Knowledge Sourcing Intelligence announces the publication of a new report on “Global Automotive Refrigerants Market - Forecasts from2020 to 2025" to their offering.
Automotive refrigerants are used in automobiles for the proper functioning of the air conditioning systems in the vehicles. The growing sales of vehicles especially in the developing economies of the globe is a key factor supplementing the market growth throughout the forecast period.
According to the report, the Global Automotive Refrigerants Market is projected to increase at a CAGR of 3.56% in the coming years.
Growing automotive demand is driving the growth
The market for automotive refrigerants is poised to witness a nominal growth throughout the forecast period. One of the major factors boosting the market growth is the significant increase in the demand of vehicles especially in the developing economies of the globe primarily due to the increase in the standards of living coupled with the rising middle-class population in countries like India and China. Strict regulations by governments across numerous countries regarding vehicular emissions also play a significant role in shaping up the global automotive refrigerant market growth during the next five years. The integration of new products in the market which further cause less impact in the environment has led to a shift by automotive manufacturers to adopt them is also offering lucrative business opportunities of refrigerant manufacturers in the near future. The market is also projected to grow on account of the significant growth in the sales of passenger vehicles especially across the developing economies due to the growing disposable income and rising middle-class population, which can be backed up by the fact that the production of passenger vehicles globally, has increased significantly over the past years. As per the data from OICA, the number of passenger vehicle units produced reached 70,567,581 by the year 2018 from 67,530,621 in the year 2014.
The market for automotive refrigerants has been segmented on the basis of refrigerant type, vehicle type, sales channel, and geography. By the refrigerant type, the market has been segmented on the basis of R-134a and R-1234yf. On the basis of vehicle type, the market has been classified into passenger vehicles and commercial vehicles. By the sales channel, the market has been segmented into online and offline. Geographically, the classification of the global automotive refrigerant market has been done into North America, South America, Europe, Middle East and Africa, and Asia Pacific.
By type, the R-1234yf segment is anticipated to hold a considerable market share on account of the wide adoption of this refrigerant type across the major developed economies as this causes less impact on the environment. Also, several regulations regarding vehicular emissions is also a key factor that is driving the adoption of this refrigerant across numerous vehicle segments.
By vehicle type, the passenger vehicles are expected to hold a substantial market share throughout the forecast period. the higher number of passenger vehicles compared with other vehicle types, coupled with wider adoption of the air conditioning systems in these vehicles also one of the factors for the significantly larger share of passenger vehicles in the automotive refrigerants market.
By sales channel, the online segment is expected to witness a healthy growth on account of booming adoption of e-commerce channels in the developing economies on account of the rapid internet and smartphone penetration. However, the offline segment is anticipated to hold a significant share in the market on account of the presence of a considerably large population base that prefers to buy products offline.
The major players covered as part of the report are DuPont, Arkema, BASF, Daikin, and Linde among others.
View a sample of the report or purchase the complete study at https://www.knowledge-sourcing.com/report/automotive-refrigerants-market
This report has segmented the Global automotive refrigerants market on the basis following terms: