Automotive. The region has high demand for LCVs which is increasing the demand for enhanced air conditioning systems. Mexico has seen a growth in the air conditioning market due to its proximity to the U.S., one of the largest automobile markets. Also the North American Free Trade Agreement (NAFTA) has boosted manufacturing activity in Mexico.
Europe: Volatile market for air conditioning
Europe is a matured market for the automotive industry. Additionally, the European automotive industry is subjected to stringent emission regulations. The regulatory norms for the use of refrigerant have become stringent, for instance the use of R-134a refrigerant in new vehicles has been banned. From 1st January 2017, no new vehicles can use R-134a as a refrigerant. However, the market is expected to grow owing to the increasing demand for vehicles. In 2014, the German auto industry exports witnessed a 7% rise over 2013 results. This will drive the market for air conditioning systems in Europe.
The report covers the air conditioning market in terms of volume (‘000 units) and value (USD Million) across the regions of Asia-Pacific, Europe, North America, and Rest of the World (RoW). It explains the qualitative and quantitative aspects of the air conditioning market. The report briefly studies the market on the basis of region, technology type, components and vehicle type from 2015 to 2020.
It also provides an overview of value chain analysis, Porter’s Five Forces analysis, a competitive landscape, and company profiles. In addition to this, 10 key players of the automotive air conditioning industry have been profiled.