Automotive thermal system is utilized to reduce thermal loads, maintain operating temperature of components, and reuse waste heat in vehicles. Automotive thermal system controls operating temperature of key components such as transmission, battery, engine, and cabin areas to prevent the risk of damage to the components, improve performance, enhance fuel efficiency, and offer greater passenger comfort.
Surge in adoption of electric vehicles has been observed across the globe. However, there are some factors such as charging time and low battery performance, which hinder the adoption of electric vehicles. Manufacturers are focusing on integrating battery thermal management solutions to prevent fluctuations while charging. For instance, Nissan Leaf cools its batteries using conditioned air from cabin. Thus, integration of smart thermal management solutions into vehicles is a factor driving the growth of the market.
The growth of the global automotive thermal system market is driven by rise in demand for luxury vehicles with advanced features & comfort, introduction of stringent emission regulations, and integration of smart thermal management solutions into vehicles. However, high cost associated with automotive thermal systems and lack of standardization due to variation in emission regulations are the factor acting as hindrance for the market growth of the global automotive thermal system market. On the contrary, introduction of light weight HVAC solutions & ecofriendly refrigerants, and technological advancements are expected to create ample growth opportunities for the global automotive thermal system market.
The global automotive thermal system market is segmented into application, vehicle type, propulsion, and region. Depending on application, it is classified into heating, ventilation, and air conditioning (HVAC); powertrain cooling; fluid transport; and others. By vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Depending on propulsion, it is segregated into ICE (internal combustion engine) vehicles and electric & hybrid vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Surge in adoption of electric vehicles has been observed across the globe. However, there are some factors such as charging time and low battery performance, which hinder the adoption of electric vehicles. Manufacturers are focusing on integrating battery thermal management solutions to prevent fluctuations while charging. For instance, Nissan Leaf cools its batteries using conditioned air from cabin. Thus, integration of smart thermal management solutions into vehicles is a factor driving the growth of the market.
The growth of the global automotive thermal system market is driven by rise in demand for luxury vehicles with advanced features & comfort, introduction of stringent emission regulations, and integration of smart thermal management solutions into vehicles. However, high cost associated with automotive thermal systems and lack of standardization due to variation in emission regulations are the factor acting as hindrance for the market growth of the global automotive thermal system market. On the contrary, introduction of light weight HVAC solutions & ecofriendly refrigerants, and technological advancements are expected to create ample growth opportunities for the global automotive thermal system market.
The global automotive thermal system market is segmented into application, vehicle type, propulsion, and region. Depending on application, it is classified into heating, ventilation, and air conditioning (HVAC); powertrain cooling; fluid transport; and others. By vehicle type, it is fragmented into passenger cars, light commercial vehicles, and heavy commercial vehicles. Depending on propulsion, it is segregated into ICE (internal combustion engine) vehicles and electric & hybrid vehicles. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key Benefits For Stakeholders
- This study presents the analytical depiction of the global automotive thermal system market analysis along with the current trends and future estimations to depict imminent investment pockets.
- The overall automotive thermal system market opportunity is determined by understanding profitable trends to gain a stronger foothold.
- The report presents information related to the key drivers, restraints, and opportunities of the global automotive thermal system market with a detailed impact analysis.
- The current automotive thermal system market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency.
- The Porter’s five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Application
- HVAC
- Powertrain Cooling
- Fluid Transport
- Others
By Vehicle Type
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
By Propulsion
- ICE Vehicles
- Electric and Hybrid Vehicles
By Region
- North America
- U.S.
- Canada
- Mexico
- Europe
- United Kingdom
- Germany
- France
- Russia
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- South Korea
- Rest Of Asia Pacific
- LAMEA
- Latin America
- Middle East
- Africa
Key Market Players
- BorgWarner Inc.
- Continental AG
- Dana Incorporated
- Denso Corporation
- Gentherm Incorporated
- Grayson Thermal Systems
- Hanon Systems
- MAHLE GmbH
- Robert Bosch GmbH
- Valeo S.A.
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Table of Contents
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE THERMAL SYSTEM MARKET, BY APPLICATION
CHAPTER 5: AUTOMOTIVE THERMAL SYSTEM MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE THERMAL SYSTEM MARKET, BY PROPULSION
CHAPTER 7: AUTOMOTIVE THERMAL SYSTEM MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
LIST OF TABLES
LIST OF FIGURES
Executive Summary
According to this report titled, 'Automotive Thermal System Market,' the automotive thermal system market was valued at $42.8 billion in 2020, and is estimated to reach $71.9 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.Asia-Pacific is expected to dominate the global automotive thermal system market, owing to increase in sales of electric vehicles. Moreover, surge in vehicle production in the countries such as India and China is anticipated to contribute toward the growth of the market in Asia-Pacific.
Rise in adoption of electric vehicles due to growing environmental concerns and enforcement of stringent emission regulations contribute toward the market growth. Numerous countries across the globe are adopting electric vehicles to achieve their net zero emission target. Moreover, integration of thermal system in electric vehicle aids in improving operating range, battery performance, and comfort. Thus, greater demand for electric vehicles is one of the factors that will be driving the growth of the automotive thermal system market during the forecast period.
Automobile manufacturers are focusing on development of electric & hybrid vehicle across the globe. In context of electric vehicle, numerous manufactures have started to develop electric components such as electric compressor and battery cooling systems for electric & hybrid vehicles. For instance, in August 2021, Johnson Electric introduced high-power electric compressor, which aids in reducing heat produced by battery during high-rate fast charging of electric vehicles.
The significant factors impacting the growth of the automotive thermal system industry comprises greater demand for luxury vehicles with advanced features & comfort, introduction of stringent emission regulations, and integration of smart thermal management solutions into vehicles. Moreover, factors such as high cost associated with automotive thermal systems and lack of standardization due to variation in emission regulations are expected to hamper the market growth. Conversely, surge in demand for electric vehicles, introduction of light weight heating, ventilation, and air conditioning (HVAC) solutions & ecofriendly refrigerants, and technological advancements are expected to create remunerative opportunities for the growth of the automotive thermal system market during the forecast period.
COVID-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions have already announced total lockdown and temporarily shutdown of industries, thereby adversely affecting the overall production and sales of automotive thermal system.
The impact of the COVID-19 pandemic has resulted in supply chain disruptions causing halt in production of vehicles & low sales of passenger cars across the globe. Moreover, government enforced lockdown resulted in halt in production and decrease in demand for automotive during COVID-19 pandemic period. A global shortage of components has caused major production delays, and limited vehicle inventory.
However, growth in sales of electric cars has been observed, which, in turn, is anticipated to contribute toward the growth of the market. Various initiatives have been undertaken by different governments across the world to promote adoption of electric vehicles, thus leading to growth of automotive thermal system market.
Key findings of the Study
- By application, the fluid transport segment is anticipated to exhibit significant growth in the near future.
- On the basis of vehicle type, the passenger cars segment is anticipated to exhibit significant growth in the near future.
- Depending on propulsion, the electric and hybrid vehicles segment is anticipated to dominate in the near future.
- Region wise, Europe is anticipated to register the highest CAGR during the forecast period.
Companies Mentioned
- BorgWarner Inc.
- Continental AG
- Dana Incorporated
- Denso Corporation
- Gentherm Incorporated
- Grayson Thermal Systems
- Hanon Systems
- MAHLE GmbH
- Robert Bosch GmbH
- Valeo S.A.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
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