Energy Efficient HVAC Systems Market by Product and Geography - Forecast and Analysis 2022-2026

Published: Apr 2022 Pages: 120 SKU: IRTNTR73218

The energy-efficient HVAC systems market share is expected to increase by USD 24.37 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 11.02%.

This energy-efficient HVAC systems market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers energy-efficient HVAC systems market segmentations by product (air Conditioning, heating, and ventilation) and geography (APAC, North America, Europe, South America, and Middle East and Africa). The energy-efficient HVAC systems market report also offers information on several market vendors, including Daikin Industries Ltd., Emerson Electric Co., Gree Electric Appliances Inc. of Zhuhai, Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., LIXIL Corp., Mitsubishi Electric Corp., Nortek Inc., Paloma Co. Ltd., Panasonic Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, The Climate Control Group Inc., Trane Technologies plc, and WaterFurnace International Inc. among others.

What will the Energy-Efficient HVAC Systems Market Size be During the Forecast Period?

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Energy-Efficient HVAC Systems Market: Key Drivers, Trends, and Challenges

The demand for reducing energy consumption and operating costs is notably driving the energy-efficient HVAC systems market growth, although factors such as the higher initial cost of energy-efficient HVAC systems may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the energy-efficient HVAC systems industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Energy-Efficient HVAC Systems Market Driver

The demand for reducing energy consumption and operating costs is one of the key drivers supporting the energy-efficient HVAC systems market growth. According to the US Energy Information Administration (EIA) estimates, about 1,410 billion kWh of electricity was utilized by the US residential consumers during 2016, of which 634 billion kWh was utilized for heating, ventilation, air conditioning, and refrigeration (HVAC and R) applications, forming about 45% of the total energy consumption. The heating, cooling, and ventilation costs for the commercial and industrial users also represent a significant proportion of their overall operating cost, and there is a persistent demand to reduce the operational efficiency of such end-users. This is encouraging the increased adoption of energy-efficient HVAC systems. Such increasing demand will drive the energy-efficient HVAC systems market growth during the forecast period.

Key Energy-Efficient HVAC Systems Market Trend

The growing adoption of R32 refrigerant in air conditioners is one of the key energy-efficient HVAC systems market trends that is contributing to the market growth. The R32 refrigerant is a relatively newer hydrofluorocarbon (HFC), the adoption of which is growing rapidly. The adoption of R32 refrigerants in air conditioners as a replacement for R410A, R22, and other refrigerants is growing as it does not deplete the ozone layer and has significantly lower GWP in comparison to the currently available commercial refrigerants. R32 also has heat transfer efficiency that reduces the energy consumption of the air conditioner per unit of cooling capacity. Most commercial and residential air conditioners available currently in the market use the R410A refrigerant. Although R410A has zero ODP, its GWP is still significantly high. In comparison to R410A and R22, the GWP of R32 is almost one-third. These factors will boost the energy-efficient HVAC systems market growth during the forecast period.

Key Energy-Efficient HVAC Systems Market Challenge

The higher initial cost of energy-efficient HVAC systems is one of the factors hindering the energy-efficient HVAC systems market growth. The ongoing drive toward increasing energy efficiency, reducing energy costs, and lowering emissions is expected to create a significant opportunity for the growth of the global energy-efficient HVAC systems market. However, the higher initial cost of capital and installation is a major challenge that may impede the growth of the global market. Most energy-efficient HVAC technologies are considerably more expensive than their conventional counterparts, and although they provide significant energy savings, the breakeven period for the return on initial investment can be significantly longer. Thus, the greater cost of energy-efficient HVAC systems may be a bigger challenge among extremely price-sensitive customers, especially in emerging economies. Such challenges may limit the energy-efficient HVAC systems market growth during the forecast period.

This energy-efficient HVAC systems market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.

Parent Market Analysis

Technavio categorizes the global energy-efficient HVAC system market as a part of the global industrial machinery market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the energy-efficient HVAC systems market during the forecast period.

Who are the Major Energy-Efficient HVAC Systems Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

 

  • Daikin Industries Ltd.
  • Emerson Electric Co.
  • Gree Electric Appliances Inc. of Zhuhai
  • Hitachi Ltd.
  • Ingersoll Rand Inc.
  • Johnson Controls International Plc
  • Lennox International Inc.
  • LG Electronics Inc.
  • LIXIL Corp.
  • Mitsubishi Electric Corp.
  • Nortek Inc.
  • Paloma Co. Ltd.
  • Panasonic Corp.
  • Raytheon Technologies Corp.
  • Robert Bosch GmbH
  • Samsung Electronics Co. Ltd.
  • Siemens AG
  • The Climate Control Group Inc.
  • Trane Technologies plc
  • WaterFurnace International Inc.

 

This statistical study of the energy-efficient HVAC systems market encompasses successful business strategies deployed by the key vendors. The energy-efficient HVAC systems market is fragmented and the vendors are deploying growth strategies such as product quality, features, and aftermarket services to compete in the market.

Product Insights and News

  • Daikin Industries Ltd. - Through the chemicals segment, the company offers chemicals such as fluorocarbons, fluoroplastics, fluoroelastomers, fluoro paints, fluoro coating agents, semiconductor etching products, water and oil-repellent agents, pharmaceuticals and intermediates, and dry air suppliers. 
  • Daikin Industries Ltd. - The company offers Daikin air conditioners that boast high-performance, high-efficiency compressors, which operate in tandem with a high-efficiency coil design. 

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The energy-efficient HVAC systems market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Energy-Efficient HVAC Systems Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the energy-efficient HVAC systems market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

Which are the Key Regions for Energy-Efficient HVAC Systems Market?

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40% of the market's growth will originate from APAC during the forecast period. China, Japan, and India are the key markets for the energy-efficient HVAC systems market in APAC. Market growth in this region will be faster than the growth of the market in other regions.

The rapid growth in population will facilitate the energy-efficient HVAC systems market growth in APAC over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The outbreak of COVID-19 had a negative impact on the regional market growth. However, the deployment of energy-efficient HVAC systems increased in the residential sector due to the adoption of the work from home (WFH) module, which positively impacted the growth of the regional energy-efficient HVAC systems market

What are the Revenue-generating Product Segments in the Energy-Efficient HVAC Systems Market?

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The energy-efficient HVAC systems market share growth by the air conditioning segment will be significant during the forecast period.  Air conditioning removes particulates and is used for humidifying/dehumidifying the space. Air conditioners often utilize high-power compressors and fans to distribute the conditioned air and are widely used in homes and commercial spaces, due to which their share in the overall HVAC market is significantly high. Thus, increasing demand for air conditioners will drive the energy-efficient HVAC systems market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the energy-efficient HVAC systems market size and actionable market insights on post COVID-19 impact on each segment.

 

Energy-Efficient HVAC Systems Market Scope

Report Coverage

Details

Page number

120

Base year

2021

Forecast period

2022-2026

Growth momentum & CAGR

Accelerate at a CAGR of 11.02%

Market growth 2022-2026

$ 24.37 billion

Market structure

Fragmented

YoY growth (%)

10.29

Regional analysis

APAC, North America, Europe, South America, and Middle East and Africa

Performing market contribution

APAC at 40%

Key consumer countries

US, China, Japan, India, and Brazil

Competitive landscape

Leading companies, Competitive strategies, Consumer engagement scope

Key companies profiled

Daikin Industries Ltd., Emerson Electric Co., Gree Electric Appliances Inc. of Zhuhai, Hitachi Ltd., Ingersoll Rand Inc., Johnson Controls International Plc, Lennox International Inc., LG Electronics Inc., LIXIL Corp., Mitsubishi Electric Corp., Nortek Inc., Paloma Co. Ltd., Panasonic Corp., Raytheon Technologies Corp., Robert Bosch GmbH, Samsung Electronics Co. Ltd., Siemens AG, The Climate Control Group Inc., Trane Technologies plc, and WaterFurnace International Inc.

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, Market condition analysis for forecast period

Customization purview

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What are the Key Data Covered in this Energy-Efficient HVAC Systems Market Report?

  • CAGR of the market during the forecast period 2022-2026
  • Detailed information on factors that will drive energy-efficient HVAC systems market growth during the next five years
  • Precise estimation of the energy-efficient HVAC systems market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the energy-efficient HVAC systems industry across APAC, North America, Europe, South America, and Middle East and Africa
  • A thorough analysis of the market's competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of energy-efficient HVAC systems market vendors

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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 Global Market Characteristics
    • Exhibit 04: Executive Summary – Chart on Market by Geography
    • Exhibit 05: Executive Summary – Chart on Market Segmentation by Product
    • Exhibit 06: Executive Summary – Chart on Incremental Growth
    • Exhibit 07: Executive Summary – Data Table on Incremental Growth
    • Exhibit 08: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

  • 2.1 Market ecosystem
    • Exhibit 09: Parent market
    • Exhibit 10: Market Characteristics

3 Market Sizing

  • 3.1 Market definition
    • Exhibit 11: Offerings of vendors included in the market definition
  • 3.2 Market segment analysis
    • Exhibit 12: Market segments
  • 3.3 Market size 2021
    • 3.4 Market outlook: Forecast for 2021-2026
      • Exhibit 13: Chart on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 14: Data Table on Global - Market size and forecast 2021-2026 ($ million)
      • Exhibit 15: Chart on Global Market: Year-over-year growth 2021-2026 (%)
      • Exhibit 16: Data Table on Global Market: Year-over-year growth 2021-2026 (%)

    4 Five Forces Analysis

    • 4.1 Five forces summary
      • Exhibit 17: Five forces analysis - Comparison between2021 and 2026
    • 4.2 Bargaining power of buyers
      • Exhibit 18: Chart on Bargaining power of buyers – Impact of key factors 2021 and 2026
    • 4.3 Bargaining power of suppliers
      • Exhibit 19: Bargaining power of suppliers – Impact of key factors in 2021 and 2026
    • 4.4 Threat of new entrants
      • Exhibit 20: Threat of new entrants – Impact of key factors in 2021 and 2026
    • 4.5 Threat of substitutes
      • Exhibit 21: Threat of substitutes – Impact of key factors in 2021 and 2026
    • 4.6 Threat of rivalry
      • Exhibit 22: Threat of rivalry – Impact of key factors in 2021 and 2026
    • 4.7 Market condition
      • Exhibit 23: Chart on Market condition - Five forces 2021 and 2026

    5 Market Segmentation by Product

    • 5.1 Market segments
      • Exhibit 24: Chart on Product - Market share 2021-2026 (%)
      • Exhibit 25: Data Table on Product - Market share 2021-2026 (%)
    • 5.2 Comparison by Product
      • Exhibit 26: Chart on Comparison by Product
      • Exhibit 27: Data Table on Comparison by Product
    • 5.3 Air Conditioning - Market size and forecast 2021-2026
      • Exhibit 28: Chart on Air Conditioning - Market size and forecast 2021-2026 ($ million)
      • Exhibit 29: Data Table on Air Conditioning - Market size and forecast 2021-2026 ($ million)
      • Exhibit 30: Chart on Air Conditioning - Year-over-year growth 2021-2026 (%)
      • Exhibit 31: Data Table on Air Conditioning - Year-over-year growth 2021-2026 (%)
    • 5.4 Heating - Market size and forecast 2021-2026
      • Exhibit 32: Chart on Heating - Market size and forecast 2021-2026 ($ million)
      • Exhibit 33: Data Table on Heating - Market size and forecast 2021-2026 ($ million)
      • Exhibit 34: Chart on Heating - Year-over-year growth 2021-2026 (%)
      • Exhibit 35: Data Table on Heating - Year-over-year growth 2021-2026 (%)
    • 5.5 Ventilation - Market size and forecast 2021-2026
      • Exhibit 36: Chart on Ventilation - Market size and forecast 2021-2026 ($ million)
      • Exhibit 37: Data Table on Ventilation - Market size and forecast 2021-2026 ($ million)
      • Exhibit 38: Chart on Ventilation - Year-over-year growth 2021-2026 (%)
      • Exhibit 39: Data Table on Ventilation - Year-over-year growth 2021-2026 (%)
    • 5.6 Market opportunity by Product
      • Exhibit 40: Market opportunity by Product ($ million)

    6 Customer Landscape

    • 6.1 Customer landscape overview
      • Exhibit 41: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

    7 Geographic Landscape

    • 7.1 Geographic segmentation
      • Exhibit 42: Chart on Market share by geography 2021-2026 (%)
      • Exhibit 43: Data Table on Market share by geography 2021-2026 (%)
    • 7.2 Geographic comparison
      • Exhibit 44: Chart on Geographic comparison
      • Exhibit 45: Data Table on Geographic comparison
    • 7.3 APAC - Market size and forecast 2021-2026
      • Exhibit 46: Chart on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 47: Data Table on APAC - Market size and forecast 2021-2026 ($ million)
      • Exhibit 48: Chart on APAC - Year-over-year growth 2021-2026 (%)
      • Exhibit 49: Data Table on APAC - Year-over-year growth 2021-2026 (%)
    • 7.4 North America - Market size and forecast 2021-2026
      • Exhibit 50: Chart on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 51: Data Table on North America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 52: Chart on North America - Year-over-year growth 2021-2026 (%)
      • Exhibit 53: Data Table on North America - Year-over-year growth 2021-2026 (%)
    • 7.5 Europe - Market size and forecast 2021-2026
      • Exhibit 54: Chart on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 55: Data Table on Europe - Market size and forecast 2021-2026 ($ million)
      • Exhibit 56: Chart on Europe - Year-over-year growth 2021-2026 (%)
      • Exhibit 57: Data Table on Europe - Year-over-year growth 2021-2026 (%)
    • 7.6 South America - Market size and forecast 2021-2026
      • Exhibit 58: Chart on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 59: Data Table on South America - Market size and forecast 2021-2026 ($ million)
      • Exhibit 60: Chart on South America - Year-over-year growth 2021-2026 (%)
      • Exhibit 61: Data Table on South America - Year-over-year growth 2021-2026 (%)
    • 7.7 Middle East and Africa - Market size and forecast 2021-2026
      • Exhibit 62: Chart on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 63: Data Table on Middle East and Africa - Market size and forecast 2021-2026 ($ million)
      • Exhibit 64: Chart on Middle East and Africa - Year-over-year growth 2021-2026 (%)
      • Exhibit 65: Data Table on Middle East and Africa - Year-over-year growth 2021-2026 (%)
    • 7.8 China - Market size and forecast 2021-2026
      • Exhibit 66: Chart on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 67: Data Table on China - Market size and forecast 2021-2026 ($ million)
      • Exhibit 68: Chart on China - Year-over-year growth 2021-2026 (%)
      • Exhibit 69: Data Table on China - Year-over-year growth 2021-2026 (%)
    • 7.9 US - Market size and forecast 2021-2026
      • Exhibit 70: Chart on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 71: Data Table on US - Market size and forecast 2021-2026 ($ million)
      • Exhibit 72: Chart on US - Year-over-year growth 2021-2026 (%)
      • Exhibit 73: Data Table on US - Year-over-year growth 2021-2026 (%)
    • 7.10 Japan - Market size and forecast 2021-2026
      • Exhibit 74: Chart on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 75: Data Table on Japan - Market size and forecast 2021-2026 ($ million)
      • Exhibit 76: Chart on Japan - Year-over-year growth 2021-2026 (%)
      • Exhibit 77: Data Table on Japan - Year-over-year growth 2021-2026 (%)
    • 7.11 India - Market size and forecast 2021-2026
      • Exhibit 78: Chart on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 79: Data Table on India - Market size and forecast 2021-2026 ($ million)
      • Exhibit 80: Chart on India - Year-over-year growth 2021-2026 (%)
      • Exhibit 81: Data Table on India - Year-over-year growth 2021-2026 (%)
    • 7.12 Brazil - Market size and forecast 2021-2026
      • Exhibit 82: Chart on Brazil - Market size and forecast 2021-2026 ($ million)
      • Exhibit 83: Data Table on Brazil - Market size and forecast 2021-2026 ($ million)
      • Exhibit 84: Chart on Brazil - Year-over-year growth 2021-2026 (%)
      • Exhibit 85: Data Table on Brazil - Year-over-year growth 2021-2026 (%)
    • 7.13 Market opportunity by geography
      • Exhibit 86: Market opportunity by geography ($ million)

    8 Drivers, Challenges, and Trends

    • 8.1 Market drivers
      • 8.2 Market challenges
        • 8.3 Impact of drivers and challenges
          • Exhibit 87: Impact of drivers and challenges in 2021 and 2026
        • 8.4 Market trends

          9 Vendor Landscape

          • 9.1 Overview
            • 9.2 Vendor landscape
              • Exhibit 88: Overview on Criticality of inputs and Factors of differentiation
            • 9.3 Landscape disruption
              • Exhibit 89: Overview on factors of disruption
            • 9.4 Industry risks
              • Exhibit 90: Impact of key risks on business

            10 Vendor Analysis

            • 10.1 Vendors covered
              • Exhibit 91: Vendors covered
            • 10.2 Market positioning of vendors
              • Exhibit 92: Matrix on vendor position and classification
            • 10.3 Daikin Industries Ltd.
              • Exhibit 93: Daikin Industries Ltd. - Overview
              • Exhibit 94: Daikin Industries Ltd. - Business segments
              • Exhibit 95: Daikin Industries Ltd. - Key offerings
              • Exhibit 96: Daikin Industries Ltd. - Segment focus
            • 10.4 Hitachi Ltd.
              • Exhibit 97: Hitachi Ltd. - Overview
              • Exhibit 98: Hitachi Ltd. - Business segments
              • Exhibit 99: Hitachi Ltd. - Key news
              • Exhibit 100: Hitachi Ltd. - Key offerings
              • Exhibit 101: Hitachi Ltd. - Segment focus
            • 10.5 Ingersoll Rand Inc.
              • Exhibit 102: Ingersoll Rand Inc. - Overview
              • Exhibit 103: Ingersoll Rand Inc. - Business segments
              • Exhibit 104: Ingersoll Rand Inc. - Key offerings
              • Exhibit 105: Ingersoll Rand Inc. - Segment focus
            • 10.6 Johnson Controls International Plc
              • Exhibit 106: Johnson Controls International Plc - Overview
              • Exhibit 107: Johnson Controls International Plc - Business segments
              • Exhibit 108: Johnson Controls International Plc - Key news
              • Exhibit 109: Johnson Controls International Plc - Key offerings
              • Exhibit 110: Johnson Controls International Plc - Segment focus
            • 10.7 LG Electronics Inc.
              • Exhibit 111: LG Electronics Inc. - Overview
              • Exhibit 112: LG Electronics Inc. - Business segments
              • Exhibit 113: LG Electronics Inc. - Key news
              • Exhibit 114: LG Electronics Inc. - Key offerings
              • Exhibit 115: LG Electronics Inc. - Segment focus
            • 10.8 Mitsubishi Electric Corp.
              • Exhibit 116: Mitsubishi Electric Corp. - Overview
              • Exhibit 117: Mitsubishi Electric Corp. - Business segments
              • Exhibit 118: Mitsubishi Electric Corp. - Key news
              • Exhibit 119: Mitsubishi Electric Corp. - Key offerings
              • Exhibit 120: Mitsubishi Electric Corp. - Segment focus
            • 10.9 Nortek Inc.
              • Exhibit 121: Nortek Inc. - Overview
              • Exhibit 122: Nortek Inc. - Product / Service
              • Exhibit 123: Nortek Inc. - Key offerings
            • 10.10 Raytheon Technologies Corp.
              • Exhibit 124: Raytheon Technologies Corp. - Overview
              • Exhibit 125: Raytheon Technologies Corp. - Business segments
              • Exhibit 126: Raytheon Technologies Corp. - Key news
              • Exhibit 127: Raytheon Technologies Corp. - Key offerings
              • Exhibit 128: Raytheon Technologies Corp. - Segment focus
            • 10.11 Robert Bosch GmbH
              • Exhibit 129: Robert Bosch GmbH - Overview
              • Exhibit 130: Robert Bosch GmbH - Business segments
              • Exhibit 131: Robert Bosch GmbH - Key news
              • Exhibit 132: Robert Bosch GmbH - Key offerings
              • Exhibit 133: Robert Bosch GmbH - Segment focus
            • 10.12 Trane Technologies plc
              • Exhibit 134: Trane Technologies plc - Overview
              • Exhibit 135: Trane Technologies plc - Business segments
              • Exhibit 136: Trane Technologies plc - Key offerings
              • Exhibit 137: Trane Technologies plc - Segment focus

            11 Appendix

            • 11.1 Scope of the report
              • 11.2 Inclusions and exclusions checklist
                • Exhibit 138: Inclusions checklist
                • Exhibit 139: Exclusions checklist
              • 11.3 Currency conversion rates for US$
                • Exhibit 140: Currency conversion rates for US$
              • 11.4 Research methodology
                • Exhibit 141: Research methodology
                • Exhibit 142: Validation techniques employed for market sizing
                • Exhibit 143: Information sources
              • 11.5 List of abbreviations
                • Exhibit 144: List of abbreviations
              • in manufacturing industry: Market dynamics in some major processes and discrete industries are changing drastically, and manufacturers are gradually feeling the brunt of excessive demand fluctuations. The fluctuating prices of oil and gas and metals in the global market and the shortage of a skilled workforce worldwide have directly affected the profitability of manufacturing companies. A sudden and unexpected shift in market dynamics can drastically impact manufacturing processes and investments in capital goods.
                • slowdown in the automotive industry: High motorization rates in North America and Europe, the increase in tariffs on imported vehicles in the US and China, and the global economic slowdown are likely to reduce vehicle sales in the coming years. Anticipating a decline in vehicle sales, several vehicle manufacturers are halting their vehicle production. For instance, in March 2019, Ford announced the shutdown of its three vehicle-manufacturing sites in Russia. Similarly, in August 2019, Mahindra and Mahindra Ltd. stopped vehicle production at its manufacturing units in India for 8-14 days. During the same month, Maruti Suzuki announced that it had cut its vehicle production for the sixth consecutive month in 2019. In August 2019, Honda announced a halt in car production at its Argentina-based manufacturing plants. Such a slowdown in the automotive industry is expected to hamper the growth of the market during the forecast period.

                  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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