Before plunging severely in 2020 due to the COVID-induced lockdowns and the ensuing financial distress, automotive sales had been increasing steadily across the globe. But, since the lifting of the lockdowns and resumption of manufacturing in the third quarter of 2020, as the first COVID wave waned, vehicle sales have started rising again. Though the 2021 sales might be nowhere near the 2019 numbers, automotive and associated components and parts manufacturers can expect good business.
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| Automotive HVAC Controllers Market Report 2021 |
As per P&S Intelligence, the slow but steady surge in vehicle sales will keep propelling the automotive HVAC controllers market across the world. This is because HVAC systems have become integral to all four-wheelers, be it cars, trucks or buses (mostly luxury ones). With people’s burgeoning disposable income, especially in emerging economies, they have been able to afford cars with added features, such as HVAC systems, power steering and windows, and entertainment units, for quite a while now.
Moreover, with the increasing competition in the auto world, vehicle manufacturers are targeting customers with the prospect of more comfort and convenience, with HVAC systems. In temperate regions, including much of North America and Europe, the cold winters create the necessity for heaters, heated windshields, and seats. Similarly, in tropical regions, including South Asia, much of Latin America (LATAM) and all of Africa and Australia, air conditioning inside the vehicle is vital. Thus, with the increasing automotive sales around the world, the demand for HVAC controllers is rising too.
Thus, as a result of the growing auto sales, Asia-Pacific (APAC) is expected to be the most-lucrative automotive heating, ventilation, and air conditioning (HVAC) controllers market in the coming years. Already, APAC accounts for the highest automotive production and sales, which have been pushing the demand for various associated components up. As per the International Energy Agency (IEA), compared to 5 million in 2005, 25 million cars were sold in China in 2009. Similarly, car sales in India grew from 1 million to 4 million during the same period.
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Thus, as vehicle sales boom, so will the installation rate of automotive HVAC controllers.
