What is the global market size of Automotive Thermal Systems Market?

Global Automotive Thermal Systems Market was valued at USD 84.22 billion in 2021, and the market size is estimated to reach USD 118.63 billion by 2028, at a CAGR of 5.87% over the forecast period (2022-2028). Read More

What is the key driver of Global Automotive Thermal Systems Market?

Surge in demand for electric vehicles Read More

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 Insights

Global Automotive Thermal Systems Market size was valued at USD 33.43 billion in 2019 and is poised to grow from USD 34.73 billion in 2023 to USD 47.3 billion by 2031, growing at a CAGR of 3.9% in the forecast period (2024-2031).

The introduction of turbochargers in commercial vehicles, rising demand for front and rear A/C, heated steering, and strict emission regulations are expected to propel market expansion. The global automotive thermal systems market growth is to be driven by the rising demand for smart thermal management in automobiles and the integration of thermal sensors in passenger vehicles. Manufacturers of heavy vehicles or those used in the shipping, construction, and transportation sectors are among the major buyers in the automotive thermal systems market. However, the lack of standardization due to the high cost of thermal system technology and variations in emissions in various nations is projected to impede market expansion.

It is estimated that factors such as the rise in demand for electric vehicles, the development of lightweight HVAC systems and eco-friendly refrigerants, and technical improvements will create growth possibilities throughout the forecast period. Companies in the automotive thermal systems market are concentrating on the development of parts such as compressors, HVAC systems, cooling systems for powertrains, and fluid transport. The carbon dioxide emissions from automobiles are reduced by these systems that recycle waste heat.

Global Automotive Thermal Systems Market Report Snapshots

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The global automotive thermal systems market is fragmented, with a growing number of manufacturers dominating the market share. Companies see an opportunity to accelerate expansion through the introduction of new products and sales through unconventional channels. Key players frequently use mergers and acquisitions and product portfolio expansion as important tactics. Leading automakers including BMW, Fiat Chrysler, Ford, GM, Honda, Hyundai, JLR, Kia, Mercedes, and Nissan have used technologies like active heat transfer, integrated liquid-cooled exhaust/EGR, variable engine oil pump, and engine thermal mass reduction. 'Modi ne Manufacturing Company', 'Hanon Systems', 'Denso Corporation', 'Valeo SA', 'Mahle GmbH', 'BorgWarner Inc.', 'Eberspaecher Holding GmbH & Co. KG', 'Visteon Corporation', 'Marelli Holdings Co., Ltd.', 'MAHLE Behr GmbH & Co. KG', 'Calsonic Kansei Corporation', 'Keihin Corporation', 'Sanden Holdings Corporation', 'Sensata Technologies, Inc.', 'Subros Limited', 'Schaeffler AG', 'ZF Friedrichshafen AG', 'Dana Incorporated', 'Robert Bosch GmbH', 'Johnson Electric Holdings Limited'

Surge in demand for electric vehicles

A battery temperature management system is necessary for vehicles with hybrid or all-electric propulsion systems. For best charge storage and usage efficiency, the battery is operated at a specified temperature. As a result, the market for automotive thermal management will be driven by the rise in battery-electric or plug-in hybrid vehicles over the study period. For example, EV sales in several European countries increased by double digits in 2020, and the European region accounted for more than 43% of global EV sales in 2020, up from 26% in 2019. Approximately 3.24 million plug-in vehicles were sold globally in 2020, up from 2.26 million in 2019. Increased regulatory standards by various organisations and countries to restrict pollution levels and promote zero-emissions vehicles have contributed to this growth in sales. Businesses are investing funds to develop more effective battery solutions for their impending battery-powered cars. For the new MIA 2.0 electric car, for instance, Fox e-mobility AG announced in June 2021 that it had teamed with InoBat Auto j.s.a., Bratislava. A letter of intent was signed by Fox e-mobility AG and InoBat to work together on research, development, and battery design. Additionally, as part of the collaboration, an integrated battery solution that includes cells, modules, and full battery sets will be delivered. The two businesses also want to collaborate in the fields of research, development, and heat management using the most recent lithium-ion technology cells while taking into account international rules and standards.

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.

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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

Global Automotive Thermal Systems Market Insights

Global Automotive Thermal Systems Market Report Snapshots

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