Automotive Thermal System Market: Trends, Analysis, and Growth Outlook 2028

IMARC Group, a leading market research company, has recently releases report titled "Automotive Thermal System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028" The study provides a detailed analysis of the industry, including the global automotive thermal system market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the automotive thermal system market?

The global automotive thermal system market size reached US$ 35.5 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 45.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.12% during 2023-2028.

What is an automotive thermal system?

Automotive thermal systems play a crucial role in vehicles by controlling the temperature of various components. They utilize sensors to monitor the engine, motor, battery, and cabin temperatures, delivering improved performance, enhanced fuel economy, and superior comfort. When the temperature deviates from the desired or optimal operating conditions, these systems take corrective measures to enhance user comfort without compromising the vehicle's range. They are indispensable in minimizing temperature fluctuations and reducing the thermal load on the vehicle. By efficiently managing thermal conditions, they can operate within their ideal temperature range, ensuring optimal functionality.

Moreover, thermal systems enhance the vehicle's comfort by enabling features such as seat heating, front air conditioning, and rear air conditioning, providing a pleasant environment for occupants. They help lower carbon emissions by improving overall efficiency, decreasing fuel consumption, and enhancing powertrain effectiveness. They also offer numerous benefits, including minimizing temperature fluctuations, enhancing fuel efficiency, and preventing breakdowns. As a result, automotive thermal systems find extensive applications in producing heavy vehicles used in sectors such as construction and transportation across the globe.

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What are the growth prospects and trends in the automotive thermal system industry?

The global automotive thermal system market is primarily driven by the growing environmental consciousness among consumers and the surging need to reduce carbon emissions from internal combustion engines (ICEs) in vehicles. Moreover, the implementation of stringent regulations by governments of numerous countries to reduce harmful vehicle emissions and promote fuel efficiency has augmented the demand for automotive thermal systems. Apart from this, the rising production and sales of electric vehicles (EVs) on a global scale due to inflating consumer disposable incomes has catalyzed market growth. This rise in EV sales is further supported by the large-scale integration of energy-efficient advanced heating, ventilation, and air conditioning (HVAC) systems in EVs, representing another major growth-inducing factor. Besides this, automotive thermal systems play a vital role in maintaining optimal battery temperature and ensuring user comfort without compromising the vehicle's range. In line with this, the increasing utilization of these systems owing to the increasing demand for vehicle electrification is propelling the market growth.

Furthermore, rising research and development (R&D) efforts by industry players to develop thermoelectric waste heat recovery systems that improve vehicle fuel economy is contributing to the market growth. Along with this, the augmenting demand for front and rear AC, heated steering, and the incorporation of turbochargers in commercial vehicles is positively influencing the market growth. Other factors, including rising focus on enhanced driver comfort, increasing need for heavy vehicles across various industries, and augmenting demand for luxury vehicles with advanced features and comfort, are also anticipated to drive the market further.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Component:

Compressor
HVAC
Powertrain Cooling
Fluid Transport

Breakup by Vehicle Type:

Passenger Cars
Light Commercial Vehicles
Heavy Commercial Vehicles
Others

Breakup by Region:

North America (U.S. & Canada)
Europe (Germany, United Kingdom, France, Italy, Spain, Russia, and Others)
Asia Pacific (China, India, Japan, South Korea, Indonesia, Australia, and Others)
Latin America (Brazil, Mexico)
Middle East & Africa
Who are the key players operating in the industry?

The report covers the major market players including:

Borgwarner Inc.
Continental Aktiengesellschaft
DENSO Corporation
General Motors Company
Gentherm Incorporated
Grayson Automotive Services Limited
Lennox International Inc.
MAHLE GmbH
Modine Manufacturing Company Inc.
Visteon Corporation.

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