Automotive Thermal Management System Market to Reach USD 74.33 Billion by 2030, Growing at 6% CAGR

Global Automotive Thermal Management System Market Set for Robust Growth

The global automotive thermal management system market is poised for significant expansion, driven by increasing demand for luxury vehicles, stringent emission regulations, and advancements in intelligent thermal management technologies. In 2023, the market was valued at approximately USD 49.43 billion and is projected to reach nearly USD 74.33 billion by 2030, exhibiting a Compound Annual Growth Rate (CAGR) of 6% during the forecast period.

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Competitive Landscape

The market features prominent players such as Autoneum, Aptiv, Mahle-Behr GmbH, and BorgWarner. These companies are actively investing in research and development to innovate and meet the evolving demands of the automotive industry. The competitive landscape is characterized by strategic mergers and acquisitions aimed at enhancing product portfolios and expanding global reach.

Regional Demand Highlights

The Asia-Pacific region is experiencing a surge in demand for automotive thermal management systems, attributed to the rapid growth of the automotive industry and increasing adoption of electric vehicles. Similarly, North America and Europe are witnessing substantial demand due to stringent emission standards and a growing preference for luxury vehicles equipped with advanced thermal management features.

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Segmentation Analysis

by Component

Power Distribution Box
Domain Controller Units
ECU
Inverter
Converters
Connectors
Power Integrated Circuits (ICs)

Over the course of the projection period, the Power Distribution Box sector is anticipated to develop at the greatest CAGR. The power distribution component is swiftly integrated into the high voltage utility and industrial distribution networks. The industry is anticipated to expand because to the rising need for distribution and transmission networks. Many industries place a high premium on the development and effective distribution of their products. As a result, the market is anticipated to expand due to growing consumer desire for affordable designs and a rise in the use of these components.

by Technology

Active Transmission Warmup
Engine Thermal Mass Reduction
Exhaust Gas Recirculation
Others

Over the course of the projection period, the PVC Compounds segment is anticipated to rise at the greatest CAGR. This reduces CO2 emissions and increases fuel efficiency by reducing friction losses and accelerating the switch from cold to warm operation. It is anticipated that exhaust gas recirculation would also expand significantly. Diesel engines' NOx emissions can be effectively reduced using exhaust gas recirculation (EGR). By absorbing heat and reducing the amount of oxygen in the combustion chamber, the EGR reduces NOx emissions. Furthermore, it is anticipated that during the forecast period, the other segments will have significant growth.

by Application

Hospitals
Blood Banks
Others

Over the course of the projection period, the Engine Cooling segment is anticipated to increase at the greatest CAGR. Engine cooling, often known as antifreeze coolant, prevents engines from overheating. Furthermore, coolant lubricates the moving parts it comes into contact with, avoiding damage to the head gasket, water pump, cylinder and piston timing, and other parts.

by Vehicle Type

Passenger Cars
Commercial Vehicles

Over the course of the projected period, the Passenger Cars segment is anticipated to increase at the greatest CAGR. Passenger cars are the most popular form of transportation in developed countries. Advanced technology, such as improved driver assistance systems (ADAS), have been widely adopted in recent years.

by Propulsion

Internal Combustion Engine (ICE) Vehicle
Electric Vehicle

Over the course of the forecast period, the Internal Combustion Engine (ICE) Vehicle category is anticipated to develop at the greatest CAGR. One of the main factors driving the market's expansion is the common integration of electric power trains with internal combustion engines (ICE) to improve vehicle fuel efficiency. Demand for the product is rising in all economic sectors, including mining, construction, agriculture, and power generation. The global lack of EV infrastructure contributes to the expansion of the ICE market. The popularity of gasoline-powered cars and rising shale gas production are two further factors driving the market's expansion.

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Key Market Participants:

1. Denso Corporation
2. Modine Manufacturing Company
3. MAHLE GmbH
4. Valeo
5. Gentherm
6. Hanon Systems
7. DuPont
8. Continental AG
9. Renesas Electronics Corporation
10.Ymer Technology
11.NORMA Group
12.BorgWarner Inc.
13.Robert Bosch GmbH
14.Dana Limited
15.VOSS Automotive GmbH
16.Schaeffler Group
17.Calsonic Kansei
18.Eberspacher Systemes d Echappement SAS
19.Visteon
20.Delphi Inc

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