Heavy Commercial Vehicle HVAC Market to Reach $2.40 Billion, Globally, by 2027 at 6.6% CAGR: Allied Market Research

PORTLAND, Ore., Jan. 11, 2022 /PRNewswire/ -- Allied Market Research recently published a report, titled, "Heavy Commercial Vehicle HVAC Market by Type (Automatic, and Manual), Vehicle Type (Intercity Buses (9m, 10m, and 12m), Coach Buses (9m, 10m, and 12m), School Buses (9m, 10m, and 12m), Transit Buses (9m, 10m, and 12m), and Trucks), Sales Channel (Original Equipment Manufacturers, and Aftermarket), Input (Engine Powered HVAC, and Electric Powered HVAC), and Vehicle Type by Propulsion (Intercity Buses (IC Engine, Hybrid/Electric, and Fuel Cell), Coach Buses (IC Engine, Hybrid/Electric, and Fuel Cell), School Buses (IC Engine, Hybrid/Electric, and Fuel Cell), Transit Buses (IC Engine, Hybrid/Electric, and Fuel Cell), and Trucks (IC Engine, Hybrid/Electric, and Fuel Cell)): Global Opportunity Analysis and Industry Forecast, 2021–2027". As per the report, the global heavy commercial vehicle HVAC industry was pegged at $1.15 billion in 2010, and is estimated to reach $2.40 billion by 2027, growing at a CAGR of 6.6% from 2021 to 2027.

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Drivers, restraints, and opportunities

Rise in demand for thermal system and automatic climate control features in heavy vehicles, surge in demand for electric buses, and development of intelligent transport system have boosted the growth of the global heavy commercial vehicle HVAC market. However, high installation and maintenance cost hinders the market growth. On the contrary, development of eco-friendly refrigerants, rise in demand for HVAC systems from developing nations, and augmented safety & comfort through the adoption of HVAC systems are expected to open new opportunities for the market players in the future.

Covid-19 scenario:

• The Covid-19 outbreak forced governments to implement strict restrictions on social gathering to curb the spread of infection. Thus, several organizations adopted work from home culture, which hampered the demand for commercial vehicles. Thus, sudden fall in demand for automotive vehicles negatively impacted the market.
• Due to prolonged lockdown, the supply chain was disrupted and prices of raw materials increased significantly.

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The intercity buses to manifest the highest CAGR through 2027

By vehicle type, the intercity buses segment is estimated to register the highest CAGR of 8.1% during the forecast period, due to rise in demand for short distance travel. However, the transit buses segment dominated the market in terms of revenue, contributing to more than one-fifth of the market in 2010, due to high demand for comfortable traveling services.

The automatic segment held the largest share

By type, the automatic segment held the largest share in 2010, contributing to more than half of the market. In addition, the segment is estimated to register the highest CAGR of 7.8% during the forecast period, owing to increase in adoption of automation solutions by heavy commercial vehicle operators. The research also analyzes the manual segment.

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Asia-Pacific, followed by Europe and North America, held the lion's share

By region, the market across Asia-Pacific, followed by Europe and North America, held the largest share in 2010, accounting for more than one-third of the market. In addition, the region is projected to portray the highest CAGR of 7.2% during the forecast period, due to expansion of the transportation and logistics industry.

Major market players

• BAE Systems PLC
• Fincantieri group
• Damen Shipyards group
• Huntington Ingalls industries
• General Dynamics corporation
• Mitsubishi Heavy Industries
• Korea Shipbuilding & Offshore Engineering
• Samsuung Heavy Industries
• Oshima Shipbuilding co. ltd
• Sumitomo Heavy Industries

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