Automotive Thermal System Market Size to Hit US$ 47.3 Bn by 2030

Tokyo, Feb. 08, 2022 (GLOBE NEWSWIRE) -- The global automotive thermal systems market size was valued at US$ 32.2 billion in 2020. The market for automotive thermal system is expected to increase significantly during the forecast period. Several factors, including strict pollution restrictions and emission norms, as well as rising global warming, have contributed to the increase in demand for automotive thermal system in the market.

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One of the primary drivers driving the automotive thermal system market expansion is the growing demand to reduce carbon emissions produced by internal combustion engines in automobiles, as well as rigorous emission regulatory frameworks enforced by government agencies in developing regions. Aside from that, the automotive thermal system industry is being boosted by the increasing use of innovative Heating Ventilation Air Conditioning (HVAC) systems that are less harmful to the environment.

Report Scope of the Automotive Thermal System Market

Report Highlights

• Based on the vehicle type, the passenger vehicle segment dominated the global automotive thermal system market in 2020 with highest market share. The increased per capita income and higher standard of living are two significant reasons driving passenger vehicle sales in many countries. The automotive thermal system market is also likely to be driven by a growing desire for luxury and comfort, as well as demand for advanced amenities such as rear A/C, ventilated seats, and heated steering.
  
  

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Regional Snapshot

Asia-Pacific is the largest segment for automotive thermal system market in terms of region. In recent years, the Asia-Pacific region has grown as a production hub for automobiles and automotive. The original equipment manufacturers (OEMs) have increased vehicle production in the region due to changing consumer demands, rising per capita income of the middle-class population, and cost benefits.

Europe region is the fastest growing region in the automotive thermal system market. The introduction of strict emission standards by various European Union countries is likely to boost the sales of automobiles, resulting in the growth of the automotive thermal system market in the Europe region.

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Market Dynamics

Drivers

Surge in demand for electric vehicles

The major market players have been compelled to provide electric vehicles all over the world due to the factors such as rising demand for low-emission commuting and governments supporting long-range, zero emission vehicles through subsidies and tax rebates. As a result, there is an increasing demand for electric vehicles in the market. The cost of batteries is predicted to decrease as the demand for electric vehicles is expected to grow. This is driving the growth of the battery electric vehicles in the market. The battery electric vehicles require power electronics, battery cooling, and electric motor cooling. By successfully utilizing waste heat, thermal system plays a vital role in boosting driving time and performance. As a result, the surge in demand for electric vehicles is driving the growth of the global automotive thermal system market.

Restraints

Lack of standardization and high cost of manufacturing

The local or regional market players must adhere to the regulating body’s emission regulations. However, because emission regulations differ by region, a lack of standardization can make it difficult to export thermal systems. The manufacturers are unable to get raw materials or inventory due to lack of standardization, which hampered the export sector. This also leads to the high cost of manufacturing. As a result, the lack of standardization and high cost of manufacturing is restricting the growth of global automotive thermal system market during the forecast period.

Opportunities

Increasing government regulations

Controlling greenhouse gas emissions from automobiles has become a serious concern as the global vehicle fleet grows. The government regulatory frameworks have controlled gasoline Sulphur content limits and required fuel economy standards to combat the exponential consequence of emissions. By utilizing waste heat and controlling the vehicle’s heating and cooling systems properly, advancements in automotive thermal system technology can minimize carbon dioxide reduction and enhance automobile efficiency. Thus, the increasing government regulations against toxic gases emissions are creating lucrative opportunities for the growth of the automotive thermal system market during the forecast period.

Challenges

High cost of technology

The original equipment manufacturers (OEMs) have implemented innovative and advanced technology to attain to intended outcomes as a result of the establishment of rigorous pollution. In addition, the rising demand for in-vehicle comfort characteristics on interior comfort thermal systems. The cost of thermal system can be compared to overall amount of carbon dioxide reduction accomplished by these technologies to determine its performance. The cost for upgradation and modification of automotive thermal systems required high capital investments. Thus, the high cost of technology is a major challenge for the growth of the automotive thermal system market during the forecast period.

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Segments Covered in the Report

By Component

• Compressor
• Heating Ventilation Air Conditioning (HVAC)
• Powertrain Cooling
• Fluid Transport

By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles

By Application

• Front and Rear A/C
• Engine and transmission
• Seat
• Battery
• Motor
• Waste Heat Recovery
• Power Electronics
  
  

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• Middle East & Africa (MEA)
  
  

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