Overview and Scope
An automotive thermal system refers to a system that involves regulating temperature in an automobile with the help of technology. These are used to manage the temperature of vehicle components by reducing temperature component fluctuations and engine block monitoring temperatures.
Sizing and Forecast
The automotive thermal system market size has grown strongly in recent years. It will grow from $40.46 billion in 2023 to $42.76 billion in 2024 at a compound annual growth rate (CAGR) of 5.7%. The growth in the historic period can be attributed to integration of autonomous features, focus on vehicle safety, globalization of automotive industry, rise in demand for advanced cooling systems, climate control and passenger comfort..
The automotive thermal system market size is expected to see strong growth in the next few years. It will grow to $53.4 billion in 2028 at a compound annual growth rate (CAGR) of 5.7%. The growth in the forecast period can be attributed to stricter emission standards, advancements in electric vehicle technologies, growth in climate control requirements. Major trends in the forecast period include electrification and hybridization, advanced engine technologies, adoption of advanced cooling solutions, innovations in materials and insulation, globalization and standardization..
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The automotive thermal system market covered in this report is segmented –
1) By Component: Compressor, HVAC, Powertrain Cooling, Fluid Transport
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
3) By Application: Front and Rear A/c, Engine and Transmission, Seat, Battery, Motor, Waste Heat Recovery, Power Electronics
Asia-Pacific was the largest region in the automotive thermal systems market share in 2023. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive thermal system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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Major Driver Impacting Market Growth
The increasing stringent emission regulations imposed by governing agencies are expected to propel the growth of the automotive thermal systems market going forward. Controlling GHG emissions from vehicles has become a significant challenge as the number of vehicles on the road worldwide has increased. Regulatory organizations like the European Commission (EC) and the United States Environmental Protection Agency (US EPA) have imposed fuel economy standards and regulated fuel sulfur content limits to overcome the exponential effect of emissions. For instance, in December 2021, according to Environmental Protection Agency (EPA), a US-based independent executive agency tasked with environmental protection, finalized federal greenhouse gas (GHG) emissions standards for light trucks and passenger vehicles (MY) from 2023 to 2026. The final standards take advantage of advances in clean car technology to generate $190 billion in net benefits for Americans, including lowering climate pollution, enhancing public health, and lowering gas prices. The revised standards will prevent more than 3 billion tons of GHG emissions by 2050. Therefore, the stringent emission regulations imposed by governing agencies are driving the growth of the automotive thermal systems market.
Key Industry Players
Major companies operating in the automotive thermal system market report are Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated, Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., Mahle Behr GmbH & Co. KG, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Calsonic Kansei Corp., Schaeffler Technologies AG & Co. KG, Johnson Electric Holdings Limited, Diakin Industries Ltd., Sanden Corporation, United Technologies Corporation, BorgWarner Inc., LG Chem Ltd., Samsung SDI Company Limited, Marelli Corporation, Behr GmbH & Co KG, Delphi Technologies, Eberspaecher Group, Hella GmbH & Co KGaA, Siemens AG, Webasto SE, ZF Friedrichshafen AG, Bergstrom Inc., Kongsberg Automotive
The automotive thermal system market report table of contents includes:
1. Executive Summary
2. Automotive Thermal System Market Characteristics
3. Automotive Thermal System Market Trends And Strategies
4. Automotive Thermal System Market – Macro Economic Scenario
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31. Global Automotive Thermal System Market Competitive Benchmarking
32. Global Automotive Thermal System Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Automotive Thermal System Market
34. Automotive Thermal System Market Future Outlook and Potential Analysis
