Asia-Pacific Trucks and Trailer HVAC Market to Reach $49662.1 Million, by 2031 at 5.6% CAGR: Allied Market Research
Allied Market Research
6 min read
Allied Market Research
Increase in demand for thermal system and automatic climate control features in trucks and trailers, development of intelligent transport systems, and government regulation drive the growth of the Asia-Pacific Trucks and Trailer HVAC Market.
Wilmington, Delaware, Nov. 15, 2023 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Asia-Pacific Trucks and Trailer HVAC Market by Vehicle Type (Trucks, Trailers), by Sales Channel (Original Equipment Manufacturers (OEMs), Aftermarket), by Propulsion Type (Internal Combustion Engine, Electric): Opportunity Analysis and Industry Forecast, 2021-2031”. According to the report, the Asia-Pacific trucks and trailer HVAC industry size generated $28557.8 Million in 2021, and is anticipated to generate $49662.1 Million by 2031, witnessing a CAGR of 5.6% from 2022 to 2031.
Prime determinants of growth Factors such as increase in demand for thermal system and automatic climate control features in truck and trailers, development of intelligent transport systems, and government regulations boost the growth of the Asia-Pacific Trucks and Trailer HVAC Market. However, high installation and maintenance cost along with environmental effects of refrigerants used in HVAC system are anticipated to hinder market growth. On the other hand, development of eco-friendly refrigerants and increase in demand for HVAC systems from developing nations provide a remarkable growth opportunity for the market players operating in the market.
Report Coverage & Details:
Report Coverage
Details
Forecast Period
2021–2031
Base Year
2021
Market Size in 2021
$ 28557.8 Million
Market Size in 2032
$ 49662.1 Million
CAGR
5.6%
No. of Pages in Report
188
Segments covered
Vehicle Type, Sales Channel, Propulsion Type.
Drivers
Increase in demand for thermal system and automatic climate control features in trucks & trailers.
Development of intelligent transport systems.
Government regulation.
Restraints
High installation and maintenance cost.
Environmental effects of refrigerants used in HVAC system.
Opportunities
Development of eco-friendly refrigerants.
Increase in demand for HVAC systems from developing nations.
COVID-19 Pandemic Impact
The COVID-19 pandemic had a significant impact on the trucks and trailers HVAC market in Asia-Pacific. Prior to the pandemic, the market was experiencing steady growth, driven by an increase in demand for thermal systems and automatic climate control features in trucks & trailers.
The impact of the pandemic on the demand side of the market was substantial. The trucking companies had to reduce their operations or shut down entirely, leading to a decline in demand for HVAC systems.
The pandemic accelerated the demand for trucking and transportation services increased, particularly for the delivery of essential goods such as medical supplies, food, and other necessities. This led to a resurgence in demand for HVAC systems in trucks and trailers, as companies needed to maintain a safe and comfortable environment for their drivers and cargo.
Furthermore, the demand for trucks and trailers HVAC is anticipated to increase, presenting opportunities for the development of eco-friendly refrigerants.
Trailer segment to maintain its leadership status throughout the forecast period.
Based on vehicle type, the trailer segment held the highest market share in 2021, accounting for more than one-fifth of the Asia-Pacific Trucks and Trailer HVAC Market revenue and is estimated to maintain its leadership status throughout the forecast period. as the trailers are often used by businesses and individuals for a variety of purposes, such as transporting construction equipment, hauling cargo, moving furniture or household items, and transporting livestock or horses. Also, HVAC trailers are commonly used for commercial and industrial applications, such as providing temporary heating or cooling for large events, or for emergency HVAC services in disaster relief situations. However, the truck segment is projected to manifest the highest CAGR of 5.5% from 2022 to 2031, owing to increasing the demand for trucking fleets for battery-operated HVAC systems.
The aftermarket segment maintained its leadership status throughout the forecast period.
Based on sales channel, the aftermarket segment held the highest market share in 2021, accounting for nearly one-fifth of the Asia-Pacific Trucks and Trailer HVAC Market revenue and is estimated to maintain its leadership status throughout the forecast period. Also, the same segment is expected to witness the fastest CAGR of 9.6% from 2021 to 2031 and is likely to dominate the market during the forecast period as the fleet owners focus on the adoption of heavy vehicles further enhances their modernization, which reduces total operating costs and driver convenience.
The electric segment maintained its lead position during the forecast period.
Based on propulsion type, the electric segment accounted for the largest share in 2021, contributing for nearly one-fifth of the Asia-Pacific Trucks and Trailer HVAC Market revenue, and is estimated to maintain its leadership status throughout the forecast period, by an upsurge in government efforts to promote e-mobility, the imposition of rigorous emission regulations on traditional commercial vehicles running on fossil fuels, and the continuous reduction in the cost of electric vehicle batteries. However, the internal combustion engine segment is expected to portray the largest CAGR of 5.3% from 2021 to 2031 and is projected to maintain its lead position during the forecast period as major heavy vehicle manufacturers choose engine-driven HVAC systems due to their low cost and ease of installation.
Leading Market Players: -
Carrier
Denso Corporation
Eberspacher
Grayson Thermal Systems
Mahle GmbH
Red Dot Corporate
Sanden Corporation
Valeo
Subros Limited
Webasto Group
The report provides a detailed analysis of these key players of the Asia-Pacific Trucks and Trailer HVAC Market. These players have adopted different strategies such as partnership, acquisition, expansion, and others to increase their market share and maintain dominant shares in different regions. The report is valuable in highlighting business performance, operating segments, product portfolio, and strategic moves of market players to showcase the competitive scenario.
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Allied Market Research CEO Pawan Kumar is instrumental in inspiring and encouraging everyone associated with the company to maintain high quality of data and help clients in every way possible to achieve success. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
CONTACT: Contact: David Correa 1209 Orange Street, Corporation Trust Center, Wilmington, New Castle, Delaware 19801 USA. USA/Canada (Toll Free): +1-800-792-528 UK: +44-845-528-1300 Hong Kong: +852-301-84916 India (Pune): +91-20-66346060 Fax: +1-800-792-5285 help@alliedmarketresearch.com Web: www.alliedmarketresearch.com Allied Market Research Blog: https://blog.alliedmarketresearch.com
