Press release
Automotive Thermal System Market 2024 - By Industry Analysis, Future Prediction, Business Overview And Forecast To 2033
Automotive Thermal System Market
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.
Market Overview -
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.
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Stringent Emission Regulations Fuel Growth In The Automotive Thermal Systems Market
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.
Competitive Landscape -
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
Electric-Driven Solutions In Automotive Thermal Systems
Development in automotive thermal systems is a key trend gaining popularity in the automotive thermal systems market. Research and developments are being made to develop innovative thermal systems for the automotive industry. Major companies operating in the automotive thermal systems market are focused on developing new technological solutions to strengthen their position. For instance, in September 2023, Mitsubishi Heavy Industries Thermal Systems, Ltd., a Japan-based company, launched the TEJ35GAM electric-driven transport refrigeration units, which join the existing TE20/30 series and the TEJ35AM lineup. The TEJ35GAM features a plug-in hybrid system that combines a commercial plug-in power source with a power source dedicated to the refrigerator, providing an innovative solution for transport refrigeration.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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