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Automotive Thermal System Market is Anticipated to Expand upto $54.36 Billion in 2029
Automotive Thermal System
What Is the Forecasted Market Growth Rate of the Automotive Thermal System Industry?
In recent years, the market size for automotive thermal systems has seen steady expansion. The market is predicted to increase from a value of $42.15 billion in 2024 to $43.71 billion in 2025, exhibiting a compound annual growth rate (CAGR) of 3.7%. The past growth of this market can be largely attributed to the incorporation of autonomous features, heightened emphasis on vehicle safety, the globalization of the automotive industry, a surge in demand for advanced cooling systems, as well as a greater focus on climate control and enhancing passenger comfort.
How Will the Automotive Thermal System Market Size Evolve From 2025 to 2029?
The market size of the automotive thermal system is anticipated to witness significant expansion in the forthcoming years, reaching a value of $54.36 billion in 2029 with a compound annual growth rate (CAGR) of 5.6%. The growth projected for the forecast period can be attributed to stringent emission regulations, advancements in electric vehicle technologies, and increased requirements for climate control. Key trends expected during the forecast period are electrification and hybridization, advanced engine technologies, adoption of sophisticated cooling solutions, material and insulation innovations, and increased globalization and standardization.
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What Are the Main Growth Drivers in the Automotive Thermal System Market Today?
The growth of the automotive thermal systems market is predicted to accelerate due to the increasing severity of emission regulations enforced by governing authorities. The rise in global vehicle numbers has made managing GHG emissions from them a considerable challenge. Bodies such as the European Commission (EC) and the United States Environmental Protection Agency (US EPA) have responded to this escalating emissions impact by instituting fuel economy standards and setting limits on fuel sulfur content. For example, the Environmental Protection Agency (EPA) - a US-based independent executive entity responsible for environmental protection, announced in September 2023 that the average exposure indicator (AEI) for automotive nitrogen oxides (NOx) emissions stood at 0.04 g/km in 2022. The 2023 Environmental Targets (Automotive Emissions) (England) Regulations set a legally required goal of 0.03 g/km for mean annual NOx emissions by 2040, with milestones scheduled for accomplishment by January 2028. Therefore, rigid emission regulations established by regulatory entities are acting as a catalyst for the expansion of the automotive thermal systems market.
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Which Automotive Thermal System Market Segment Is Expected to Lead Through 2029?
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 Or c, Engine and Transmission, Seat, Battery, Motor, Waste Heat Recovery, Power Electronics
Subsegments:
1) By Compressor: Electrically Driven Compressors, Belt-Driven Compressors, Variable Displacement Compressors
2) By HVAC (Heating, Ventilation, And Air Conditioning): Heating Systems, Air Conditioning Units, Ventilation Systems
3) By Powertrain Cooling: Engine Cooling Systems, Transmission Cooling Systems, Turbocharger Cooling Systems
4) By Fluid Transport: Coolant Hoses, Radiators, Expansion Tanks
Which Market Trends Are Expected to Dominate Automotive Thermal System Industry Growth?
Advancements in automotive thermal systems are becoming a trending phenomenon in their respective market. Investigations and enhancements are being undertaken to pioneer innovative thermal systems tailored for automotive applications. Leading corporations in this market are prioritizing the creation of fresh technological strategies to solidify their dominance. For example, Mitsubishi Heavy Industries Thermal Systems, Ltd., a corporation native to Japan, introduced the TEJ35GAM electric-driven transport refrigeration units in September 2023. This new addition has joined the prevailing TE20/30 series and the TEJ35AM selection. The TEJ35GAM unit is recognized for its plug-in hybrid system which merges a commercial plug-in power source with a dedicated refrigerator power source, offering a pioneering solution for transportation refrigeration.
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Which Companies Hold the Largest Market Share in the Automotive Thermal System Sector?
Major companies operating in the automotive thermal system market 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., 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
Where Is the Automotive Thermal System Market Experiencing the Highest Growth?
Asia-Pacific was the largest region in the automotive thermal systems market share in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive thermal system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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