NEWARK, Del, Feb. 20, 2023 (GLOBE NEWSWIRE) -- It is expected that the global commercial vehicle automotive thermal system market may increase the revenue from US$ 16.62 billion in 2023 to around US$ 25.40 billion by 2033, at a CAGR of 4.33%.
In a commercial vehicle, the automotive temperature control system uses technology to maintain a temperature that is optimal for all components. This technology relies on thermodynamics and heat transfer principles.
Thermal management encompasses various forms of heat transfer, such as convection, conduction, and radiation, involving different processes. The modern thermal management system includes cooling and air-conditioning systems. Vehicle scrappage programs, aggressive infrastructure development, and rural development are all expected to fuel the industry's growth.
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Regulatory standards may also be imposed on the industry to ensure that vehicles meet stringent weight and length requirements. Growth is also expected due to mining activities resuming in some parts of the world, which are driving demand for tippers.
“The market is likely to grow due to the increase in construction and e-commerce activities that have increased the demand for material transportation. Furthermore, the transition to electric vehicles is expected to provide opportunities for the market to grow.” says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The commercial vehicle automotive thermal system market is expected to record a CAGR of 4.33% over the forecast period.
- According to estimates, the commercial vehicle automotive thermal system market in North America may remain strong.
- The United States may have the leading share of the North American market with 58% of the market.
- The battery segment is expected to register at a CAGR of 5.74%.
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Competitive Landscape:
Several prominent companies dominate this market including BorgWarner (United States), Dana Incorporated (United States), Grayson Thermal Systems (United Kingdom), Hanon Systems (South Korea), Eberspacher (Germany), Valeo SA (France), Continental AG (Germany), Denso Corporation (Japan), Robert Bosch GmbH. (Germany), Mahle GmbH (Germany)
Companies in emerging and economically advantageous regions collaborate with governments to gain bulk orders and boost sales. Key manufacturers are strengthening their presence in the market and staying ahead of the competition through facility expansion, new product launches, and approvals.
Recent Developments:
- New Jeeto Plus CNG, CharSau, introduced by Mahindra and Mahindra in August 2022, offers the maximum mileage, maneuverability, and payload in the segment, resulting in higher profit margins for both inter-city and intra-city applications. Due to its several standout features, small and medium-sized businesses and traders in India may benefit from this last-mile transportation solution.
- Modine launched a comprehensive series of Thermal Management Systems for commercial EVs in May 2022. This series improves performance, range, battery life, and safety in commercial EVs. It keeps the traction motors and power electronics cool at all times.
- Eberspaecher launched the H2-ICE exhaust system for hydrogen engines in May 2022. This system demonstrates that the exhaust system of a hydrogen engine is functioning correctly, considering the requirements of the fuel. Nitrogen oxides, small particles, and unburned hydrocarbons can all be monitored by this exhaust system.
- The Better Plants initiative has been launched by Denso, a leading Japan-based mobility supplier, in partnership with the Department of Energy (DOE). Denso plans to invest in fuel-efficient thermal systems as part of this initiative. Denso's commitment to reduce energy consumption by 40% by 2035, aligns with the company's energy reduction goal.
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Market Segmentation by Category
By Application:
- Front & Rear AC
- Engine & Transmission
- Seat
- Battery
- Waste Heat Recovery
- Power Electronics
- Motor
By Vehicle Type:
- Light Commercial Vehicles
- Medium Commercial Vehicle
- Heavy Commercial Vehicle
By Propulsion Type:
- ICE
- BEV
- PHEV
- FCEV
By Component:
- HVAC
- Powertrain Cooling
- Fluid Transport
- Others
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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Table of Content
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage/Taxonomy
2.2. Market Definition/Scope/Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Middle East/North Africa Commercial Vehicles (Trucks) Market Size : is likely to reach US$ 6.9 billion in 2023. The market is anticipated to reach a valuation of US$ 11.4 billion by 2033. The CAGR is projected to be 5.2% from 2023 to 2033.
EV Thermal System Market Share : would grow at an annual rate of 21.4% from 2023 to 2033. During this period, the report further predicts the overall valuation is likely to reach US$ 15,600.9 million by 2033,
Electric Vehicle Battery Market Demand : is set to strengthen its market hold in global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of USD 18.09 Billion in 2032.
Automotive Battery Management System Market Growth : is expected to record a CAGR of 25.6% during the forecast period. The automotive battery management system market size is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion in 2033.
Diagnostic Tools For EVs Market Trends : is expected to develop at an impressive rate of 12.8%. Based on these estimates, the global diagnostic tools for EVs market is expected to reach roughly US$ 5,401.6 million by 2033.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
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