(MENAFN- GlobeNewsWire - Nasdaq) New York, May 25, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Replacement Demand Analysis for Class 1-3 HVAC Components in Europe" -
The base year is 2022, and the forecast period is from 2023 to 2029.Aftermarket demand for HVAC components in Europe, which recovered in the year 2021, continued to grow in 2022 due to growth in average miles traveled, strong pent-up demand, rising average annual temperature, and aging vehicle population.
However, by the end of the forecast period, both unit shipments and revenue growth will remain flat.
This is mainly because of the decline in aftermarket demand for certain key HVAC components after 2025 due to reduced vehicle accidents and higher product durability.Most of the HVAC components suffered a price hike in 2022 due to the rise in raw material costs as a result of various supply chain constraints and the geopolitical situation.
Since this is a do-it-for-me market and part replacement occurs mainly in older vehicles, warehouse distributors dominate the segment.
Original equipment suppliers mainly cater to the demand arising from vehicle collisions, premium vehicles, and difficult-to-find parts.
Key brands in the European HVAC aftermarket are Mahle, Denso, Nissens, NRF, Valeo, Delphi, AVA Cooling and Van Wezel.
Author: Seshasayee Tatineni
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