Analysis on New Product Launches in COVID-19 Related Markets-Global Automotive Parking Heater Market 2020-2024 | Increase in Demand for Luxury Cars to Boost Market Growth | Technavio
LONDON–(BUSINESS WIRE)–#AutomotiveParkingHeaterMarket–The automotive parking heater market is expected to grow by 5.36 million units during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. The impact can be expected to be significant in the first quarter but gradually lessen in subsequent quarters – with a limited impact on the full-year economic growth according to the latest market research report by Technavio. Request a free sample report
Modern luxury vehicles include several advanced safety features, pre-tension brakes, and entertainment and comfort features such as parking heaters. Luxury car manufacturers are also focusing on providing these advanced safety and comfort features in economy cars. Several luxury car makers, such as BMW, Porsche, and Mercedes-Benz, are downsizing their cars and making them more affordable. In addition, the demand for luxury cars is growing in emerging economies, such as China and India, due to the stable economic conditions and an increase in disposable incomes of consumers. Such growth in demand for luxury cars is expected to drive the growth of the market.
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As per Technavio, the growing popularity of mobile apps and connectivity solutions will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Automotive Parking Heater Market: Growing Popularity of Mobile Apps and Connectivity Solutions
The growing popularity of mobile apps and connectivity solutions is expected to be one of the key trends in the automotive parking heater market. App-based services help users to remotely access their vehicle and charge batteries, operate music system, and set up the destination for travel. Smartphones and data connectivity with app-based services also make vehicles more user friendly. For instance, BMW’s connected and mini connected iOS app allows access to Facebook and Twitter, and supports Google map-based navigation system in the cars. The mini version also plays music according to the driving behavior. This app can activate the parking heater to set the interior temperature of the car. The convenience of these app-based services is expected to boost the automotive parking heater market.
“Factors such as the increasing demand for preheaters in electric vehicles, and the emergence of aftermarket DIY preheaters will have a significant impact on the growth of the automotive parking heater market value during the forecast period,” says a senior analyst at Technavio.
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Automotive Parking Heater Market: Segmentation Analysis
This market research report segments the automotive parking heater market by end-user (aftermarket and OEMs) and geography (North America, Europe, APAC, South America, and MEA).
The North American region led the automotive parking heater market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, the North American region is expected to register the highest incremental growth due to factors such as the increasing demand for luxury cars, extreme climatic conditions and anti-idling laws.
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Some of the key topics covered in the report include:
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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