Portland, OR, Sept. 29, 2023 (GLOBE NEWSWIRE) — According to the report published by Allied Market Research, the global heavy commercial vehicle HVAC market was estimated at $1.14 billion in 2010 and is expected to hit $2.40 billion by 2027, registering a CAGR of 6.5% from 2023 to 2027. The report provides an in-depth analysis of the top investment pockets, top winning strategies, drivers & opportunities, market size & estimations, competitive scenario, and wavering market trends.
Rise in demand for thermal system and automatic climate control features in heavy vehicles, development of Intelligent Transport System, and increase in inclination toward boarding electric buses drive the growth of the global heavy commercial vehicle (HCV) HVAC market. On the other hand, high installation and maintenance costs restrain the growth to some extent. However, development of eco-friendly refrigerants and surge in demand for HVAC systems from the developing nations are expected to pave the way for lucrative opportunities in the industry.
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COVID-19 Scenario–
- The outbreak of the pandemic led to extended lockdowns in order to restrain the spread of the virus. This, in turn, gave way to sudden fall in demand for automobiles across the world.
- However, the global situation is getting better at a slow & steady pace, and the market is anticipated to revive soon.
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The global heavy commercial vehicle (HCV) HVAC market is analyzed across type, vehicle type, sales channel, input, vehicle type by propulsion, and region. Based on vehicle type, the transit buses segment held the major share in 2010, garnering more than one-fifth of the total market. The intercity buses segment, on the other hand, would manifest the fastest CAGR of 7.8% during the forecast period.
By type, the automatic segment accounted for more than half of the total market revenue in 2010, and is anticipated to retain its dominance by 2027. The same segment would also grow at the fastest CAGR of 7.8% from 2023 to 2027.
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Based on region, the market across Asia Pacific contributed to the major share in 2010, holding more than one-third of the global market. The region would also cite the fastest CAGR of 7.1% from 2023 to 2027. Other provinces studied in the report include North America, LAMEA, and Europe.
The key market players analyzed in the global heavy commercial vehicle (HCV) HVAC market report include Denso Corporation, Eberspächer Gruppe GmbH & Co. KG, Grayson Thermal Systems, Zhengzhou Guchen Industry Co., Ltd., Japan Climate Systems Corporation, Konvekta AG, SUTRAK Corporation, MAHLE GmbH, Mobile Climate Control, Inc., Internacional Hispacold Sa, ProAir LLC, Webasto Group, Sanden Holdings Corporation, Coachair Pty Ltd., Sidwal Refrigeration Industries Pvt. Ltd., Subros Limited, Trane Technologies PLC, TransACNR, Valeo. These market players have incorporated several strategies including partnership, expansion, collaboration, joint ventures, and others to brace their stand in the industry.
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