Wilmington, Delaware, United States, Dec. 15, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Automotive thermal system market size was valued at US$ 37.22 billion in 2021. The market is projected to expand at a CAGR of 2.79% from 2022 to 2031. The market is expected to reach US$ 50.38 billion by 2031. Smart sensors and artificial intelligence will play an important role in optimizing thermal systems.
In addition, predictive analytics and artificial intelligence (AI) can enhance efficiency and comfort by anticipating temperature needs and adjusting systems accordingly.
The efficiency and environmental impacts of traditional air conditioning systems can be improved by employing alternative cooling techniques, such as solid-state cooling technology and advanced materials for thermal management. As passenger preferences, driving styles, and environmental conditions change, dynamic systems will be more common. Climate control can be tailored using ambient temperature sensors and occupant biometrics.
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Global Automotive Thermal System Market: Growth Drivers
- Thermal management systems are becoming more efficient as automakers work to reduce emissions. Several improvements have been made, including the improvement of engine cooling, the reduction of greenhouse gas emissions, and the improvement of vehicle efficiency.
- As the number of electric vehicles (EVs) increases, thermal management systems have become increasingly important. EVs have to manage their heating systems, cooling systems, and thermal efficiency in order to be successful during this transition.
- Consumers and regulatory bodies are increasingly recognizing the importance of fuel efficiency. A good thermal system can help reduce energy consumption and achieve better mileage, such as better engine cooling. Advances in materials, sensors, and control systems drive innovations in automotive thermal systems. A new generation of intelligent thermal management solutions is being developed to reduce energy consumption and optimize performance.
- A growing focus on cabin comfort has been driven by climate change. Even in extreme weather conditions, customers are demanding energy-efficient HVAC systems. Thermal management systems are becoming increasingly sophisticated as autonomous vehicles develop. Thermal and cooling innovations are continuously being developed to ensure these vehicles perform effectively and consistently.
- Congestion in urban areas often results in vehicles being driven in a stop-and-go fashion. Having efficient thermal systems helps control the engine temperature in these conditions, which can prevent overheating and improve the performance of the engine.
- Comfort and convenience are becoming increasingly important to consumers when purchasing a vehicle. The introduction of advanced thermal systems that can provide fast cabin heating/cooling, the ability to defog the cabin, as well as the ability to control a customized climate is becoming one of the key selling points.
Global Automotive Thermal System Market: Key Players
A greater number of manufacturers control the global automotive thermal system market, and companies see the potential to enhance growth through new product launches and new distribution channels. Mergers & acquisitions, product expansion, and acquisitions are key strategies adopted by key players.
- Continental AG
- Denso Corporation
- Dana Incorporated
- Grayson Thermal Systems
- Gentherm Inc.
- Hanon Systems
- Lennox International Inc.
- Modine Manufacturing Company Inc.
- MAHLE GmbH
- Valeo SA
- Visteon Corporation
Key Findings of the Market Report
- The HVAC segment is expected to expand at 2.82% CAGR over the forecast period.
- IC engine vehicles are expected to maintain their lead in the market and expand at a CAGR of more than 2.76%.
- The market for automotive thermal systems is expected to dominate over the next few years in the Asia Pacific region
- Based on vehicle type, the passenger vehicle segment is expected to lead the automotive thermal system market.
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Global Automotive Thermal System Market: Regional Landscape
- Automotive thermal systems are expected to be in high demand in Asia Pacific. A significant increase in the number of vehicles produced and sold in countries like China, India, Japan, South Korea, and others has contributed to this demand.
- An increasing number of factors have contributed to the growth of the industry, some of which include stringent emission standards, the introduction of electric vehicles, and the need for improved thermal management systems.
- Automotive thermal systems in the Asia-Pacific region were evolving to improve vehicle efficiency, fuel efficiency, and passenger comfort through innovation in cooling, heating, and ventilation technologies. Thermal management solutions tailored to electric and hybrid vehicles were also in demand as vehicles moved towards alternative propulsion systems.
Global Automotive Thermal System Market: Segmentation
By Component
- Compressor
- HVAC
- Powertrain Cooling
- Fluid Transport
By Vehicle Type
- Passenger Vehicle
- Hatchback
- Sedan
- Utility Vehicles
- Light Commercial Vehicles
- Trucks
- Buses & Coaches
- Off-road Vehicle
- Agriculture Tractors & Equipment
- Construction & Mining Equipment
- Industrial Vehicles (Forklift, etc.)
By Propulsion Type
- IC Engine Vehicles
- Electric & Hybrid Vehicles
By Application
- Front & Rear A/C
- Engine and Transmission
- Seat
- Battery
- Motor
- Waste Heat Recovery
- Power Electronics
- Others
By Region
- North America
- Europe
- Asia Pacific
- South America
- Middle East & Africa
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