Automotive Electronics for HVAC Systems Market Share

Automotive Electronics for HVAC Systems Market Share Analysis

In recent times, the automotive aftermarket has witnessed a significant surge in sales of Original Equipment Manufacturer (OEM) parts and the expansion of aftermarket offerings. This growth trajectory is fueled by a combination of factors, including stringent government regulations aimed at modernizing accessories, an increase in disposable income, and a growing trend towards vehicle customization, shaping the future landscape of Asia-Pacific's automotive aftermarket. Initiatives like the Comprehensive Automotive Resurgence Strategy (CARS) in the Philippines present global investors and automotive manufacturers with opportunities to establish low-cost, high-quality standardized components for the aftermarket. In India, the traditional TVS Group is embracing technology-enabled business models, with its latest venture being an expansive "e-mall" for automotive components, anticipated to emerge as India's largest platform.

The digital revolution and the rising prevalence of e-commerce platforms specializing in a broad spectrum of passenger vehicle spare parts are contributing to the expansion of China's automotive aftermarket share. The introduction of online platforms is poised to drive substantial profits in the Chinese car aftermarket in the upcoming years. Meanwhile, in North America, the increasing popularity of semi-autonomous, electric, hybrid, and autonomous vehicles is expected to fuel demand for new components, as well as their maintenance and servicing, in the foreseeable future.

The escalating demand for crossover and long-distance travel cars underscores the importance of a robust aftermarket presence. With consumers gaining a deeper understanding of car repair and the significance of proper vehicle maintenance for efficiency and performance, the demand for aftermarket services is experiencing exponential growth. The evolving landscape of vehicle design and production flexibility is facilitating consumer customization, contributing to the expansion of the automotive aftermarket. The heightened manufacturing of components to meet the surging demand for vehicle service is a key driver of market growth. A prominent example is the MAHLE Group, a leading automotive components manufacturer, which reported an 18.5% increase in aftermarket sales in 2021 compared to the previous year.

In Europe, the aging and expanding vehicle parc, with an average fleet age exceeding 11 years, has significantly impacted the repair industry. Older vehicles, more prone to maintenance and replacement needs, have fueled demand for essential components such as Heating, Ventilation, and Air Conditioning (HVAC) systems, as well as automotive electronics for HVAC systems. The growing demand for repairs and customizations in the automotive aftermarket is propelling the global automotive electronics for HVAC system market forward at a rapid pace. As the aftermarket continues to evolve and embrace technological advancements, the automotive industry is witnessing a dynamic shift towards innovative solutions and enhanced customer experiences.