Automotive Thermal Management System Market Overview
The global automotive thermal management system market is expected to witness considerable growth during the forecast period (2020–2030). This can be mainly attributed to the growing demand for passenger comfort along with the increased focus on fuel efficiency. Moreover, the increasing installation of advanced driver-assistance system in vehicles has fueled the demand for thermal management solutions for the smooth functioning of vehicles.
Based on vehicle type, the automotive thermal management system market has been categorized into passenger cars, light commercial vehicles (LCVs), and medium and heavy commercial vehicles (M&HCVs) Among these, passenger cars continue to generate the highest demand for thermal management systems in the market. This is because passenger cars constitute the largest share in the total vehicle sales, globally. Moreover, with the increased production of electric cars, temperature control with respect to batteries and power electronics has become important, which has positively affected the market growth in this category.
On the basis of technology, the automotive thermal management system market is categorized into compression; heating, ventilation, and air conditioning (HVAC), powertrain cooling, and fluid transport. Among these, the compression technology held the largest share in the market on account of its high adoption in the historical period (2014–2019). This is because the compressor in a vehicle enables the air-conditioning system to work efficiently, thus facilitating unhampered cooling process inside the vehicle. Moreover, during the forecast period, the category is expected to continue holding a significant share in the market.
Asia-pacific (APAC) is the largest automotive thermal management system market, globally. Moreover, the region is the largest producer of automobiles in the world. In 2018, about half (52.5 million units) of the total vehicle production in the world was carried out in the APAC region. Hence, with a significant focus on automobile manufacturing, the region is expected to continue being the largest market for automotive thermal management systems in the coming years.
Automotive Thermal Management System Market Dynamics
Drivers
Increased focus on vehicular emission reduction can be viewed as one of the major factors driving the automotive thermal management system market. With growing environmental concerns, the demand for thermal management systems is increasing, as they help reduce the level of vehicle emissions. The level of fuel consumption and emission can go drastically up as a result of inefficient cabin climate control, which may also cause safety hazards owing to fogging as well as damage to the windshield. The system, in this regard, helps maintain temperature in the internal combustion engine, which, in turn, facilitates fuel efficiency in vehicles. Thus, increasing focus on thermal management for curbing vehicular emissions is resulting in the demand for these systems across the world.
Restraints
One of the major factors hindering the growth of the automotive thermal management system market is the high cost of the technologies used in the development of the thermal management system. The utilization of expensive technologies increases the cost of the system, which further increases the overall vehicle cost, thus adversely affecting the market demand, primarily in developing economies, where customers are mostly price-sensitive.
Automotive Thermal Management System Market Competitive Landscape
Some of the major players operating in the global automotive thermal management system market are Denso Corporation, Robert Bosch GmbH, Schaeffler AG, Gentherm Inc., Eberspacher Systemes d Echappement SAS, Mahle GmbH, Calsonic Kansei Corporation, Valeo SA, Dana Inc., and BorgWarner Inc.
The report also covers country-wise automotive thermal management system market analysis. Some of the major countries covered in the report are the U.S., Canada, the U.K., France, Germany, Spain, Italy, the Netherlands, China, Japan, India, South Korea, Australia, Brazil, Mexico, and the U.A.E.
Automotive Thermal Management System Market Segmentation
By Vehicle Type
-
Passenger Cars
-
Light Commercial Vehicles (LCVs)
-
Medium and Heavy Commercial Vehicles (M&HCVs)
By Technology
-
Compression
-
Heating, Ventilation, and Air Conditioning (HVAC)
-
Powertrain Cooling
-
Fluid Transport
By Device
-
Conduction
-
Convection
-
Advanced
-
Hybrid
By Region
-
North America Automotive Thermal Management System Market
-
By vehicle type
-
By technology
-
By device
-
By country – U.S. and Canada
-
Europe Automotive Thermal Management System Market
-
By vehicle type
-
By technology
-
By device
-
By country – U.K., Germany, France, Spain, Italy, Netherlands, and Rest of Europe
-
Asia-Pacific (APAC) Automotive Thermal Management System Market
-
By vehicle type
-
By technology
-
By device
-
By country – China, Japan, India, South Korea, Australia, and Rest of APAC
-
Latin America, Middle East, and Africa (LAMEA) Automotive Thermal Management System Market
-
By vehicle type
-
By technology
-
By device
-
By country – Brazil, Mexico, U.A.E., and Rest of LAMEA
