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Thermal Systems Market Surge to reach $41.7 billion by 2027

Thermal Systems Market Surge to reach $41.7 billion by 2027

The thermal systems market is projected to reach USD 41.7 billion by 2027 from USD 37.6 billion in 2022, at a CAGR of 2.1%. The growing stringency in emission regulations, rising demand of mid & full size SUV and luxury vehicle with enhanced cabin comfort will drive the thermal systems market. Moreover, rising adoption of electric & hybrid vehicles and the advancements in semi-autonomous and autonomous vehicles would bring tremendous growth potential in the thermal systems market

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The passenger Car segment would lead the thermal systems market during the forecast period

As estimated, the ICE passenger car segment would be the largest market for thermal systems. The stringent emission norms prompt the demand for advanced engine and exhaust technologies that require efficient thermal systems. OEMs achieve better engine cooling using technologies such as electronically assisted thermostats, pulse-width-modulated fans, and electric water pumps. Engine downsizing is becoming more popular in modern vehicles. Further, the growing inclination toward comfort and luxury prompts the market demand for heated/ventilated seats, heated steering, and rear air conditioning. Europe and North America have a higher demand for premium vehicles, and a few Asian countries such as China, Japan, and India have also showcased an upward trend. Thus, growing premium car demand would further boost this segments advanced thermal systems market.

The waste heat recovery segment would be the fastest-growing thermal system application

Waste heat recovery is estimated to grow at the highest CAGR under the review period. The stringent emission regulations with lowered emission limits and updated CO2 and fuel efficiency regulations would require the fitment of after-treatment devices - turbochargers, EGR, thermoelectric generator, and SCR, among others. These technologies offer various advantages such as enhanced performance, lower emissions, and reduced fuel consumption. These growth factors would fuel the waste heat recovery segments growth in the future.

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"Asia Pacific would be the largest regional market for automotive thermal systems."

The Asia Pacific region holds the largest market share in automotive thermal systems owing to rising vehicle production and increasing electric vehicle sales. Increased ICE vehicle production in China will create the demand for engine thermal management and waste heat recovery thermal systems. The rising adoption of automatic and CVT transmission in mid to top-segment cars will provide growth opportunities for transmission cooling. Rising premium vehicle sales would also drive advanced thermal systems such as multizone climate control, heated/ ventilated seats, heated steering, and rear air conditioning. Furthermore, this regions electric vehicle sales are high, providing an opportunity for battery and motor thermal systems. Thus, considering all the factors mentioned above, Asia Pacific would have a promising market for thermal systems in the future

Key Market Players

The thermal systems market is led by established global suppliers such as Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo (France), and BorgWarner Inc. (US). These companies adopted several strategies to gain traction in the thermal systems market. New product development, partnerships, and expansion strategies from 2018 to 2022 helped them to innovate on its offerings and broaden their customer base

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