HVAC Market to Witness Comprehensive Growth by 2031
Automotive AC Compressor Market: Introduction According to the report, the global HVAC market is projected to surpass US$ 30.4 Bn by 2031 , expanding at a CAGR of ~3% during the forecast period. Disposable income of the global population is rising at a steady pace. For instance, according to the statistics of the World Bank Group, the GDP of the global population, which is measured in terms of purchasing power parity, has tripled over the past few decades. This increase in purchasing power of the global population has led to rise in sale of vehicles across the globe. This increase in sales of vehicles is a major factor driving the global automotive AC compressor market. The popularity of electric vehicles is increasing rapidly worldwide. The Global EV Outlook 2019 report of International Energy Agency stated that sale of electric cars witnessed 40% year-on-year growth in 2019 with a total sale of 2.1...