Automotive Thermal Management System Market Size To Expand at a Notable CAGR Of 4.0% During 2023 - 2030

January 2022/MRFR Press Release/- Market Research Future has published a report on the Global Automotive Thermal Management System Market.

Overview:

Automotive thermal managment system forms a vital part of the automobiles since assist in reducing vehiculat emission. Automotive thermal managment system are able to maintain desired temperature in the internal combustion engine and thus help in improving the fuel efficiency of vehicles. Stringent government regulations aimed at emission control is primarily driving the growth of the market. International automotive standards have mandated the installation of automotive thermal managment sytems in cars.  The global automotive thermal managment market is poised to acpture a CAGR of 4.0% over the forecast period of 2022-2030, asserts Market Research Future (MRFR) in a detailed study.

Incrased production of passenger cars is also a key factor in enhancing the growth of the global automotive thermal mangment system. Installation of thermal managment sytems increases passenger comfort, reduces thermal load, heat transfer, waste heat recovery and others.

Growing focus on fuel efficiency, driver comfort, and high sales of electric cars are other factors contributing to the grotwh of the market. However, the growth of the global automotive thermal managment system market might be impeded by high costs associated with automotive therma managment system and strict regulations pertaining the use of refrigerants.

Segmentation

The global automotive thermal management system market has been segmented based on system, technology, propulsion, and vehicle type.

By system, the global automotive thermal power management system market has been segmented into heating, ventilation and air condition (HVAC), powertrain cooling, fluid transport, and others. The HVAC segment accounted for the largest share of the market in 2018 and is expected to maintain its dominance over the forecast period. The4 HVAC segment is poised to reach a valuation of USD 23 Bn at a CAGR of 4.10% by the end of the forecast period.

By technology, the global automotive thermal management system market has been segmented into active transmission warm-up, exhaust gas recirculation (EGR), reduced HVAC system loading, and other technologies. The active transmission warm-up segment currently accounts for the largest share of the market and is anticipated to reach a valuation of USD 30.59 Bn by the end of 2023.

By propulsion, the global automotive thermal management system market has been segmented into internal combustion engine (ICE) vehicle and electric vehicle. The electric vehicle segment has been further segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle (PHEVs). The ICE segment accounted for almost 92% share of the market in 2017 and is anticipated to exhibit a CAGR of 4.29% over the forecast period. Meanwhile, the electric vehicle segment is likely to witness the highest CAGR over the forecast period.

By vehicle type, the global automotive thermal management system market has been segmented into passenger type and commercial vehicle. The passenger vehicle segment is leading the market and attained a valuation of over USD 42 Bn in 2017.

Regional Analysis

By region, the global automotive thermal management market has been segmented into North America, Europe, Asia Pacific (APAC) and Rest of the World (RoW).

APAC is the largest market for automotive thermal management system and is expected to remain lucrative over the forecast period. The market accounted for almost one-third share of the global market in 2017. APAC being the global automotive hub generates considerable demand for automotive thermal management system. Additionally, rise in sales of both passenger and commercial cars purveyed by rising disposable income, especially in countries such as China, South Korea, India, and Japan stimulate the growth of the market. China is the largest market in APAC while japan is expected to exhibit the highest growth rate over the forecast period. The presence of leading manufacturers of automotive thermal management systems also contribute to the growth of the market.

Europe is the second largest market for automotive thermal management. Measures undertaken in Europe such as timelines for zero vehicle emission zones in countries such as France and the UK has induced high demand for automotive thermal management system. Besides, extensive R&D activities in the automotive sector and major automotive manufacturers expanding their operations in Europe drive the market. The North America market is driven by factors similar to those of Europe. 

Competitive Landscape

Some of the key players in the global automotive thermal management system market include Hanon Systems, BorgWarner Inc., Denso Corporation, MAHLE GmbH, VOSS Automotive GmbH, Gentherm, Robert Bosch GmbH, Modine Manufacturing Company, Dana Limited, and Valeo.