India Passenger Car Air Conditioners Market to Surpass $ 1 Billion by 2023: TechSci Research Report
Increasing automobile production in India along with rising local manufacturing due to Make in India initiative to propel growth in India passenger car air conditioners market through 2023
According to TechSci Research report “India Passenger Car Air Conditioners Market By Vehicle Type, By Technology, By Compressor Type, Competition Forecast & Opportunities, 2023’’, India passenger car air conditioners market is projected to cross $ 1 billion mark by 2023 on account of growing investments in automotive and auto-ancillaries sector and easy availability of financing options for the purchase of passenger cars. Moreover, development of Secondary Loop Mobile Air Conditioning System for reduction of air pollution coupled with emergence of India as an automotive hub in Asia-Pacific region is further propelling growth in India passenger car air conditioners market. Additionally, rising domestic manufacturing in India on account of favorable government policies and initiatives such as ‘Make in India’ are expected to positively influence India passenger car air conditioners market in the coming years. Subros Limited, Hanon Automotive Systems India Private Limited, MAHLE Behr India Pvt. Ltd., Sanden Vikas (India) Ltd., etc., are some of the leading players operating in India passenger car air conditioners market.
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“India Passenger Car Air Conditioners Market”
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Among vehicle types, India passenger car air conditioner market is dominated by hatchback segment, followed by multi & sports utility vehicle (MUV), sedan and compact utility vehicle (CUV) segments. However, MUV and CUV segments are likely to show strong growth in the coming years due to shifting consumer preference towards premium cars instead of hatchbacks. In 2018, ‘Automatic’ segment accounted for the largest technology share, in terms of value, in India passenger car air conditioner market, followed by ‘Manual/Semi-automatic’ segment. A large demand for passenger car air conditioners emanates from Northern and Southern India, which can be attributed to the presence of a large number of manufacturing units in these regions.
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“‘Make in India’, a flagship program of the Indian government, aims at making India a global manufacturing hub. The main objective of this initiative is to increase the contribution made by the manufacturing sector to the country’s GDP to 25% by 2025. The government is promoting establishment of National Automotive Testing and R&D Infrastructure Project (NATRiP) centers to promote this initiative, which would consequently fuel growth in India passenger car air conditioners market. Moreover, global car manufacturers are making huge investments in the states of Haryana and Rajasthan in Northern India and Tamil Nadu in Southern India to cater to the growing demand for passenger cars in the country which is further expected to positively influence the passenger car air conditioners market in India in the coming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
“India Passenger Car Air Conditioners Market By Vehicle Type, By Technology, By Compressor Type, Competition Forecast & Opportunities, 2023’’ has evaluated the future growth potential of India passenger car air conditioners market and provides statistics and information on market size, structure and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities in India passenger car air conditioners market.
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