Recently, Research and Markets has announced the addition of the "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". In this report, the global automotive air conditioning market is projected to grow at a CAGR (Compound Annual Growth Rate) of 6.69% from 2015 to 2020.
With advancements in automotive air conditioning systems, climate control systems will soon gain a majority share in the air conditioning market. The multi-zone technology market in the European region is estimated to grow from USD 2.1 billion in 2015 toUSD 3.0 billion in 2020 at an impressive CAGR of 7.29% for the forecast period. The North American locomotive air conditioning market is projected to grow at a CAGR of 5.15% from 2015 to 2020.
The automotive air conditioning market is projected to witness considerable growth in various vehicle types such as passenger cars, LCVs, HCVs, and Off-highway, due to technological advancement and increasing vehicle production.
The Asia-Pacific region is estimated to dominate the automotive air conditioning market. The growth can be attributed to the increasing demand for vehicles, across the region. In 2015, the passenger car production in countries such as China and India is expected to grow at a faster rate, which will boost the automotive air conditioning market. The availability of cheap labor, and supportive government policies is attracting a majority of the OEMs to establish their manufacturing facilities in this region.
For instance, the Indian government has provided an opportunity for the OEMs by allowing 100% FDI with no minimum investment criteria for the automotive sector. This region houses established automakers such as Toyota (Japan), Hyundai Motor Company (South Korea), and Honda Motor Company (Japan). Other countries in the Asia-Pacific region, such as South Korea and Japan, have strong technological capabilities. The region therefore represents a balanced blend of demand and technology, making it an ideal investment for any OEM.
(Source: prnewswire.com)