Thermal System Segments is pegged to have a Significant Impact on Growth of the Thermal System Market

Thermal System Segments is pegged to have a Significant Impact on Growth of the Thermal System Market

The Thermal System Market for automotive was valued at USD 51.2 Billion and its size is projected to reach USD 64.6 billion by 2027, growing at a CAGR of 3.9 % during the forecast period. Rise in demand for vehicles across the globe is estimated to boost the automotive thermal management system market. Major vehicle manufacturers are trying to boost the integration of the waste heat recovery system in their vehicles, which is expected to help enhance fuel economy of their vehicles. This, in turn, is likely to boost the automotive thermal management system market across the globe. Major original equipment manufacturers are trying to develop thermoelectric waste heat recovery systems that would increase fuel economy of the vehicle by 3% to 4%, which is projected to drive the global automotive thermal management system market.

Increase in environmental concerns is fuelling the demand for thermoelectric generator in the vehicle, which is expected to help enhance engine efficiency. This in turn is projected to boost the automotive thermal management system market across the globe. Rise in demand for electric vehicles worldwide is expected to further propel the global automotive thermal management system market.

Increase in demand for automotive heating and ventilation systems is expected to drive the automotive thermal system industry over the next six years. Automotive heating and cooling systems require sensors that detect the cabin and engine temperatures. Further, growing usage of eco-friendly refrigerants along with the electrification of automobiles is projected to accelerate market growth. Rising demand for thermal systems that run on alternative fuels including liquid hydrogen, propane, bio-alcohols, ethanol and P-Series fuels is expected to accentuate market growth. Growing demand for luxury cars along with demand for air conditioning in commercial vehicles is expected to elevate the automotive thermal system market.

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The quantum shift towards smart solutions is expected to offer prominent opportunities for market growth. Adoption of green initiatives by various countries to minimize losses and promote effective and clean distribution of energy is further anticipated to offer lucrative opportunities for the automotive thermal system industry. Changing consumer preferences are expected to propel manufacturers to develop smart solutions that are integrated into new equipment, making them responsive and efficient to consumer requirements which are projected to replace inactive and inefficient equipment over the forecast period, further triggering market growth.

The thermal system market for automotive is led by globally established players such as Denso Corporation (Japan), Hanon Systems (South Korea), MAHLE GmbH (Germany), Valeo (France) and BorgWarner (USA).These companies have strong distribution networks at a global level and offer an extensive product range. These companies adopt strategies, such as new product developments, collaborations, and contracts & agreements to sustain their market position.

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The market in Asia-Pacific is estimated to dominate the automotive thermal management system market. The existing infrastructure and major players in this region provide the market in Asia-Pacific with various opportunities for significant growth in the forecast period. The Asia-Pacific is a key market for automotive components due to the countries of China, Japan, India, and South Korea. In Asia-Pacific, China accounted for the largest market share due to the increased consumption of passenger and commercial vehicles. The massive increase in the production of electric vehicles will result in extensive installation of thermal management systems in electric vehicles. Increased sales of electric vehicles will require high-end technology to be installed in the vehicles. Growing demand for e-mobility, purchasing power of consumers and stringent regulation regarding the fuel economy with limited greenhouse emissions will drive the growth for automotive thermal management system. Japan is expected to witness the highest growth during the forecast period owing to the presence of leading automotive thermal management system manufacturers such as Denso Corporation.

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