Overview:
The global Climate Control System for Commercial Vehicle Market is expected to reach USD 18,511.7 Million by the end of 2023 which was valued at USD 11,078.2 Million in 2016. Factors such as government initiatives for the development of climate control system and a surge in demand for electric vehicles across the globe will help the market attain a CAGR of 9.04% over the forecast period of 2018-2023.
The upswing in demand for electric vehicles directly complements the demand for automotive climate control systems. As reported by the New York Times, more than 30 million Americans are likely to buy an electric car as their next vehicle. Climate control systems are standard components of electric vehicles and are being increasingly used in advanced electric automobiles which will affect the market growth positively.
Top Companies Analyzed in 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.
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Market Research Analysis:
A steep rise in the demand for electric cars has been projected which is anticipated to have a positive impact on the proliferation of the climate control system for commercial vehicle market over the next couple of years. China is making headway in the electric cars industry and has been recorded to have sold 507,000 electric vehicles and plug-in hybrid electric vehicles in 2016, which is around 53% higher than that in 2015. The U.S. and European nations are likely to follow the trend. The exponential demand for electric vehicles is expected to complement the market for automotive climate control systems directly.
Climate Control System for Commercial Vehicle Market Segmentation:
By commercial vehicle type, the Climate Control System for Commercial Vehicle 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.
Regional Analysis:
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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