Americas Automotive HVAC Market by Vehicle Type and Technology - Forecast and Analysis 2024-2028

Published: Feb 2024

Pages: 149

SKU: IRTNTR77487

Snapshot

Americas Automotive HVAC Market Forecast 2024-2028

The Americas Automotive HVAC Market size is forecast to increase by USD 2.11 billion, at a CAGR of 6.27% between 2023 and 2028.

The several factors play a crucial role in the market's growth, such as the increasing adoption of HVAC systems in trucks, the increasing launch of new automotive HVAC, and the increasing demand for luxury vehicles. The report provides market size, historical data spanning from 2018 - 2022, and future projections, all presented in terms of value in USD billion for each of the mentioned segments.

What will be the Size of the Market During the Forecast Period?

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Key Drivers, Trends, and Challenges

Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.

Key Market Driver

The increasing adoption of HVAC systems in trucks is notably driving the market growth. The demand for trucks is witnessing signifcant demand in the Americas. In addition, the adoption of light-duty trucks, such as pickup trucks and medium- and heavy-duty trucks, is consistently growing in the US, Canada, and other countries. Furthermore, the developed automotive markets in the Americas, such as the US and Canada, witness high popularity and sales of vehicles such as pickup trucks for commercial purposes.

Moreover, medium- and heavy-duty trucks have been the backbone of commercial activities, including logistics, construction, mining, and any trade-related activities. In addition, regulatory pressures on enhancing truck cabins with comfortable ambiance for driving are also increasing the adoption of HVAC systems in trucks. Hence, such factors are positively impacting the Americas - automotive heating, ventilation, and air conditioning (HVAC) market. Therefore, such factors that are increasing the adoption of HVAC systems in trucks, coupled with the rising demand for trucks across the regions, are expected to drive the market during the forecast period.

Key Market Trends

The increasing popularity of low-noise HVAC is an emerging trend in the market. With the rising technological advances such as electric powertrains, the complexity of automotive HVAC has surged. In addition, this has resulted in increased noise in HVAC, especially in HEVs, PHEVs, and BEVs, due to the presence of electric motors and heat pumps that have to be active during the operation.

Moreover, the demand for automotive HVAC systems is steadily increasing, which is compelling automotive In addition, HVAC compressor manufacturers to continuously innovate in terms of product design to sustain in the market with a competitive advantage. Furthermore, such continuous innovation in the market has led to the development of low-noise automotive HVAC. Hence, such factors are positively impacting the Americas - automotive heating, ventilation, and air conditioning market. Therefore, it is expected to drive the market during the forecast period.

Major Market Challenge

Vehicle recalls due to potential HVAC compressor failure are a major challenge hindering the market growth. Defective products or potential failures of systems in vehicles lead to product recall by vehicle manufacturers. Traditionally, vehicle manufacturers had to bear the complete cost of a product recall. However, the enhancement in company relationships and collaborative work with suppliers across the upstream of the value chain have encouraged suppliers and manufacturers to share the recall cost.

Moreover, even though this has reduced the cost burden on vehicle manufacturers, tier-1 suppliers, and other stakeholders in the value chain, it is still adding a certain cost for these stakeholders, thereby leading to a reduced profit margin. Thus, vehicle recalls due to defective products or potential system failures constitute a challenge for all the stakeholders related to the products. Hence, such factors are negatively impacting the Americas - automotive heating, ventilation, and air conditioning (HVAC) market. Therefore, it is expected to hinder the market during the forecast period.

Market Customer Landscape

The market forecasting report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market analysis strategies.

Customer Landscape

Who are the Major Market Companies?

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.

BorgWarner Inc: The company offers automotive HVAC solutions such as Delphi Automotive microport condenser tubes for heat transfer.

The market research and growth report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

What is the Largest-Growing Segments in the Market?

The passenger vehicle segment is estimated to witness significant growth during the forecast period. The penetration of automotive HVAC in the passenger vehicle segment is almost 100%, as the majority of automakers have started equipping their passenger cars with HVAC systems. Thus, the growth of the Americas - automotive heating, ventilation, and air conditioning market by passenger cars is based on the increase in the production of passenger cars.

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The passenger vehicle segment was the largest segment and was valued at USD 4.51 billion in 2018. Moreover, the sales of electric powertrain-based passenger cars have witnessed growth and are expected to grow significantly during the forecast period. Thus, several vehicle manufacturers are working toward improving their product lineup with electric powertrain-based vehicles by introducing HEVs. Furthermore, the US and Canada are the largest manufacturers of luxury and sports cars. In addition, Canada has witnessed significant investments in capacity expansions and the setting up of new automobile manufacturing facilities. Hence, such factors are fuelling the growth of this segment which in turn drives the market growth during the forecast period.

Segment Overview

The market report forecasts market growth by revenue and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.

Vehicle Type Outlook
- Passenger vehicle
- Commercial vehicle
Technology Outlook
- Automatic
- Manual

Market Analyst Overview

The market is driven by various factors, including the demand for thermal comfort and safety features in both passenger cars and commercial vehicles. The supply chain and raw material sources play a crucial role in shaping this market. With the ongoing initiatives in research and development (R&D), there is a growing focus on vehicle electrification and the use of eco-friendly refrigerants to reduce carbon footprints.

In the European market, automotive trends are witnessing a shift towards green technology and environmentally sustainable practices. Global car sales are influenced by key players such as Polestar, Marelli Corporation, Denso, and Toyota, particularly with models like the Prius known for their eco-friendly features. As the automotive industry adapts to new market trends, the Americas region is at the forefront of embracing innovations that align with green technologies and contribute to a more sustainable future.

Americas Automotive HVAC Market Scope
Report Coverage	Details
Page number	149
Base year	2023
Historic period	2018-2022
Forecast period	2024-2028
Growth momentum & CAGR	Accelerate at a CAGR of 6.27%
Market Growth 2024-2028	USD 2.11 billion
Market structure	Fragmented
YoY growth 2023-2024(%)	5.63
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks
Key companies profiled	BorgWarner Inc., Continental AG, DENSO Corp., Engineered Plastic Components Inc., ESTRA Automotive Systems Co. Ltd., Gentherm Inc., Hanon Systems, HELLA GmbH and Co. KGaA, Hitachi Ltd., Japan Climate Systems Corp., MAHLE GmbH, Marelli Holdings Co. Ltd., Mativ Holdings Inc., Mitsubishi Heavy Industries Ltd., Sanden Corp., Sensata Technologies Inc., Toyota Motor Corp., Valeo SA, Visteon Corp., and ZF Friedrichshafen AG
Market dynamics	Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Americas Automotive HVAC Market Research Report?

CAGR of the market during the forecast period
Detailed information on factors that will drive the market growth and forecasting between 2023 and 2028
Precise estimation of the size of the market size and its contribution of the market in focus to the parent market
Accurate predictions about upcoming market growth and trends and changes in consumer behavior
Growth of the market industry across Americas
Thorough analysis of the market’s competitive landscape and detailed information about companies
Comprehensive analysis of factors that will challenge the growth of market companies

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Table of Contents

1 Executive Summary

1.1 Market overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market by Geography
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Vehicle Type
- Exhibit 06: Executive Summary – Chart on Market Segmentation by Technology
- Exhibit 07: Executive Summary – Chart on Incremental Growth
- Exhibit 08: Executive Summary – Data Table on Incremental Growth
- Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

2.1 Market ecosystem
- Exhibit 10: Parent market
- Exhibit 11: Market Characteristics

3 Market Sizing

3.1 Market definition
- Exhibit 12: Offerings of vendors included in the market definition

3.2 Market segment analysis
- Exhibit 13: Market segments

3.3 Market size 2023

3.4 Market outlook: Forecast for 2023-2028
- Exhibit 14: Chart on Americas - Market size and forecast 2023-2028 ($ billion)
- Exhibit 15: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)
- Exhibit 16: Chart on Americas: Year-over-year growth 2023-2028 (%)
- Exhibit 17: Data Table on Regional - Market size and forecast 2023-2028 ($ billion)

4 Historic Market Size

4.1 Automotive HVAC market in Americas 2018 - 2022
- Exhibit 18: Historic Market Size – Data Table on automotive hvac market in Americas 2018 - 2022 ($ billion)

4.2 Vehicle type Segment Analysis 2018 - 2022
- Exhibit 19: Historic Market Size – Vehicle type Segment 2018 - 2022 ($ billion)

4.3 Technology Segment Analysis 2018 - 2022
- Exhibit 20: Historic Market Size – Technology Segment 2018 - 2022 ($ billion)

4.4 Geography Segment Analysis 2018 - 2022
- Exhibit 21: Historic Market Size – Geography Segment 2018 - 2022 ($ billion)

5 Five Forces Analysis

5.1 Five forces summary
- Exhibit 22: Five forces analysis - Comparison between 2023 and 2028

5.2 Bargaining power of buyers
- Exhibit 23: Chart on Bargaining power of buyers – Impact of key factors 2023 and 2028

5.3 Bargaining power of suppliers
- Exhibit 24: Bargaining power of suppliers – Impact of key factors in 2023 and 2028

5.4 Threat of new entrants
- Exhibit 25: Threat of new entrants – Impact of key factors in 2023 and 2028

5.5 Threat of substitutes
- Exhibit 26: Threat of substitutes – Impact of key factors in 2023 and 2028

5.6 Threat of rivalry
- Exhibit 27: Threat of rivalry – Impact of key factors in 2023 and 2028

5.7 Market condition
- Exhibit 28: Chart on Market condition - Five forces 2023 and 2028

6 Market Segmentation by Vehicle Type

6.1 Market segments
- Exhibit 29: Chart on Vehicle Type - Market share 2023-2028 (%)
- Exhibit 30: Data Table on Vehicle Type - Market share 2023-2028 (%)

6.2 Comparison by Vehicle Type
- Exhibit 31: Chart on Comparison by Vehicle Type
- Exhibit 32: Data Table on Comparison by Vehicle Type

6.3 Passenger vehicle - Market size and forecast 2023-2028
- Exhibit 33: Chart on Passenger vehicle - Market size and forecast 2023-2028 ($ billion)
- Exhibit 34: Data Table on Passenger vehicle - Market size and forecast 2023-2028 ($ billion)
- Exhibit 35: Chart on Passenger vehicle - Year-over-year growth 2023-2028 (%)
- Exhibit 36: Data Table on Passenger vehicle - Year-over-year growth 2023-2028 (%)

6.4 Commercial vehicle - Market size and forecast 2023-2028
- Exhibit 37: Chart on Commercial vehicle - Market size and forecast 2023-2028 ($ billion)
- Exhibit 38: Data Table on Commercial vehicle - Market size and forecast 2023-2028 ($ billion)
- Exhibit 39: Chart on Commercial vehicle - Year-over-year growth 2023-2028 (%)
- Exhibit 40: Data Table on Commercial vehicle - Year-over-year growth 2023-2028 (%)

6.5 Market opportunity by Vehicle Type
- Exhibit 41: Market opportunity by Vehicle Type ($ billion)
- Exhibit 42: Data Table on Market opportunity by Vehicle Type ($ billion)

7 Market Segmentation by Technology

7.1 Market segments
- Exhibit 43: Chart on Technology - Market share 2023-2028 (%)
- Exhibit 44: Data Table on Technology - Market share 2023-2028 (%)

7.2 Comparison by Technology
- Exhibit 45: Chart on Comparison by Technology
- Exhibit 46: Data Table on Comparison by Technology

7.3 Automatic - Market size and forecast 2023-2028
- Exhibit 47: Chart on Automatic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 48: Data Table on Automatic - Market size and forecast 2023-2028 ($ billion)
- Exhibit 49: Chart on Automatic - Year-over-year growth 2023-2028 (%)
- Exhibit 50: Data Table on Automatic - Year-over-year growth 2023-2028 (%)

7.4 Manual - Market size and forecast 2023-2028
- Exhibit 51: Chart on Manual - Market size and forecast 2023-2028 ($ billion)
- Exhibit 52: Data Table on Manual - Market size and forecast 2023-2028 ($ billion)
- Exhibit 53: Chart on Manual - Year-over-year growth 2023-2028 (%)
- Exhibit 54: Data Table on Manual - Year-over-year growth 2023-2028 (%)

7.5 Market opportunity by Technology
- Exhibit 55: Market opportunity by Technology ($ billion)
- Exhibit 56: Data Table on Market opportunity by Technology ($ billion)

8 Customer Landscape

8.1 Customer landscape overview
- Exhibit 57: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

9.1 Geographic segmentation
- Exhibit 58: Chart on Market share by geography - 2023-2028 (%)
- Exhibit 59: Data Table on Market share by geography - 2023-2028 (%)

9.2 Geographic comparison
- Exhibit 60: Chart on Geographic comparison
- Exhibit 61: Data Table on Geographic comparison

9.3 US - Market size and forecast 2023-2028
- Exhibit 62: Chart on US - Market size and forecast 2023-2028 ($ billion)
- Exhibit 63: Data Table on US - Market size and forecast 2023-2028 ($ billion)
- Exhibit 64: Chart on US - Year-over-year growth 2023-2028 (%)
- Exhibit 65: Data Table on US - Year-over-year growth 2023-2028 (%)

9.4 Brazil - Market size and forecast 2023-2028
- Exhibit 66: Chart on Brazil - Market size and forecast 2023-2028 ($ billion)
- Exhibit 67: Data Table on Brazil - Market size and forecast 2023-2028 ($ billion)
- Exhibit 68: Chart on Brazil - Year-over-year growth 2023-2028 (%)
- Exhibit 69: Data Table on Brazil - Year-over-year growth 2023-2028 (%)

9.5 Canada - Market size and forecast 2023-2028
- Exhibit 70: Chart on Canada - Market size and forecast 2023-2028 ($ billion)
- Exhibit 71: Data Table on Canada - Market size and forecast 2023-2028 ($ billion)
- Exhibit 72: Chart on Canada - Year-over-year growth 2023-2028 (%)
- Exhibit 73: Data Table on Canada - Year-over-year growth 2023-2028 (%)

9.6 Mexico - Market size and forecast 2023-2028
- Exhibit 74: Chart on Mexico - Market size and forecast 2023-2028 ($ billion)
- Exhibit 75: Data Table on Mexico - Market size and forecast 2023-2028 ($ billion)
- Exhibit 76: Chart on Mexico - Year-over-year growth 2023-2028 (%)
- Exhibit 77: Data Table on Mexico - Year-over-year growth 2023-2028 (%)

9.7 Rest of Americas - Market size and forecast 2023-2028
- Exhibit 78: Chart on Rest of Americas - Market size and forecast 2023-2028 ($ billion)
- Exhibit 79: Data Table on Rest of Americas - Market size and forecast 2023-2028 ($ billion)
- Exhibit 80: Chart on Rest of Americas - Year-over-year growth 2023-2028 (%)
- Exhibit 81: Data Table on Rest of Americas - Year-over-year growth 2023-2028 (%)

9.8 Market opportunity by geography
- Exhibit 82: Market opportunity by geography ($ billion)
- Exhibit 83: Data Table on Market opportunity by geography ($ billion)

10 Drivers, Challenges, and Trends

10.1 Market drivers

10.2 Market challenges

10.3 Impact of drivers and challenges
- Exhibit 84: Impact of drivers and challenges in 2023 and 2028

10.4 Market trends

11 Vendor Landscape

11.1 Overview

11.2 Vendor landscape
- Exhibit 85: Overview on Criticality of inputs and Factors of differentiation

11.3 Landscape disruption
- Exhibit 86: Overview on factors of disruption

11.4 Industry risks
- Exhibit 87: Impact of key risks on business

12 Vendor Analysis

12.1 Vendors covered
- Exhibit 88: Vendors covered

12.2 Market positioning of vendors
- Exhibit 89: Matrix on vendor position and classification

12.3 BorgWarner Inc.
- Exhibit 90: BorgWarner Inc. - Overview
- Exhibit 91: BorgWarner Inc. - Business segments
- Exhibit 92: BorgWarner Inc. - Key news
- Exhibit 93: BorgWarner Inc. - Key offerings
- Exhibit 94: BorgWarner Inc. - Segment focus

12.4 Continental AG
- Exhibit 95: Continental AG - Overview
- Exhibit 96: Continental AG - Business segments
- Exhibit 97: Continental AG - Key news
- Exhibit 98: Continental AG - Key offerings
- Exhibit 99: Continental AG - Segment focus

12.5 DENSO Corp.
- Exhibit 100: DENSO Corp. - Overview
- Exhibit 101: DENSO Corp. - Business segments
- Exhibit 102: DENSO Corp. - Key news
- Exhibit 103: DENSO Corp. - Key offerings
- Exhibit 104: DENSO Corp. - Segment focus

12.6 Engineered Plastic Components Inc.
- Exhibit 105: Engineered Plastic Components Inc. - Overview
- Exhibit 106: Engineered Plastic Components Inc. - Product / Service
- Exhibit 107: Engineered Plastic Components Inc. - Key offerings

12.7 ESTRA Automotive Systems Co. Ltd.
- Exhibit 108: ESTRA Automotive Systems Co. Ltd. - Overview
- Exhibit 109: ESTRA Automotive Systems Co. Ltd. - Product / Service
- Exhibit 110: ESTRA Automotive Systems Co. Ltd. - Key offerings

12.8 Gentherm Inc.
- Exhibit 111: Gentherm Inc. - Overview
- Exhibit 112: Gentherm Inc. - Business segments
- Exhibit 113: Gentherm Inc. - Key news
- Exhibit 114: Gentherm Inc. - Key offerings
- Exhibit 115: Gentherm Inc. - Segment focus

12.9 Hanon Systems
- Exhibit 116: Hanon Systems - Overview
- Exhibit 117: Hanon Systems - Business segments
- Exhibit 118: Hanon Systems - Key offerings
- Exhibit 119: Hanon Systems - Segment focus

12.10 HELLA GmbH and Co. KGaA
- Exhibit 120: HELLA GmbH and Co. KGaA - Overview
- Exhibit 121: HELLA GmbH and Co. KGaA - Business segments
- Exhibit 122: HELLA GmbH and Co. KGaA - Key news
- Exhibit 123: HELLA GmbH and Co. KGaA - Key offerings
- Exhibit 124: HELLA GmbH and Co. KGaA - Segment focus

12.11 Japan Climate Systems Corp.
- Exhibit 125: Japan Climate Systems Corp. - Overview
- Exhibit 126: Japan Climate Systems Corp. - Product / Service
- Exhibit 127: Japan Climate Systems Corp. - Key offerings

12.12 MAHLE GmbH
- Exhibit 128: MAHLE GmbH - Overview
- Exhibit 129: MAHLE GmbH - Business segments
- Exhibit 130: MAHLE GmbH - Key news
- Exhibit 131: MAHLE GmbH - Key offerings
- Exhibit 132: MAHLE GmbH - Segment focus

12.13 Marelli Holdings Co. Ltd.
- Exhibit 133: Marelli Holdings Co. Ltd. - Overview
- Exhibit 134: Marelli Holdings Co. Ltd. - Product / Service
- Exhibit 135: Marelli Holdings Co. Ltd. - Key news
- Exhibit 136: Marelli Holdings Co. Ltd. - Key offerings

12.14 Mativ Holdings Inc.
- Exhibit 137: Mativ Holdings Inc. - Overview
- Exhibit 138: Mativ Holdings Inc. - Business segments
- Exhibit 139: Mativ Holdings Inc. - Key offerings
- Exhibit 140: Mativ Holdings Inc. - Segment focus

12.15 Mitsubishi Heavy Industries Ltd.
- Exhibit 141: Mitsubishi Heavy Industries Ltd. - Overview
- Exhibit 142: Mitsubishi Heavy Industries Ltd. - Business segments
- Exhibit 143: Mitsubishi Heavy Industries Ltd. - Key news
- Exhibit 144: Mitsubishi Heavy Industries Ltd. - Key offerings
- Exhibit 145: Mitsubishi Heavy Industries Ltd. - Segment focus

12.16 Toyota Motor Corp.
- Exhibit 146: Toyota Motor Corp. - Overview
- Exhibit 147: Toyota Motor Corp. - Business segments
- Exhibit 148: Toyota Motor Corp. - Key offerings
- Exhibit 149: Toyota Motor Corp. - Segment focus

12.17 Valeo SA
- Exhibit 150: Valeo SA - Overview
- Exhibit 151: Valeo SA - Business segments
- Exhibit 152: Valeo SA - Key news
- Exhibit 153: Valeo SA - Key offerings
- Exhibit 154: Valeo SA - Segment focus

13 Appendix

13.1 Scope of the report

13.2 Inclusions and exclusions checklist
- Exhibit 155: Inclusions checklist
- Exhibit 156: Exclusions checklist

13.3 Currency conversion rates for US$
- Exhibit 157: Currency conversion rates for US$

13.4 Research methodology
- Exhibit 158: Research methodology
- Exhibit 159: Validation techniques employed for market sizing
- Exhibit 160: Information sources

13.5 List of abbreviations
- Exhibit 161: List of abbreviations

Methodology

Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

INFORMATION SOURCES

Primary sources

Manufacturers and suppliers
Channel partners
Industry experts
Strategic decision makers

Secondary sources

Industry journals and periodicals
Government data
Financial reports of key industry players
Historical data
Press releases

DATA ANALYSIS

Data Synthesis

Collation of data
Estimation of key figures
Analysis of derived insights

Data Validation

Triangulation with data models
Reference against proprietary databases
Corroboration with industry experts

REPORT WRITING

Qualitative

Market drivers
Market challenges
Market trends
Five forces analysis

Quantitative

Market size and forecast
Market segmentation
Geographical insights
Competitive landscape

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Key Questions Answered

What are the key global market and the regional market share?
What are the revenue-generating key market segments?
What are the key factors driving and challenging this market’s growth?
Who are the key market vendors and their growth strategies?
What are the latest trends influencing the growth of this market?
What are the variables influencing the market growth in the primary regions?
What are the factors influencing the growth of the parent market?

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