Automotive HVAC Market Size & Share Analysis - Growth Trends & Forecasts (2023 - 2028)


Automotive HVAC Market Analysis:

1. The Automotive HVAC Market is projected to experience a significant increase in size from USD 61.01 billion in 2023 to USD 83.43 billion by 2028, with a Compound Annual Growth Rate (CAGR) of 6.46% during the forecast period (2023–2028). This growth is expected to be driven by the rising demand for thermal comfort and safety, as well as the adoption of HVAC systems. Additionally, the market may benefit from a reduction in system size and weight, as well as the integration of electronics, sensors, and automated climate control features at a lower cost.

2. The COVID-19 pandemic had a significant impact on the automotive goods and supply chain market, including the automotive HVAC system market. The pandemic outbreak led to a decline in passenger car and commercial vehicle sales in 2020, as well as the temporary shutdown of vehicle and component production facilities due to stringent lockdown measures imposed by regional governments. This resulted in several challenges in terms of supply chain and raw material sources, which were highlighted during the same period.

3. However, 2021 has marked a transition year for the auto sector, with production units being revamped and vehicle sales increasing across major geographies. As a result, production facilities are back in operation, creating a positive outlook for the HVAC component manufacturing and sales. Furthermore, rising vehicle electrification is expected to increase the integration of advanced comfort and safety features in vehicles, which may further boost the growth of the automotive HVAC market over the long term.

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