Commercial Vehicle HVAC System Market Forecast (2024-2031)
The commercial vehicle HVAC system market is expected to register a CAGR of 8.6% during 2023–2031. The evolution of advanced technologies and the introduction of high-end commercial vehicles are likely to remain a key trend in the market.
Commercial Vehicle HVAC System Market Analysis
- Growing auto industries, increasing demand for high-end commercial vehicles, and increasing demand for air conditioning systems are factors enhancing market growth.
- The commercial vehicle’s cabin comfort features, which were introduced to the commercial vehicle HVAC system market as value-added features, assisted the automakers in drawing attention to their cars and luring high-end commercial vehicle buyers.
Commercial Vehicle HVAC System Market Overview
- Growing demand for thermal systems and automated climate control in cars, along with an increase in vehicle sales worldwide, are the main drivers of the global commercial vehicle HVAC system market.
- Yet the market's expansion is limited by the high cost of HVAC system maintenance. In addition, the commercial vehicle HVAC system market companies can benefit greatly from the use of environmentally friendly refrigerants and the creation of less expensive HVAC systems.
- Vehicle type, component, region, and technology are the main factors used to segment the global commercial vehicle HVAC system market. The technology segment examines both manual and automatic HVAC systems.
- Thus, it is expected that the growing demand for automatic HVAC systems in commercial vehicles will fuel the global commercial vehicle HVAC system market's expansion.
Strategic Insights
Commercial Vehicle HVAC System Market Drivers and Opportunities
Growing Demand for High-End Commercial Vehicles to Favor the Market
- The development of the commercial vehicle HVAC system market is expected to be driven by the increasing adoption of high-end commercial vehicles.
- The automatic air conditioning, heating, and ventilation (HVAC) systems found in several luxury cars, along with features like power windows and seats that can be heated or cooled, highly enhance the comfort level inside the vehicle.
- High levels of comfort enticed buyers to purchase expensive commercial vehicles. As a result, rising high-end commercial vehicle sales are a direct result of consumers' growing demands for comfort, and this trend is expected to continue in the upcoming years.
Growing Demand for manufacture of cheaper HVAC systems and environmental refrigerants
- Growing demand for the production of cheaper air conditioning systems, ventilation systems, and heating systems creates a profitable opportunity for market companies.
- Environmentally friendly refrigerants improve fuel economy while reducing vehicle emissions. Additionally, the need for less expensive air conditioning, ventilation, and heating (HVAC) systems is driven by the inability of low-income individuals to purchase automobiles with HVAC systems.
- Furthermore, industry participants are primarily concentrating on utilizing green technologies to develop energy-efficient systems to reduce maintenance costs, which is anticipated to produce profitable prospects for market expansion in the upcoming years.
Commercial Vehicle HVAC System Market Report Segmentation Analysis
Key segments that contributed to the derivation of the commercial vehicle HVAC system market analysis are technology type, equipment type, component, and application.
- Based on the technology type, the commercial vehicle HVAC system market is divided into automatic HVAC systems and manual HVAC systems.
- based on the equipment type, the market is divided into rooftop package units, split systems, chilled water air handlers, variable air volume, air to air heat pumps.
- Based on application, the commercial vehicle HVAC system market is divided into light commercial vehicles, medium commercial vehicles, and heavy commercial vehicles.
Commercial Vehicle HVAC System Market Share Analysis by Geography
- The commercial vehicle HVAC system market report comprises a detailed analysis of five major geographic regions, which includes current and historical market size and forecasts for 2021 to 2031, covering North America, Europe, Asia-Pacific (APAC), Middle East and Africa (MEA), and South & Central America.
- Each region is further sub-segmented into respective countries. This report provides analysis and forecasts of 18+ countries, covering commercial vehicle HVAC system market dynamics such as drivers, trends, and opportunities that are impacting the markets at the regional level.
- Also, the report covers PEST analysis, which involves the study of major factors that influence the commercial vehicle HVAC system market in these regions.
Commercial Vehicle HVAC System Market Report Scope
Commercial Vehicle HVAC System Market News and Recent Developments
The commercial vehicle HVAC system market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the commercial vehicle HVAC system market are listed below:
- Tata Motors, India’s largest commercial vehicle manufacturer, commences deliveries of state-of-the-art Tata Prima VX tipper trucks with top-of-the-line safety features. The feature-rich tipper is designed for higher productivity and with best-in-class conveniences and features for enhanced driver and vehicle safety. The Prima range of vehicles is now available in LX and VX trims, catering to the customer’s preferences and requirements. (Source: Tata Motors, Company Website, November 2023)
- Valeo is committed to developing solutions for greener mobility and is a world leader in technologies to reduce CO2 emissions and improve comfort on board buses and coaches. At Busworld Europe 2023, Valeo will focus on thermal management systems for buses worldwide – thermal comfort without compromise, maximum safety, and fleet-efficient solutions with zero emissions. (Source: Valeo SA, Company Website, September 2023)
Commercial Vehicle HVAC System Market Report Coverage and Deliverables
The “Commercial Vehicle HVAC System Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Commercial vehicle HVAC system market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Commercial vehicle HVAC system market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Commercial vehicle HVAC system market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments in the commercial vehicle HVAC system market
- Detailed company profiles
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
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Frequently Asked Questions
The global commercial vehicle HVAC system market is expected to grow at a CAGR of 8.6% during the forecast period 2023 - 2031.
The rapid technological advancement in the automotive sector is one of the major factors driving the commercial vehicle HVAC system market.
An increase in sales of high-end commercial vehicles is anticipated to play a significant role in the global commercial vehicle HVAC system market in the coming years.
The leading players operating in the commercial vehicle HVAC system market are Denso Corporation, Valeo SA, MAHLE Group, Halla Climate Control Corp., Aptiv PLC, Visteon Corp., Sanden Corp., Air International Thermal Systems, Marelli Holdings Co., Ltd.
The report can be delivered in PDF/PPT format; we can also share an Excel dataset based on the request.
Some of the customization options available based on request are additional 3–5 company profiles and country-specific analysis of 3–5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
1 Introduction
1.1 Scope of Study
1.2 The Insight Partners Research Report Guidance
2 Key Takeaways
3 Commercial Vehicle HVAC System Market Landscape
3.1 Market Overview
3.2 Market Segmentation
3.2.1 Commercial Vehicle HVAC System Market – By Technology Type
3.2.2 Commercial Vehicle HVAC System Market – By Equipment Type
3.2.3 Commercial Vehicle HVAC System Market – By Application
3.2.4 Commercial Vehicle HVAC System Market – By Region
3.2.4.1 By Countries
3.3 PEST Analysis
3.3.1 North America – PEST Analysis
3.3.2 Europe – PEST Analysis
3.3.3 Asia Pacific – PEST Analysis
3.3.4 Middle East and Africa – PEST Analysis
3.3.5 South America – PEST Analysis
4 Commercial Vehicle HVAC System Market – Key Industry Dynamics
4.1 Key Market Drivers
4.2 Key Market Restraints
4.3 Key Market Opportunities
4.4 Future Trends
4.5 Impact Analysis
5 Commercial Vehicle HVAC System Market Analysis- Global
5.1 Global Commercial Vehicle HVAC System Market Overview
5.2 Global Commercial Vehicle HVAC System Market Forecasts and Analysis
6 Commercial Vehicle HVAC System Market Revenue and Forecasts to 2028 – Technology Type
6.1 Overview
6.2 Technology Type Market Forecasts and Analysis
6.3 Automatic HVAC System Market
6.3.1 Overview
6.3.2 Automatic HVAC System Market Forecasts and Analysis
6.4 Manual HVAC System Market
6.4.1 Overview
6.4.2 Manual HVAC System Market Forecasts and Analysis
7 Commercial Vehicle HVAC System Market Revenue and Forecasts to 2028 – Equipment Type
7.1 Overview
7.2 Equipment Type Market Forecasts and Analysis
7.3 Rooftop Unit Market
7.3.1 Overview
7.3.2 Rooftop Unit Market Forecasts and Analysis
7.4 Split System Market
7.4.1 Overview
7.4.2 Split System Market Forecasts and Analysis
7.5 Chilled Water Air Handler Market
7.5.1 Overview
7.5.2 Chilled Water Air Handler Market Forecasts and Analysis
7.6 Variable Air Volume Market
7.6.1 Overview
7.6.2 Variable Air Volume Market Forecasts and Analysis
7.7 Air To Air Heat Pump Market
7.7.1 Overview
7.7.2 Air To Air Heat Pump Market Forecasts and Analysis
8 Commercial Vehicle HVAC System Market Revenue and Forecasts to 2028 – Application
8.1 Overview
8.2 Application Market Forecasts and Analysis
8.3 Light Commercial Vehicle Market
8.3.1 Overview
8.3.2 Light Commercial Vehicle Market Forecasts and Analysis
8.4 Medium Commercial Vehicle Market
8.4.1 Overview
8.4.2 Medium Commercial Vehicle Market Forecasts and Analysis
8.5 Heavy Commercial Vehicle Market
8.5.1 Overview
8.5.2 Heavy Commercial Vehicle Market Forecasts and Analysis
9 Commercial Vehicle HVAC System Market Revenue and Forecasts to 2028 – Geographical Analysis
9.1 North America
9.1.1 North America Commercial Vehicle HVAC System Market Overview
9.1.2 North America Commercial Vehicle HVAC System Market Forecasts and Analysis
9.1.2.1 North America Market Forecasts and Analysis – By Countries
9.1.2.1.1 US market
9.1.2.1.2 Canada market
9.1.2.1.3 Mexico market
9.1.2.2 North America Market Forecasts and Analysis – By Technology Type
9.1.2.3 North America Market Forecasts and Analysis – By Equipment Type
9.1.2.4 North America Market Forecasts and Analysis – By Application
9.2 Europe
9.2.1 Europe Commercial Vehicle HVAC System Market Overview
9.2.2 Europe Commercial Vehicle HVAC System Market Forecasts and Analysis
9.2.2.1 Europe Market Forecasts and Analysis – By Countries
9.2.2.1.1 France market
9.2.2.1.2 Germany market
9.2.2.1.3 Italy market
9.2.2.1.4 Spain market
9.2.2.1.5 UK market
9.2.2.2 Europe Market Forecasts and Analysis – By Technology Type
9.2.2.3 Europe Market Forecasts and Analysis – By Equipment Type
9.2.2.4 Europe Market Forecasts and Analysis – By Application
9.3 Asia pacific (APAC)
9.3.1 Asia Pacific Commercial Vehicle HVAC System Market Overview
9.3.2 Asia Pacific Commercial Vehicle HVAC System Market Forecasts and Analysis
9.3.2.1 Asia Pacific Market Forecasts and Analysis – By Countries
9.3.2.1.1 Australia market
9.3.2.1.2 China market
9.3.2.1.3 India market
9.3.2.1.4 Japan market
9.3.2.2 Asia Pacific Market Forecasts and Analysis – By Technology Type
9.3.2.3 Asia Pacific Market Forecasts and Analysis – By Equipment Type
9.3.2.4 Asia Pacific Market Forecasts and Analysis – By Application
9.4 Middle East and Africa (MEA)
9.4.1 Middle East and Africa Commercial Vehicle HVAC System Market Overview
9.4.2 Middle East and Africa Commercial Vehicle HVAC System Market Forecasts and Analysis
9.4.2.1 Middle East and Africa Market Forecasts and Analysis – By Countries
9.4.2.1.1 South Africa market
9.4.2.1.2 Saudi Arabia market
9.4.2.1.3 UAE market
9.4.2.2 Middle East and Africa Market Forecasts and Analysis – By Technology Type
9.4.2.3 Middle East and Africa Market Forecasts and Analysis – By Equipment Type
9.4.2.4 Middle East and Africa Market Forecasts and Analysis – By Application
9.5 South America (SAM)
9.5.1 South America Commercial Vehicle HVAC System Market Overview
9.5.2 South America Commercial Vehicle HVAC System Market Forecasts and Analysis
9.5.2.1 South America Market Forecasts and Analysis – By Countries
9.5.2.1.1 Brazil market
9.5.2.2 South America Market Forecasts and Analysis – By Technology Type
9.5.2.3 South America Market Forecasts and Analysis – By Equipment Type
9.5.2.4 South America Market Forecasts and Analysis – By Application
10 Industry Landscape
10.1 Mergers & acquisitions
10.2 Market Initiatives
10.3 New developments
10.4 Investment scenarios
11 Competitive Landscape
11.1 Competitive Product Mapping
11.2 Market Positioning/ Market Share
12 Commercial Vehicle HVAC System Market, Key Company Profiles
12.1 DENSO CORPORATION.
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Financial Overview
12.1.4 SWOT Analysis
12.1.5 Key Developments
12.2 Valeo SA
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Financial Overview
12.2.4 SWOT Analysis
12.2.5 Key Developments
12.3 Behr GmbH
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Financial Overview
12.3.4 SWOT Analysis
12.3.5 Key Developments
12.4 Halla Climate Control Corp.
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Financial Overview
12.4.4 SWOT Analysis
12.4.5 Key Developments
12.5 Delphi Automotive PLC
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Financial Overview
12.5.4 SWOT Analysis
12.5.5 Key Developments
12.6 Visteon Corp.
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Financial Overview
12.6.4 SWOT Analysis
12.6.5 Key Developments
12.7 Sanden Corp.
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Financial Overview
12.7.4 SWOT Analysis
12.7.5 Key Developments
12.8 Air International Thermal Systems
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Financial Overview
12.8.4 SWOT Analysis
12.8.5 Key Developments
12.9 Calsonic Kansei
12.9.1 Key Facts
12.9.2 Business Description
12.9.3 Financial Overview
12.9.4 SWOT Analysis
12.9.5 Key Developments
12.10 DelStar Technologies
12.10.1 Key Facts
12.10.2 Business Description
12.10.3 Financial Overview
12.10.4 SWOT Analysis
12.10.5 Key Developments
13 Appendix
13.1 About The Insight Partners
13.2 Glossary of Terms
13.3 Research Methodology
List of Companies
1. DENSO CORPORATION.
2. Valeo SA
3. Behr GmbH
4. Halla Climate Control Corp.
5. Delphi Automotive PLC
6. Visteon Corp.
7. Sanden Corp.
8. Air International Thermal Systems
9. Calsonic Kansei
10. DelStar Technologies
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.