Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
Rise in EV sales to boost the automotive thermal systems market growth.
The automotive industry's persistent drive for enhanced fuel efficiency and decreased emissions has spurred the demand for advanced thermal management systems. According to the U.S. Department of Energy, optimizing engine thermal control can yield a notable improvement in fuel efficiency, potentially up to 5%. Furthermore, the escalating adoption of electric vehicles (EVs) underscores the imperative for effective thermal management to optimize battery performance and extend vehicle range. The International Energy Agency highlights that global EV sales surged to 6.6 million units in 2021, intensifying the call for innovative thermal solutions tailored to meet the evolving needs of the automotive sector.
The automotive thermal systems market offers lucrative prospects for key players specializing in waste heat recovery and electrification. According to the U.S. Department of Energy, as much as 60% of the energy generated by an internal combustion engine is dissipated as waste heat. Developing efficient waste heat recovery systems holds immense potential for substantially enhancing overall vehicle efficiency. Furthermore, the global transition towards vehicle electrification has created avenues for pioneering thermal management solutions to maximize battery performance and lifespan. As the automotive industry continues to prioritize sustainability and efficiency, investments and innovations in waste heat recovery and electrification technologies are poised to play a pivotal role in shaping the future of automotive thermal systems.
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Segmentation Overview:
The automotive thermal systems market has been segmented into component, vehicle type, application, and region.
HVAC components dominate the segment growth in 2023.
- Based on the market segmentation by component, the HVAC component was the largest segment in 2023. This can be attributed to the widespread adoption of HVAC systems across all vehicle types to ensure optimal cabin temperature and passenger comfort. Additionally, the increasing demand for advanced climate control features, such as multi-zone climate control and automatic temperature regulation, has further driven the growth of the HVAC sub-segment.
The passenger car segment dominates the vehicle type in 2023.
- Based on the market segmentation by vehicle type, the passenger cars segment is expected to dominate the automotive thermal systems market in 2023, owing to the significant production volumes and growing consumer preferences for advanced thermal management features in personal vehicles. Passenger cars require various thermal management solutions, leading to greater component demand.
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Automotive Thermal Systems Market Report Highlights:
- The automotive thermal systems market growth is anticipated at a CAGR of 6.2% by 2032.
- The upcoming trends include increasing adoption of electric vehicles, rising demand for lightweight and compact thermal systems, and integration of advanced sensors and control systems.
- The Asia-Pacific region is projected to lead the global market in the forecast period.
- Some prominent players in the automotive thermal systems market report include Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Inc., Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., MAHLE GmbH, Robert Bosch GmbH, Valeo SA, and Visteon Corporation.
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