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Automotive Thermal System Market Opportunities and Strategies 2024-2033: Growth Analysis, Outlook, Overview
Automotive Thermal System Market
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According to The Business Research Company's, 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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Market Drivers and Trends:
The growing electric vehicle market is expected to propel the growth of automotive thermal systems going forward. An electric vehicle is a type of automobile that is powered by electricity, typically through one or more electric motors, rather than an internal combustion engine that relies on gasoline or diesel fuel. Automotive thermal systems in electric vehicles play an important role by managing battery temperature, ensuring optimal operating conditions for electric motors, and enhancing the overall efficiency of EVs. For instance, in October 2023, according to the European Environment Agency, a Denmark-based government agency, the number of battery electric cars registered in Europe reached 1,126,682 in 2022, which is a 28.35% increase compared to the 878,092 cars registered in 2021. Moreover, non-plug-in hybrid electric cars represented 19% of new registrations in 2021, up by 7% from 2020. Therefore, the growing electric vehicle market is driving the growth of the automotive thermal systems market.
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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Major Key Players of the Market:
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
Automotive Thermal System Market 2024 Key Insights:
• 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%.
• Stringent Emission Regulations Fuel Growth In The Automotive Thermal Systems Market
• Electric-Driven Solutions In Automotive Thermal Systems
• Asia-Pacific was the largest region in the automotive thermal systems market share in 2023
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