Global Climate Control System for Commercial Vehicle Market Size, share, Analysis, Trends, Growth by Component (Compressor, Condenser, Others), Vehicle Type (Truck, Bus, Ambulance, Others), Application, E-Commercial Vehicle Type, Sales Channel, Region – Forecast To 2023
Climate Control System For Commercial Vehicle Market Overview
Market Research Future (MRFR) has revealed in its latest study that the global climate control system for commercial vehicle market is projected to grow from USD 11,078.2 Mn in 2016 to USD 18,511.7 Mn in 2023. The market is estimated to register a robust CAGR of 9.04% during the forecast period 2018 to 2023. The rising concern regarding carbon emission from vehicles has led to a shift towards legislative enforcements regulating the efficiency of climate control systems. The National Renewable Energy Laboratory (NREL) works closely with the vehicle manufacturers, suppliers, and fleet operators for innovating climate control system to reduce fuel consumption and emission. The thermal management in vehicles is a key area of focus in the automobile industry, which is likely to catapult the global climate control system for commercial vehicle market on an upward trajectory. The increasing initiatives being undertaken by the governments for reducing carbon footprints is expected to catalyze demand for climate control systems in vehicles.
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Climate Control System for Commercial Vehicle Market-Competitive Dashboard
Some of the key players profiled by MRFR in the report are Valeo S.A, Sanden Holdings Corporation, Hanon Systems, Denso Corporation, Eberspächer, Bergstrom Inc., Webasto, Red Dot Corporation, Mahle GmbH, Calsonic Kansei Corporation Mobile Climate Control, and Wabco.
Global Market for Climate Control System for Commercial Vehicle-Segmental Analysis
MRFR’s report offers a detailed segmental analysis of the global climate control system for commercial vehicle market based on component type, commercial vehicle type, electric commercial vehicle type, truck type application, and sales channel. By component type, the market has been segmented into compressor, condenser, receiver-drier, evaporator, control valves, actuators, thermostat, coils, relays, sensors, and others. Among these, the compressor segment controlled the most significant share of the market in 2017. It is likely to retain its prominence over the projection period.
By commercial vehicle type, the market is segmented into truck, bus, ambulance, minivan, cargo van, trailers, and others. The truck segment is further sub-segmented into light duty, medium duty, and heavy duty. The truck segment captured a dominant share in 2017 and is likely to witness salient growth in the foreseeable future.
By electric commercial vehicle type, the market has been segmented into hybrid, and fully electric vehicle. The sub-segment of fully electric vehicle segment-voltage type is further segmented into 12V, 24V, 48V, 350V, and 650V. The hybrid segment accounted for 67.4% share of the market in 2017 and is expected to exhibit tremendous opportunities for growth during the forecast period.
By truck type application, the market is segmented into long haul, regional, and specialty. In 2017, the long-haul segment commanded the largest share of market trailed by the regional segment.
By sales channel, the market has been segmented into OEMs and aftermarket. The OEM segment was estimated as the leading segment in 2017 exercising its control over 68.5% of share in the market.
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.
Asia Pacific is likely to remain highly lucrative market throughout the assessment period. The region is estimated to witness a surge in demand for commercial vehicles from fast developing economies. Additionally, the demand for electric cars has been on the rise in China, which is projected to drive the proliferation of the climate control system for commercial vehicle market. These factors are anticipated to encourage the acceleration of revenue creation in the market. China is one of the largest emerging markets for automotive climate control system accounting for the most significant share of the market in Asia Pacific presently. The recent developments introduced in the market as a response to the strict government policies regarding fuel emission are poised to open avenues of growth opportunities for the market players.
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.
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