Increased demand for convenience and user friendliness in vehicles is expected to drive automotive cabin comfort systems market growth over the forecast period. Among the most significant developments of such systems was the evolution of air conditioning systems. Furthermore, owing to technological proliferation, HVAC systems have become more efficient, which is also expected favorably impact market growth. Modern automatic temperature control set-ups allow adjustments even for backseat passengers. Automotive cabin comfort systems ensure that both the driver and passengers are comfortable. Contemporary automotive HVAC systems provide accurate but basic temperature control. However, in the near future, cars are expected to witness increasing adoption of high-tech and sophisticated systems that will control the cabin atmosphere with the help of air quality, light, humidity and radiation sensors. Incorporation of comfort and safety sensors within a car helps enhance driver as well as passenger comfort and is expected to fuel market growth.
The automotive cabin comfort systems market is also expected to witness considerable growth over the next few years, as these systems provide the driver as well as the passengers with protection against common traffic exhaust gases such as hydrocarbon and carbon oxide. Furthermore, the ability of sensors to detect wide variety of VOCs (Volatile Organic Compounds) that build up smell within a car is also expected to drive automotive cabin comfort systems market growth. However, high cost systems and maintenance related issues are some factors that may pose challenge to market growth.
Key industry players include Sensata Technologies, Denso Corporation, Delphi Automotive PLC and Bosch. Mergers and acquisitions are expected to remain the key growth strategies.
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The automotive & transportation industry is amongst the most exposed verticals to the ongoing COVID-19 outbreak and is currently amidst unprecedented uncertainty. COVID-19 is expected to have a significant impact on the supply chain and product demand in the automotive sector. The industry's concern has moved on from being centered on supply chain disruption from China to the overall slump in demand for automotive products. The demand for commercial vehicles is expected to plummet with the shutdown of all non-essential services. Furthermore, changes in consumer buying behavior owing to uncertainty surrounding the pandemic may have serious implications on the near future growth of the industry. Meanwhile, liquidity shortfall and cash crunch have already impacted the sales of fleet operators, which is further expected to widen over the next few months. We are continuously monitoring the COVID-19 pandemic, and assessing its impact on the growth of the automotive & transportation industry. The report will account for Covid19 as a key market contributor.