Automotive Condenser Market to Expand 1.5X by 2030; Declining New Vehicle Sales during COVID-19 Pandemic Impeding Market Growth
Published On : Aug 24, 2020
Manufacturers in the automotive condenser market are focusing on the introduction of new application-specific product offerings in order to better address customer requirements. Moreover, market players are found to be directing their efforts toward strengthening their distribution channels while focusing on direct sales. Companies in the automotive condenser space are enhancing product quality by implementing new technologies and adopting new, tough, and long-lasting materials with added features at a competitive price point, while at the same time maintaining steadfast focus on vehicle safety.
The global automotive condenser market is anticipated to expand at a CAGR of 4.4% during the projected period, expanding 1.5X its size by 2030-end.
Key Takeaways from Automotive Condenser Market Study
- By material, the aluminum segment is estimated to be most attractive segment in the market. The segment is estimated to gain a prominent market share over the forecast period, owing to the novel properties of aluminum such as lightweight feature, corrosion resistance, superior aesthetics, easy manufacturability, and good conductivity.
- By type, the parallel flow segment remains lucrative and will dominate global market demand over the forecast period, primarily due to the fact that these condensers offer longer life and efficient HVAC comfort for passengers and the driver in real-time working conditions.
- By sales channel, the OEMs segment is estimated to hold more than 90% of the total market value share during the forecast period.
- By vehicle, the passengers car segment is anticipated to provide increased opportunities in the global automotive condenser market, owing to growing consumer preference for advanced automotive condensers.
- APAC is a prominent regional market for automotive condensers and is anticipated to dominate the global market in terms of demand, followed by Europe. Noteworthy increase in sales across markets such as China, India, Mexico, and Turkey is expected over the forecast period. Developed regions are projected to hold significant market share market, with a large contribution expected from North America and Europe.
“With declining vehicle sales due to the COVID-19 pandemic, the automotive condenser market is witnessing southward demand, with the situation expected to improve after the containment of the outbreak,” says a PMR analyst.
Global Automotive Condenser Market: Competition Landscape
Companies in the global market for automotive condensers are strategizing to invest heavily in extensive research & development to increase the attractiveness of their product portfolios. Expansion of product line will support key players to strengthen their roots in the global automotive condenser market. Key companies functioning in the global automotive condenser market are aiming to provide their customer base with more innovative and technologically-advanced products to keep up with the latest advancements and changes in automotive technology. These companies are also focusing on expanding their service quality in different regions to boost their market share and gain a strong hold in the global automotive condenser market.
Some of the players functioning in the global automotive condenser market are Subros Ltd., Denso Corporation, Delphi Automotive PLC, Robert Bosch GmbH, MAHLE GmbH, Hanon Systems Valeo SA, Modine Manufacturing Company, Standard Motor Products, Inc., Keihin Corporation, Calsonic, Kansei Corporation, Sanden Philippines, Air International Thermal Systems, Reach Cooling Group, OSC Automotive Inc., Japan Climate Systems Corporation, and KOYORAD Co., Ltd.
Want to Know More?
PMR has published a market research study on the automotive condenser market that contains global industry analysis of 2015–2019 and opportunity assessment for 2020–2030. The report provides insightful analysis of the automotive condenser market through five different segments, namely, type, material, vehicle, sales channel, and region. The global automotive condenser market report also provides supply and demand current trends, detailed overview of the parent market, and a comprehensive list of suppliers and distributors in the market.
For additional insights on how the automotive condenser market will shape up over the next decade, write to firstname.lastname@example.org
About PMR – Automotive & Transportation
Persistence Market Research’s team of automotive and transportation market experts has been tracking the industry for nearly a decade now. The team has authored 1,000+ reports, covering a broad spectrum – from passenger cars and freight to components and railways. Our market research includes market sizing, forecasting, product, and market segmentation, and a detailed discussion on prevailing and anticipated market conditions. Reach out to us for more information on how we can help.
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