Product ID: SQMIG25A2136
Global Automotive Thermal Systems Market Size, Share, Growth Analysis, By Components(Compressor, HVAC), By Vehicle Type(Passenger vehicles, Commercial vehicles), By Propulsion Type(IC engine vehicles, Electric vehicles), By Application(Front & rear A/C, Engine) - Industry Forecast 2024-2031
Report ID:
SQMIG25A2136 |
Region:
Global |
Published Date: February, 2024
Pages:
165
|
Tables:
122 |
Figures:
77
Global Automotive Thermal Systems Market Regional Insights
APAC accounted for a significant portion of the global automotive thermal systems market in 2021 in terms of revenue share. Due to a constant rise in demand for passenger automobiles brought on by the region's growing population, growing urbanisation, stable economic conditions, and low interest rates, the trend is projected to continue during the projected period.
Over the past few years, APAC has been a centre for the manufacture of automobiles. OEMs have increased vehicle production in the area as a result of shifting consumer tastes, rising middle-class per capita income, and cost benefits. As a result, the manufacture of vehicles has significantly increased in China, India, and Japan. The region's notably high vehicle manufacturing presents the automotive thermal systems market with a sizable opportunity. Due to favourable investment regulations and the availability of inexpensive labour, Asia-Pacific has become a prime market for car OEMs. The region's demand for automotive thermal systems has been driven up by rising demand for luxury vehicles with greater interior comfort.
In terms of market volume and value share, this region was followed by North America and Europe. The automobile thermal system market was dominated by North America and Europe in 2021. In these regions, there is a trend toward auto customisation, which significantly impacts the market.
The South American market will grow slowly over the next five years due to stagnancy in automobile sales in the region as a whole, particularly in Brazil.
Global Automotive Thermal Systems Market Report Snapshots
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