India Automotive Air Conditioning & Refrigeration Market to Grow at 10% Through 2021, Says TechSci Research
NEW YORK, January 31, 2017 /PRNewswire/ --
Increasing passenger and commercial vehicle fleet, favorable government policies, and expanding food processing industry to drive India automotive air conditioning & refrigeration market through 2021
According to TechSci Research report, "India Automotive Air Conditioning & Refrigeration Market By Vehicle Type, By Tonnage Capacity, By Application, Competition Forecast & Opportunities, 2011-2021", the India automotive air conditioning & refrigeration market is projected to register growth at a CAGR of 10%, during 2016-2021. The anticipated market growth can be attributed to increasing demand for passenger cars and commercial vehicles in the country. In addition, government focus has also shifted towards effectively managing transportation of perishable goods in conjugation with rapidly growing demand for processed & frozen food, and changing consumption habits of consumers. With cold chain market in India standing at $ 6.84 billion in 2015 and the country's food processing market also growing at a robust pace, during the same year, huge growth in sales of automotive air conditioning and automotive refrigerationunits is anticipated during the forecast period.
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"India Automotive Air Conditioning and Refrigeration Market "
Booming food service & food processing industry, coupled with increasing consumption of ready to eat/cook products, dairy products and frozen foods by consumers, is anticipated to propel demand for automotive air conditioning & refrigeration in India during the forecast period. Subros, Visteon Automotive Systems, Sanden Vikas, and Trans ACNR are few of the leading players operating in India automotive air conditioning & refrigeration market in 2015. Major players offering automotive refrigeration solutions include Carrier Transicold and Thermoking, which are majorly engaged in the business of supplying truck refrigerators to truck manufacturers in India.
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"Rising medium & heavy commercial vehicle production in India, advancement in technology used in medium and heavy commercial vehicle air conditioners, rising demand for temperature controlled transportation solutions i.e. hybrid reefer trucks, etc., is expected to propel growth in market for automotive air conditioning and refrigeration in India, during 2016-2021. In addition, Government of India is taking various initiatives to increase the fleet of AC buses so as to provide comfortable and efficient means of transportation to a larger number of people across the country. This is expected to fuel automotive air conditioners and refrigerator sales across India in the coming years, said Mr. Karan Chechi, Research Director with TechSci Research, a research based global management consulting firm.
"India Automotive Air Conditioning & Refrigeration Market By Vehicle Type, By Tonnage Capacity, By Application, Competition Forecast & Opportunities, 2011-2021" has evaluated the future growth potential of automotive air conditioning& refrigeration market in India and provides statistics and information on market structure, size, share and future growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities present in India automotive air conditioning& refrigeration market.
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