Off-Highway Vehicle Hvac Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
The off-highway vehicle HVAC market is anticipated to register a CAGR of about 5% during the forecast period (2020-2025).
Key HighlightsOff-highway vehicles mostly work in extreme climatic conditions, such as in snow-covered terrain or in the desert. HVAC manufacturers are developing lighter, efficient, and smaller components, owing to limited space availability in the cabin. Apart from comfortability, HVAC provides reduced operating hours, ultimately resulting in fuel-saving and fewer emissions. For instance,
The trend of electrification is also being witnessed in off-road vehicles. Many start-ups and established players have launched their electric models with advanced HVAC systems. For instance, Nikola NZT, an electric off-road vehicle that gives a 150-mile range on a full charge, has a climate control HVAC system for heating or cooling, so that the driver does not feel any discomfort.
Asia-Pacific Is Expected to Witness High Growth in the Off-highway Vehicle HVAC MarketAsia-Pacific is the manufacturing hub of the construction and heavy machinery. In addition, the developing economies, such as China, India, and Japan, have the huge potential for infrastructural development, mining, and agriculture, as these countries are the most populated in the world. The market for excavators and other types of construction machinery is anticipated to strengthen in China, over the forecast period.
India is witnessing an increase in the demand for construction machinery. The global manufacturers are making strategic partnerships with local manufacturers, to cater to this growing demand, which may propel the growth of HVAC systems in the future. For instance,
The off-highway vehicle HVAC market is moderately fragmented, although some of the major players in the market are Denso Corporation, MAHLE GmbH, Marelli Corporation, amongst others. The companies are expanding their presence by acquiring other market participants, forming strategic alliances, tapping in new and unexplored markets. For instance,
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