Market Overview:
Automotive air conditioning systems are used to cool the interior of vehicles. They help in maintaining comfortable in-cabin temperature and improving overall driving experience. The key components of automotive air conditioning systems include evaporator, condenser, compressor, expansion valve, receiver/drier, cabin air filter and AC lines. Automotive air conditioning systems provide advantages such as improved driver and passenger comfort, clearer visibility through condensation-free windshields, and overall better air quality inside the vehicle cabin. The global Air Conditioning Systems Market Demand is estimated to be valued at US$ 293977.64 Mn in 2023 and is expected to exhibit a CAGR of 10.% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Market key trends: One of the key trends driving growth of the automotive air conditioning systems market is rising vehicle production. According to OICA, global vehicle production reached 93.39 million in 2021, witnessing a growth of 3.9% compared to 2020. Increasing disposable incomes and growing preference for personal mobility are fueling demand for passenger and commercial vehicles worldwide. This in turn is benefitting demand for automotive air conditioning systems, as these systems are installed in majority of newly manufactured vehicles. Moreover, rising focus of auto makers on development of electric vehicles is also propelling market growth, as air conditioning in electric vehicles plays a vital role in maintaining optimal battery and motor temperatures. Porter's Analysis Threat of new entrants: The high capital required for manufacturing units and well-established brands pose barriers for new companies. Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of substitutes and standard product differentiation. Bargaining power of suppliers: Major component suppliers possess significant bargaining power due the specialized requirement of parts and large capital investments needed. Threat of new substitutes: Threat from new substitutes like fans, coolers and heating systems pose low substitution threat. Competitive rivalry: Intense competition exists between the existing major players. SWOT Analysis Strengths: Energy efficient appliances, innovative product features, established brands and global distribution network. Weaknesses: High dependence on seasonal demand, vulnerability to economic fluctuations and rising component costs. Opportunities: Growing construction industry, rising disposable incomes in developing nations, improving living standards. Threats: Trade barriers, stringent environmental regulations, fluctuations in raw material prices. Key Takeaways The global air conditioning systems market is expected to witness high growth, exhibiting CAGR of 10% over the forecast period, due to increasing construction of residential and commercial buildings across developing regions of Asia Pacific, Middle East and Latin America. The increasing demand for indoor temperature control driven by hotter summers and rising living standards further augment the market growth. Regional analysis- Asia Pacific dominates the global market and is expected to grow at fastest pace due to rapid urbanization and economic development in major countries like China and India. China dominates the Asia Pacific air conditioning market while India is the fastest growing market in the region. Key players operating in the air conditioning systems market are Daikin Industries Ltd, Sharp Corporation, Mitsubishi Corporation, Hitachi Ltd., Haier Electronics Group Co., Ltd., Carrier, Samsung Electronics, Panasonic, Electrolux AB, and LG Electronics. The major players focus on new product innovations, partnerships and mergers to strengthen their global presence. Read More: https://www.rapidwebwire.com/new-avenue-for-air-conditioning-systems-market-trend-and-share-analysis/
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