Impact of Covid-19 Outbreak on Climate Control System for Commercial Vehicle Market Analysis

01/giu/2020 10:16:24 Automotive Market Research Reports Contatta l'autore

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The global climate control system for commercial vehicle market was studied by the team of Market Research Future (MRFR). The study predicted that the global market will reach a valuation of USD 18,511.7 million by the end of the forecast period in 2023, thereby jumping from its previous valuation of USD 11,078.2 million in 2016.

The growth of the market can be attributed to factors like government initiatives and a rising demand for electric vehicles across the globe. The market growth of climate control system for commercial vehicles is expected to be at a compound rate of 9.04% during the period of 2018 to 2023.

Market segmentation

Global climate control system for commercial vehicle market segment into the various key dynamics better understanding of the report. The dynamics include commercial vehicle type, truck type, application, component type, electric commercial vehicle type, and sales channel.

By component, the market segments into condenser, evaporator, compressor, control valves, sensors, thermostat, coils, receiver-drier, relays, and others. The component segment holds the largest Share in this market category with close to 16.32% to its name as per the studies conducted in 2017. Standing next with the second largest share of the market is the condenser segment. The segment accounted for 15.01% of the market share in 2017.

Buy commercial vehicle type, the market segments into cargo Van, trailer, bus, truck, ambulance, minivan, and others.  Herein, the truck segment is further narrowed down into medium duty, light duty, and heavy duty. The truck duty segment holds the highest market share as per the report published in 2017. The segment covered more than 30% of the overall market category. The bus segment stood out as the second largest commercial vehicle segment with a market share of 25.2%

 By truck type application, the market includes regional, long haul comma and specialty applications. The long-haul segment holds the maximum percentage of shares under its names and enjoyed a lion’s share of 44.9% of the global climate control system for commercial vehicle market back in 2017. The regional segment, on the other hand, held 37.6% of the market share 2017 and held the second largest position in this market category.

By electric commercial vehicle types, the market includes full electric vehicle and hybrid commercial vehicle. The global voltage type segment is further broken down into 24V, 48V, 12V, 350V, and 650V. The hybrid segment enjoys the largest share and as per 2017, accounted for 67.4% of the market shares. Whereas, the full electric vehicle segment held 32.6% of the share to stand out as the second largest segment globally.

By sales channel, the market divides into aftermarket and OEMs. The OEM segment held a massive 68.5% of the market share in 2017 to lead this category. The aftermarket segment enjoyed the rest of the market share. The OEM segment is further expected to lead the market in the near future.

Regional Analysis

The global climate control system for commercial vehicle market covers a four key regions across the globe, namely North America, Europe, Asia Pacific, and the Rest of the World (RoW).

The Asia Pacific region is a highly lucrative market and plays a key role in boosting its growth globally. The market is primarily driven by the burgeoning automobile manufacturing industry in countries like Korea, India, and China. Elsewhere, the European region is expected to emerge out as a major market and is expected to grow at an annual rate of 8.86% during the forecast period.

However, the Americas hold a significant portion of the market and lead the global market standings and the story is expected to remain the same in the coming years.

Competitive Landscape

The global climate control system for commercial vehicle market includes players like Mahle GmbH, Hanon Systems, Red Dot Corporation, Wabco, Denso Corporation, Valeo S.A, Bergstrom Inc., Eberspächer, Webasto, Sanden Holdings Corporation, and Calsonic Kansei Corporation Mobile Climate Control.

April 26th, 2019, Hyundai Motor Group, a leading automobile company from South Korea, announced the development of its ‘smartphone-electric vehicle pairing based performance adjustment technology,’ one that enables users to customize some of the primary functioning through a smartphone application.

Note: The COVID-19 pandemic disruption is estimated to transform the XX market in the years to come drastically, and its after-effects will be persistently seen in the years ahead. The MRFR report on the XX market meticulously tracks the COVID-19 pandemic effect for the years ahead. Moreover, the precise analysis of drivers and restraints in a post-COVID-19 market offers a coherent understanding of future growth cues.

 

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