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Automotive Thermal System Market to Reach $ 50.38 Billion by 2031 | CAGR: 2.79% - TMR Study

Wednesday, October 19, 2022 4:33 AM

WILMINGTON, DE / ACCESSWIRE / October 19, 2022 / Transparency Market Research Inc. - Companies in the automotive thermal system market are expanding their product lines of powertrain thermal management components and spending sizably on developing propulsion cooling technologies in order to capture steady revenues. Of note, advancements in HVAC equipment are extending the canvas for product innovations. The value of the automotive thermal system market was pegged at US$ 37.22 Bn in 2021.

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Evolving requirements of thermal management in internal combustion engines has spurred massive revenue streams in the automotive thermal system market. Thermal management systems have been widely used in IC engine vehicles, thus propelling revenue growth in market. Indeed, the study found that the segment held a market share of 56% in 2021. Focus on passenger comfort, fuel economy expectations of consumers, and overall performance of vehicles is creating substantial lucrative demand for automotive thermal systems.

Luxury vehicles present a value-grab opportunity for companies looking for steady automotive thermal system market growth. Demand for e-mobility propulsion cooling systems is rising, and has enriched the outlook of automotive battery thermal management system market. Growing popularity of various battery electric vehicles (BEVs) and EVs will spur profitable opportunities for market players.

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Key Findings of Automotive Thermal System Market Study

  • Adoption of Thermal Management Solutions in Vehicles Steering Revenue Streams: A variety of automotive components need cooling systems for their optimal performance in vehicles. Rise in demand for thermal management solution in commercial and passenger vehicles is propelling the automotive thermal system market growth. Companies have captured considerable customer value on the back of growing adoption of new technologies and designs in HVAC systems and powertrain cooling systems. Of note, the study found that environmentally friendly and lightweight. HVAC equipment is gathering traction in the industry. Of note, the HVAC segment held a large automotive thermal system market share in 2021.
  • Need for Advanced Thermal Management of EV Battery Systems Expanding Avenues: Commercialization of electric vehicles has nudged OEMs and automotive companies to adopt advanced thermal management for battery packs and motors. This is crucial for ensuring the durability of these automotive components, attain a combination of good driving range and comfort, and overall safety and performance of the vehicles. Thus, R&D in automotive battery thermal management system will expand the window of opportunities for stakeholders in automotive thermal system market.

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Automotive Thermal System Market: Key Drivers

  • Growing use of turbochargers in commercial vehicle applications and emphasis on passenger comfort are steering the demand for thermal management systems in the automotive industry.
  • Implementation of emission and fuel regulations in various vehicle types is underpinning the evolution of the automotive thermal system market. Furthermore, growing demand for HVAC systems in cars will fuel the growth opportunities.
  • Growing commercialization of luxury vehicles has catalyzed the need for smart thermal management systems

Automotive Thermal System Market: Regional Growth Dynamics

Asia Pacific has been found to be a remarkably lucrative region in the automotive thermal systemmarket. The growth rests on a thriving market for automotive OEMs. Massive vehicle production in a few key economies of the region, including Japan and India, has invigorated the demand for thermal management components, thus bolstering the prospects of Asia Pacific automotive thermal system market.

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Automotive Thermal System Market Competition Landscape

A high degree of fragmentation has characterized the competition landscape, found the TMR study. This can be attributed to the presence of several manufacturers holding significant stakes in the automotive thermal system market.

Some of the key players are Valeo SA, MAHLE GmbH, Robert Bosch GmbH, Lennox International Inc., Hanon Systems, Gentherm Inc., Grayson Thermal Systems, Dana Incorporated, Denso Corporation, and Continental AG.

Automotive Thermal System Market Segmentation

  • Component
    • Compressor
    • HVAC
    • Powertrain Cooling
    • Fluid Transport
  • Vehicle Type
    • Passenger Vehicle
      • Hatchback
      • Sedan
      • Utility Vehicles
    • Light Commercial Vehicles
    • Trucks
    • Buses & Coaches
    • Off-road Vehicle
      • Agriculture Tractors & Equipment
      • Construction & Mining Equipment
    • Industrial Vehicles (Forklift, Etc.)
  • Propulsion Type
    • IC Engine Vehicles
    • Electric & Hybrid Vehicles
  • Application
    • Front & Rear A/C
    • Engine and Transmission
    • Seat
    • Battery
    • Motor
    • Waste Heat Recovery
    • Power Electronics
    • Others

Regions Covered

  • North America
  • Europe
  • Asia Pacific
  • Middle East & Africa
  • South America

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About Transparency Market Research

Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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SOURCE: Transparency Market Research inc.

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