- The growth of the market can be attributed to factors like government initiatives and a rising demand for electric vehicles across the globe.
- The component segment holds the largest Share in this market category with close to 16.32% to its name.
- The Americas currently command the maximum share of the market.
Global Climate Control System for Commercial Vehicle market has seen remarkable growth; expected to rise at a CAGR of 4.50%. Rising Demand for EVs Anticipated to Push the Global Climate Control System for Commercial Vehicle Market
Major Climate Control System for Commercial Vehicle Companies covered in the market report include Mahle GmbH, Hanon Systems, Red Dot Corporation, Wabco, Denso Corporation, Valeo S.A, Bergstrom Inc., Eberspächer, Webasto, Sanden Holdings Corporation, and Calsonic Kansei Corporation Mobile Climate Control.
Global Market Highlights:
Automotive climate control systems comprise of multiple, smaller systems that work in tandem to maintain the comfort of the cabin environment. Not only is the initial cost of installation of such systems high, but also, these complex systems require regular maintenance for improved seasonal operation and performance, which, otherwise pose hazards due to ineffective windshield defrosting and defogging.
The growth of the market can be attributed to factors like government initiatives and a rising demand for electric vehicles across the globe. The market growth of climate control system for commercial vehicles is expected to be at a compound rate of 9.04% during the period of 2019 to 2023. The study predicted that the global market will reach a valuation of $18.5 billion by the end of the forecast period in 2023, thereby jumping from its previous valuation of $11 billion in 2016.
Integration of climate control system in commercial vehicle is yet another instance of how the automotive industry is evolving its products using new-age technologies. Global market for climate control system for commercial vehicle was valued at more than $11 billion in 2017 and is expected to expand at an impressive growth rate during the forecast period (2018-2023).
Value, Market Share, Player Analysis, country level break down for each segment.
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Climate Control System for Commercial Vehicle Market Segmentation:
Global climate control system for commercial vehicle market segment into the various key dynamics better understanding of the report. The dynamics include commercial vehicle type, truck type, application, component type, electric commercial vehicle type, and sales channel.
By component, the market segments into condenser, evaporator, compressor, control valves, sensors, thermostat, coils, receiver-drier, relays, and others. The component segment holds the largest Share in this market category with close to 16.32% to its name as per the studies conducted in 2017. Standing next with the second largest share of the market is the condenser segment. The segment accounted for 15.01% of the market share in 2017.
Buy commercial vehicle type, the market segments into cargo Van, trailer, bus, truck, ambulance, minivan, and others. Herein, the truck segment is further narrowed down into medium duty, light duty, and heavy duty. The truck duty segment holds the highest market share as per the report published in 2017. The segment covered more than 30% of the overall market category. The bus segment stood out as the second largest commercial vehicle segment with a market share of 25.2%.
By region, the market has been segmented into North America, Europe, Asia Pacific, and the Rest of the World. The Americas currently commands the maximum share of the market. It is likely to retain its pole position towards the end of 2023. The consolidation of key players in the region has intensified competition and led to exponential investments in the adoption of advanced technologies.
The recent trend of converted mobile homes in the U.S. is likely to catalyze the growth of climate control system for commercial vehicle market. The demand for commercial vehicles coupled with the long hours being spent in cars by customers has fueled the demand for enhanced comfort. This, in turn, is expected to propel the need for efficient climate control systems in vehicles as it plays a crucial role in providing comfort.
Europe is estimated to be a major growth pocket registering a CAGR of 8.86% during the forecast period. The regulatory initiatives undertaken by the UN Economic Commission for Europe (ECE) and the European Union (EU) are poised to pave the way for technological advancements in the product portfolios of the major players.