Automotive Thermal System Market Will hit at a CAGR of 6.0% from 2014 - 2020

Transparency Market Research has published a report that presents insights into factors that drive and restrain the global automotive thermal system market. Compiled with the intent of providing a comprehensive overview of the market, the report studies the prevailing market dynamics and provides refined growth forecasts. Based on in-depth surveys, the report pegs the value of the global automotive thermal system market at US$32.2 bn in 2013. Rising at a positive CAGR of 6.0% between 2014 and 2020, the market is expected to reach US$48.5 bn by 2020. The report is titled “Automotive Thermal System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” and is available on the company website for sale.

Browse the full Automotive Thermal System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020

With the rapid expansion of the automotive industry, demand for automotive thermal systems is anticipated to rise. As vehicles become more sophisticated, deploying advanced automotive heating and ventilation systems becomes increasingly important. Impelled by the growing demand for advanced heating, ventilation, and air conditioning (HVAC) systems, the market for automotive thermal systems is likely to exhibit robust growth during the report’s forecast period. Despite witnessing a growing demand, the high cost of installations inhibits the global automotive thermal systems market to an extent. Furthermore, higher cost of advanced and improved technology also comprises a challenge in front of the market.

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For the purpose of the study, the report segments the global automotive thermal system market into HVAC systems, compressors, fluid transport, and powertrain cooling. Of these, the HVAC systems segment led the market, accounting for a share of 54.64% in 2014. Stringent emission norms and pollution guidelines implemented across major economies worldwide are further fuelling demand for HVAC systems, thereby giving impetus to the global market for automotive thermal systems. Escalating demand for thermal systems running on alternative fuels such as P-Series, ethanol, bio-alcohols, and liquid hydrogen propane fuels, according to the report, will boost the market during the forecast period.

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Regionally, Asia Pacific led the market, accounting for 34.40% of the global automotive thermal systems market in 2014. China and India have emerged as the two most lucrative markets for the automotive industry in Asia Pacific. The demand for air conditioning systems for vehicles is very high in Asia Pacific. The HVAC systems segment also witnesses increasing demand from the region. As the per capita income of customers in emerging economies of Asia Pacific increases, the demand for automotive thermal systems will also rise due to the increasing ability of car buyers to spend on luxuries.

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This release was published on openPR.