According to the latest report by IMARC Group, titled “Automotive Thermal System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027,” The global automotive thermal system market size reached US$ 34.1 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 43.8 Billion by 2027, exhibiting a growth rate (CAGR) of 4.17% during 2022-2027.
Industry Definition and Application:
Automotive thermal systems monitor and regulate the working temperatures of numerous automobile components, including motors, batteries, the cabinet area, etc., to increase their efficiency, prevent a breakdown, reduce temperature fluctuations, etc. They usually comprise of compressors, fluid transport, heating, ventilation and air conditioning (HVAC) systems, powertrain cooling mechanisms, etc. Automotive thermal systems also decrease fuel consumption and improve powertrain efficacy, which controls carbon emissions. They are extensively utilized to manufacture heavy vehicles across the transportation and construction industries.
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Global Automotive Thermal System Market:
The escalating need to minimize the carbon emissions produced by internal combustion engines (ICEs) and the implementation of stringent regulations by government bodies to reduce vehicular pollution are primarily driving the automotive thermal system market. Moreover, the increasing adoption of advanced and sustainable HVAC systems is further catalyzing the market growth. Besides this, the rising popularity of electric vehicles (EVs) is acting as another significant growth-inducing factor, owing to the utilization of automotive thermal systems to maintain battery temperature at optimum operating conditions and enhance user comfort without impacting vehicle efficiency. Furthermore, the integration of these systems with sensors that sense the temperature in real-time is augmenting the global market. Apart from this, the growing number of construction activities across countries is propelling the demand for heavy vehicles, which, in turn, is expected to stimulate the automotive thermal system market over the forecasted period.
Global Automotive Thermal System Market 2022-2027 Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market.
- Borgwarner Inc.
- Continental Aktiengesellschaft
- DENSO Corporation
- General Motors Company
- Gentherm Incorporated
- Grayson Automotive Services Limited
- Lennox International Inc.
- MAHLE GmbH
- Modine Manufacturing Company Inc.
- Visteon Corporation.
The report has segmented the market on the basis of region, component and vehicle type.
Breakup by Component:
- Compressor
- HVAC
- Powertrain Cooling
- Fluid Transport
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Breakup by Region:
- North America:( United States, Canada)
- Asia-Pacific: (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe: (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America: (Brazil, Mexico,Others)
- Middle East and Africa
Key highlights of the report:
- Market Performance (2016-2021)
- Market Outlook (2022- 2027)
- Porter’s Five Forces Analysis
- Market Drivers and Success Factors
- SWOT Analysis
- Value Chain
- Comprehensive Mapping of the Competitive Landscape
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