PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454135
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1454135
Climate Control system in commercial Vehicle Market size was valued at USD 21,908.45 Million in 2023, expanding at a CAGR of 10.43% from 2024 to 2032.
Climate control systems in commercial vehicles are specifically engineered to prioritize the comfort and safety of both drivers and passengers during their journeys. Although these systems bear resemblance to those found in regular passenger cars, they are typically designed to be more durable in order to adapt to the larger cabin space and diverse environmental conditions that commercial vehicles often face. It is worth noting that the conventional air conditioning system used to cool the entire cab of a commercial vehicle consumes a significant amount of power. However, since most commercial vehicles usually have only one driver, it is possible to minimize energy wastage by adjusting the local thermal environment around the driver.
Climate Control system in commercial Vehicle Market- Market Dynamics
Rising demand for commercial vehicle sector and Stringent Emission Regulations are expected to dominate the growth of market
The demand for comfortable and safe cabin environments in commercial vehicles has become increasingly important as more vehicles are being used for transportation and logistics. Global economic data shows that in 2022, the average number of new commercial vehicle sales per year across 57 countries was 416,634, with the highest value of 11,371,749 commercial vehicles in the USA. Regulatory mandates focusing on reducing emissions and improving fuel efficiency are driving the adoption of more efficient climate control systems. Manufacturers have the opportunity to develop eco-friendly systems that meet emission standards and offer superior performance. Additionally, incorporating smart technologies like IoT connectivity, predictive analytics, and artificial intelligence (AI) into climate control systems could open up new market opportunities. However, the growth of the market may be limited by cost sensitivity in the commercial vehicle segment.
Climate Control system in commercial Vehicle Market- Key Insights
As per the analysis shared by our research analyst, the global market is estimated to grow annually at a CAGR of around 10.43% over the forecast period (2024-2032)
Based on Component Type segmentation, Compressor was predicted to show maximum market share in the year 2023
Based on Commercial Vehicle Type segmentation, Truck was the leading type in 2023
On the basis of region, North America was the leading revenue generator in 2023
The Global Climate Control system in commercial Vehicle Market is segmented on the basis of Component Type, Vehicle Type, Electric Vehicle Type, Voltage, Sales Channel and Region.
The market is segmented into nine distinct categories according to the type of components they consist of. These categories include Compressor, Condenser, receiver-drier, evaporator, control valves, actuators, thermostat, coils, relays, sensor, and others. Among these categories, the Compressor holds the largest market share. Compressor control systems play a crucial role in improving safety by constantly monitoring vital parameters like air pressure in the braking system.
The market is segmented into six categories according to Vehicle Type: Truck, Bus, Ambulance, Minivan, Cargo van, Trailer, and Others. The Truck segment holds the largest share in the market. Control systems in the commercial vehicle industry, especially in the truck segment, are leading the way in technological advancements, enhancing efficiency, safety, and environmental sustainability.
The market categorizes Electric Vehicles into two types: Hybrid and Full Electric Vehicles. Control systems play a crucial role in the functionality of both commercial hybrid and full electric vehicles, contributing to their efficiency, safety, and overall appeal.
The market is segmented into five distinct categories according to Voltage: 12v, 24v, 48v, 350v, and 650v. The voltage level of a commercial vehicle's electrical system plays a crucial role in determining the design, functionality, and safety precautions implemented in its control systems.
The market is categorized into two segments according to the sales channel: OEMS and Aftermarket. In the commercial vehicle industry, control systems are primarily sold through two main sales channels, namely Original Equipment Manufacturers (OEMs) and the aftermarket. Each channel possesses distinct characteristics, benefits, and obstacles.
Climate Control system in commercial Vehicle Market- Geographical Insights
Geographically, this market spans across North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further segmented by countries contributing to business activities. The market growth is expected to be dominated by North America, primarily due to the progress in energy-efficient technologies. North America enforces strict emission regulations, such as those established by the Environmental Protection Agency (EPA) in the United States and Environment and Climate Change Canada (ECCC) in Canada. These regulations promote the uptake of energy-efficient technologies in commercial vehicles, including climate control systems. Europe is the second largest region for market growth, driven by the adoption of electric and hybrid commercial vehicles.
The climate control systems market for commercial vehicles is highly competitive, with various factors driving the competition. These factors include innovation, regulatory compliance, energy efficiency, and the incorporation of advanced technologies. Competitors not only consider the initial costs of their systems but also take into account the overall costs throughout the lifespan of the product. This includes maintenance, repair, and operational expenses. Companies that provide systems with extended lifespans and reduced maintenance needs have a competitive advantage. Additionally, companies are investing in research and development to develop systems that can efficiently adjust to external temperature changes.
Valeo has achieved another milestone this September by securing a significant order from Stellantis in the area of thermal comfort for electric vehicles. The company has reported two record-breaking order intakes for its thermal systems designed for vehicle electrification, totaling over 4 billion euros since the start of the year.
GLOBAL CLIMATE CONTROL SYSTEM IN COMMERCIAL VEHICLE MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Valeo S.A
Sanden Holdings Corporation
Hanon Systems
Denso Corporation
Eberspacher
Bergstrom Inc.
Webasto
Red Dot Corporation
Mahle GmbH
Calsonic Kansei Corporation Mobile Climate Control
Wabco
Others