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.
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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.
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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.
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