Global Automotive Refrigerant Market 2018-2022| Key Facts and Figures| Technavio
LONDON--(BUSINESS WIRE)--Dec 3, 2018-- analysts forecast the global automotive refrigerant market to grow at a CAGR of over 4% during the forecast period, according to their latest market research report. However, the growth momentum of the market is expected to decelerate due to a decline in the year-over-year growth.
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Technavio has released a new market research report on the global automotive refrigerant market for the period 2018-2022. (Graphic: Business Wire)
Growing preference for R-1234yf refrigerant is one of the major trends being witnessed in the . The R-134a refrigerant is in wide use in the global automotive refrigerant market. However, developed regions such as the EU is shifting towards the R-1234yf refrigerant for its lower GWP. Refrigerants with more than 150 GWP have been banned in the region, making R-1234yf the ideal refrigerant for widescale adoption in the EU. In countries such as the US, nearly 50% of new vehicles have adopted the R-1234yf refrigerant, although the country has not placed any regulatory ban on R-134a.
According to Technavio analysts, one of the key factors contributing to the growth of the global automotive refrigerant market is the higher time-spend inside vehicles pushing demand for cabin comfort features:
Global automotive refrigerant market: Higher time-spend inside vehicles pushing demand for cabin comfort features
Long distance travel and rising traffic congestion are the crucial factors leading to increased time-spend inside vehicles. Automotive HVAC systems are standard fitments in passenger cars these days, while commercial vehicles are also increasingly using them. These systems are being adopted at a rapid pace in developing countries such as India, where overall climatic conditions are hot. Hence, countries with hot climatic conditions are expected to contribute the most to the revenue of the automotive refrigerant market during the forecast period. Growing demand for HVAC systems can be attributed to the comfort level they give, especially during long-distance travel. With the use of HVAC systems rising, the consumption of refrigerants in the automotive market is bound to go up.
According to a senior analyst at Technavio for research on automotive components, “In countries such as the US, most people prefer long distance trips in their personal vehicles. Such trips are mainly for pleasure and trigger high demand for advanced climate control systems. Personal vehicles also comprise crucial mediums for commuting to work in developed countries, including the US. As traffic congestion in metros is on a continuous rise to lengthen the commuting time, the need for convenience features for greater comfort and lower stress levels is on the rise. HVAC systems provide a clean and healthy environment inside vehicles. Hence, higher time-spend in vehicles is a crucial driver for the market.”
Global automotive refrigerant market: Segmentation analysis
The global automotive refrigerant market research report provides market segmentation by application (passenger cars and commercial vehicles) and by region (the Americas, EMEA, and APAC). It also provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
The passenger cars segment held the largest market share in 2017, accounting for over 81% share. This application segment is expected to dominate the global market throughout the forecast period.
EMEA led the market in 2017 with a market share of over 51%. This region is expected to dominate the market through 2022, however, there will be a decrease in its market share by over 1%.
Technavio’s sample reports are free of charge and contain multiple sections of the report such as the market size and forecast, drivers, challenges, trends, and more.
Some of the key topics covered in the report include:
Market LandscapeMarket ecosystem Market characteristics Market segmentation analysis
Market SizingMarket definition Market size and forecast
Five Forces Analysis
Geographical SegmentationRegional comparison Key leading countries
Vendor LandscapeVendors covered Vendor classification Market positioning of vendors Competitive scenario
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PUB: 12/03/2018 12:27 PM/DISC: 12/03/2018 12:27 PM