Heavy Commercial Vehicle HVAC Market to Generate $2.56 Billion by 2027: Says Allied Market Research
[452 Pages Research] Spike in demand for thermal system and automatic climate control features in heavy vehicles, development of Intelligent Transport System and growing demand for electric buses are factors that support the growth of the heavy commercial vehicle HVAC market. Based on type, the automatic segment was the largest market in 2010 and would maintain its dominancy through 2027. By region, Asia-Pacific is expected to show the fastest CAGR through 2027.
Portland, OR, June 27, 2022 (GLOBE NEWSWIRE) -- According to the report published by Allied Market Research, the global heavy commercial vehicle HVAC market generated $1.15 billion in 2010, and is projected to reach $2.56 billion by 2027, witnessing a CAGR of 7.04% from 2021 to 2027. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
Rise in demand for thermal system and automatic climate control features in heavy vehicles, development of Intelligent Transport System and growing demand for electric buses provide impetus to the growth of the global HCV HVAC market. However, high installation and maintenance cost hamper the growth of the market. On the other hand, development of eco-friendly refrigerants, increased demand for HVAC systems from developing nations, and augmented safety & comfort through the adoption of HVAC systems offer lucrative opportunities for expansion of the heavy commercial vehicle HVAC market.
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*Covid-19 Scenario – *
· The Covid-19 pandemic had an adverse impact on the global heavy commercial vehicle HVAC market, owing to imposition of stringent lockdown and safety measures by the government such as ban on import-export of raw materials and social distancing, leading to diminishing demand for automobiles worldwide. The pandemic also led to huge supply and demand issues globally.
· However, the move toward vaccination by governments all over the world and development of innovative HVAC technologies came as a boon to the heavy commercial vehicle HVAC market as these factors would aid the market's resurgence in the coming years.
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The heavy commercial vehicle HVAC market is analyzed across vehicle type, type, sales channel, input, and region. Based on vehicle type, the trucks segment captured the largest share in 2010, accounting for over two-fifths of the global market and would continue with its leadership status through 2027. However, the intercity buses segment would exhibit the highest CAGR of 8.40% during the forecast period.
Based on type, the automatic segment was the largest market in 2010, grabbing more than half of the global market share and would lead the trail through 2027. The same is expected to manifest the fastest CAGR of 8.22% during the forecast period.
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By region, Asia-Pacific captured the largest market share of more than one-third in 2010 and would witness a noteworthy growth during the forecast period. The same is expected to show the fastest CAGR of 7.80% by 2027.
The key players of the global heavy commercial vehicle HVAC market explored in the report include Coachair Pty Ltd., Denso Corporation, Eberspächer Gruppe GmbH & Co. KG, Grayson Thermal Systems, Zhengzhou Guchen Industry Co., Ltd., Internacional Hispacold Sa, Japan Climate Systems Corporation, Konvekta AG, MAHLE GmbH, Mobile Climate Control, Inc., ProAir LLC, Sanden Holdings Corporation, Sidwal Refrigeration Industries Pvt. Ltd., Subros Limited, SUTRAK Corporation, Trane Technologies PLC, TransACNR, Valeo, and Webasto Group.
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