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Climate Control System Commercial Vehicle Market Growth Projections and Opportunities
The market for Global Climate Control Systems in Commercial Vehicles is expected to grow by 9.04% every year from 2018 to 2023. This growth is mainly because the automotive industry is getting bigger, and that's boosting the market for climate control systems in commercial vehicles during this time.
Now, let's break down some details about this market. We look at different parts of the climate control systems in commercial vehicles and how they're doing. One important part is the compressor, which helps in making these systems work. In 2017, the compressor part had the biggest share in the market, making up 16.32%. This was worth about USD 1,808.0 million. And guess what? It's expected to grow the fastest during the forecast period, at a rate of 10.06%.
Then, we can talk about the different types of commercial vehicles. Among them, trucks are leading the way, making up 30.27% of the market in 2017. This was worth about USD 3,353.4 million. And just like the compressor, trucks are expected to grow the fastest, at a rate of 11.26%.
Now, let's look at a special kind of commercial vehicle, the electric one. In this category, hybrid electric vehicles had the biggest share, making up 67.41% of the market in 2017.
And finally, we can break down the market based on where these commercial vehicles are used. Among them, the long-haul segment was the biggest, making up 44.92% of the market in 2017.
So, in simpler terms, the market for climate control systems in commercial vehicles is expected to grow a lot because the automotive industry is getting bigger. The compressor part and trucks are the big players in this market, and they're expected to grow the fastest. Electric vehicles, especially hybrid ones, are also a significant part of this market. And when we look at where these vehicles are used the most, long-haul situations are leading the way. Overall, it's an exciting time for the market, with a lot of growth expected in the coming years.
Covered Aspects:| Report Attribute/Metric | Details |
|---|---|
| Growth Rate | 7%(2022-2030) |
Climate Control System Commercial Vehicle Market Highlights:
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