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Leading Companies Reinforcing Their Presence in the Automotive Thermal System Market
Automotive Thermal System Market
Projected Market Value and Growth Trends in the Automotive Thermal System Market
The automotive thermal system market is forecasted to reach a substantial $57.57 billion by 2030, expanding at a compound annual growth rate (CAGR) of 5.7%. This growth is primarily fueled by increasing adoption of electric vehicles, stringent battery safety regulations, demand for smart thermal analytics, rising need for energy-efficient HVAC systems, and the cooling requirements of autonomous vehicle electronics. The industry is also seeing shifts toward battery thermal management, employing electrically driven compressors, integrating intelligent thermal controls, advancing waste heat recovery systems, and using lightweight cooling components.
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The Leading Corporations Shaping the Automotive Thermal System Industry
Several prominent companies dominate the automotive thermal system market, including Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated, Hanon Systems, Modine Manufacturing Company Inc., Mahle Behr GmbH & Co. KG, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Calsonic Kansei Corp., Sanden Corporation, BorgWarner Inc., Marelli Corporation, Behr GmbH & Co KG, Delphi Technologies, Eberspaecher Group, Hella GmbH & Co KGaA, Webasto SE, ZF Friedrichshafen AG, Bergstrom Inc., and Kongsberg Automotive.
Strategic Acquisition Strengthening Market Position
In January 2025, Hankook & Company Group, a South Korean battery manufacturer, acquired Hanon Systems in a deal with undisclosed financial terms. This acquisition aims to complement Hankook's mobility portfolio by combining tire, battery, and thermal management system capabilities - solidifying its standing in electric vehicle and future mobility markets. Hanon Systems specializes in automotive thermal and energy management solutions designed for both electrified and traditional vehicles.
View the full automotive thermal system market report:
https://www.thebusinessresearchcompany.com/report/automotive-thermal-system-global-market-report
Emerging Trends Driving Innovation in Automotive Thermal Systems
Key players in the automotive thermal system market are focusing on innovation, particularly the development of advanced thermal management systems (ATMS). These sophisticated cooling technologies are tailored to meet the complex heat dissipation needs of modern electronics and vehicle components. For example, in September 2023, Modine Manufacturing, a Japan-based company, introduced the EVantage line of thermal management systems for commercial electric vehicles. These solutions regulate battery, motor, and power electronics temperatures to optimize EV performance across all operating conditions. The EVantage systems can be adapted for various vehicle sizes and types, including land, marine, aviation, and stationary uses. They are especially suited for zero-emission buses, specialty vehicles, and delivery vans.
Breaking Down Key Segments That Drive Market Expansion
This market report segments the automotive thermal system industry into several critical categories:
By Component - Compressors, HVAC units, Powertrain Cooling systems, and Fluid Transport components
By Vehicle Type - Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and others
By Application - Front and Rear Air Conditioning, Engine and Transmission cooling, Seat comfort systems, Battery thermal management, Motor cooling, Waste Heat Recovery, and Power Electronics cooling
Further subsegments include:
Compressor types such as Electrically Driven, Belt-Driven, and Variable Displacement Compressors
HVAC systems divided into Heating, Air Conditioning, and Ventilation units
Powertrain Cooling segmented into Engine Cooling, Transmission Cooling, and Turbocharger Cooling systems
Fluid Transport broken down into Coolant Hoses, Radiators, and Expansion Tanks
This well-defined segmentation highlights the diverse range of products and applications contributing to the automotive thermal system market's robust growth.
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