Automotive Thermal Management Market Size, Competitors Strategy, Regional Analysis and Industry Growth by Forecast to 2031 | Hanon Systems, Dana Incorporated

The Automotive Thermal Management Market is estimated for 2023 for the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The automotive thermal management market covers products that maintain optimum temperature in vehicle components like engine, transmission, battery, and passenger cabin. These include coolants, thermal interface materials, heat exchangers, and fans & pumps that keep automotive parts from overheating to ensure efficient performance and improve passenger comfort.

Market Dynamics:

The automotive thermal management market is driven by the increasing adoption of electric vehicles globally which require extensive thermal management systems to regulate battery temperatures for optimal performance and safety. According to IEA, electric car sales reached 6.6 million in 2021, growing by more than 100% year-on-year. Further, stringent emission norms by regulatory bodies are propelling automakers to focus on downsizing engines and incorporate thermal management to boost fuel efficiency without compromising on output, which is accelerating the demand for effective thermal management solutions. Additionally, the growing demand for autonomous and connected vehicles equipped with advanced electronics also fuels the need for robust thermal control systems to ensure flawless functioning of sensitive components under varying climatic conditions.

The global automotive thermal management market size is estimated to be valued at US$ 89.2 Billion in 2022 and is expected to exhibit a CAGR of 5.6% between 2022 and 2030.

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Market Drivers:

Increasing demand for electric vehicles to reduce emissions

The automotive industry is under increasing pressure to reduce emissions and move towards more sustainable transportation options. Electric vehicles produce zero direct emissions and can help automakers meet stringent emission regulations. The sale of electric vehicles has been growing rapidly in recent countries as governments provide incentives for their purchase and investment in charging infrastructure. Thermal management plays a crucial role in electric vehicles as it helps control the temperature of high-voltage batteries and other electrical components. Advanced thermal management systems are required to keep batteries within an optimal operating temperature range for maximum performance and safety. As more automakers launch new electric vehicle models to comply with emission rules, the demand for specialized thermal management components designed for EVs is expected to rise significantly in the coming years.

Advancements in autonomous and connected vehicle technology

Autonomous vehicles rely heavily on advanced sensor and electronic systems for perception, navigation and autonomous driving capabilities. With more advanced computing and electronic hardware packed into autonomous vehicles, thermal management of these components becomes even more critical. Sensor suites, cameras, radars, lidars and processing units generate a significant amount of heat that needs to be dissipated efficiently. At the same time, extreme temperatures can negatively impact the functionality and accuracy of sensors. Connected vehicle technologies that support vehicle-to-everything (V2X) communication are also gaining popularity. However, networking equipment and modems added to modern vehicles introduce additional thermal loads. Leading automakers are investing heavily in research to develop sophisticated active and passive thermal management architectures optimized for next-generation autonomous and connected vehicles. This is spurring demand for innovative thermal management solutions within the automotive industry.

Restrain:

Increased cost pressures on automakers

While advanced technologies offer opportunities for automakers, they also introduce new cost challenges. Developing and integrating complex thermal management systems for electric powertrains, autonomous driving systems and connected vehicle technologies requires extensive research and capital expenditure. At the same time, automotive industry margins remain under pressure due to intense competition and rising costs of new technologies. Companies are under growing pressure to reduce costs and maximize efficiency throughout the vehicle development process. This creates reluctance among some automakers to pursue expensive custom thermal management solutions and instead rely on standardized off-the-shelf components. After effects of the ongoing pandemic on the global economy have further exacerbated cost pressures within the automotive industry. Affordability remains a major restraint for widespread commercialization of expensive new technologies promoted for thermal management.

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Opportunity: Growing demand for lightweight thermal management materials

To improve fuel efficiency and comply with stringent emission standards, automakers are increasingly adopting lightweight designs across vehicle architecture and components. For thermal management systems as well, there is a shift towards more lightweight materials that can effectively transfer and dissipate heat without adding significant weight to the vehicle. Composite heat exchangers and heat spreaders, phase change materials, carbon fiber heat shielding are some examples gaining traction as lightweight thermal management solutions. Composite materials in particular offer possibilities for thermal management designers to customize heat transfer properties, density and cost based on specific package space and operational requirements. As electric and autonomous vehicle thermal loads increase, advanced lightweight materials provide an opportunity to enhance cooling performance without compromising on vehicle range or payload. Leading automotive suppliers are investing in R&D to discover novel lightweight materials and production technologies scalable for the automotive industry.

Trend:

Thermal management integration with artificial intelligence and predictive algorithms

With autonomous and electric vehicles expected to generate abundant real-time sensor data, there is a growing trend of leveraging artificial intelligence and predictive analytics for improved thermal management. Advanced algorithms can analyze patterns in temperature fluctuations, battery usage, and driving conditions to predictably manage heat generation and dissipation. AI-powered thermal control units can autonomously and pre-emptively trigger active cooling or heating based on learned insights. This helps optimize energy efficiency by precisely controlling HVAC, coolant pumps, heat exchangers only when required. Vehicle-to-cloud connectivity also allows over-the-air updates to improve an AI model's thermal decisions based on aggregated fleet performance. At the same time, AI-based simulation and design tools are aiding development of next-gen integrated thermal architectures. As autonomous and electric technologies advance rapidly, AI-driven predictive thermal management offers an innovative trend to maximize performance amid complex thermal demands.

Major Key Players:

Robert Bosch GmbH, Schaeffler Technologies AG & Co. KG., Hanon Systems, Dana Incorporated, Gentherm Incorporated, BorgWarner Inc., Valeo Group, MAHLE GmbH, Modine Manufacturing Company and Denso Corporation

Detailed Segmentation:

Global Automotive Thermal Management Market, By Application:
Engine Cooling
Cabin Thermal Management
Transmission Thermal Management
Waste Heat Recovery/Exhaust Gas Recirculation Thermal Management
Battery Thermal Management
Motor and Power Electronics Thermal Management
Global Automotive Thermal Management Market, By Vehicle Type:
Passenger Cars
Commercial Vehicles

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𝗙𝗔𝗤'𝗦:

What is the projected size of the Automotive Thermal Management Market by 2031?
Which major countries will experience the greatest impact from the Automotive Thermal Management Market?
Which regional market in the Automotive Thermal Management Market is the largest?
Which leading companies dominate the majority of the Automotive Thermal Management Market?
Which geographic market within the Automotive Thermal Management Market industry is expected to exhibit the most significant growth potential?
What are the primary drivers of the Automotive Thermal Management Market?
What are the current trends and future predictions for the global Automotive Thermal Management Market industry?
What are the key strategies employed in the Automotive Thermal Management Market?
What are the main growth prospects for the Automotive Thermal Management Market?

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