Press release
Automotive Thermal System Global Market Worth $53.4 Billion with CAGR od 5.7% By 2028 | Key Players: Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated
Automotive Thermal System Market
The Business Research Company presents an extensive market research report on the Automotive Thermal System Global Market Report 2024, furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the industry. This report market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
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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Key Market 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
Market Drivers:
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.
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https://www.thebusinessresearchcompany.com/report/automotive-thermal-system-global-market-report
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
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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