In-vehicle Coolers Market Poised for an Explosive Growth in the Near Future

Posted by Sakshi Mishra on January 6th, 2020

  • Technological advancements have increased vehicle efficiency. Several devices to offer more comfort and safety while driving have been introduced in the vehicle industry. For instance, most premium vehicles manufacturers, such as Audi, BMW, Volvo, etc., offer vehicles equipped with air-conditioning on both front and rare seats, ADAS system, and IoT system powered by artificial intelligence.
  • Cost of premium vehicles equipped with advanced technologies is high and import taxes are an unwanted add-on that further decreases the number of anticipated customers. In recent years, an increase in need for comfort by passenger or driver alike with rise in disposable income. This is driving the adoption of in-vehicle coolers.

Global In-vehicle Coolers Market: Dynamics

  • Governing bodies worldwide have imposed several restrictions on further development of IC engines directing the automotive industry toward the development of electric vehicles.  Electrical vehicles are emission-free and an alternative to IC engines. Such vehicles use high capacity batteries, which eliminate the need for installing an additional external battery. Hence, in order to reduce strain on vehicle batteries, there is need to develop efficient vehicle accessories, such as in-vehicle coolers.
  • In recent years, social and economic advancement worldwide has improved standard of living. High income has led to rise in disposable income, thus driving consumers toward luxurious options. Hence, several vehicle or travelling agencies are providing services such as vehicle tracking, Wi-Fi connectivity while travelling, and portable cooling cabinet such as in-vehicle coolers. Moreover, focus on customer satisfaction is also propelling the expansion of in-vehicle cooler market at a fast pace.

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Environmental Policies Restrict Use of Cooling Agents

  • Environmental policies and government regulations, in order to counter climate change, have imposed several regulations on use of cooling agents leading to restrictions on the use greenhouse gases, such as chlorofluorocarbons (CFC) and hydro-fluorocarbons (HFC), in the refrigeration industry. CFC, HFC, and other greenhouse gases react with the ozone layer in the stratosphere resulting in thinning of the ozone layer, which is hazardous for the ecosystem. Therefore, there is a need to develop a new cooling agent, which is harmless. Therefore, the need to develop advanced and efficient greenhouse emission-free coolants is slowing the market for in-vehicle coolers.

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Sakshi Mishra

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Sakshi Mishra
Joined: July 22nd, 2019
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