New York, US, May 16, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Automotive Thermal Management System Market Information by Component, Vehicle Type, Application, and Region - Forecast till 2030”, Automotive Thermal Management System Market could thrive at a rate of 4 % between 2022 and 2030. The market size will be reaching around USD 59.94 Billion by the end of the year 2030
Automotive Thermal Management System Market Overview
The automotive thermal management system is a critical component that is used to regulate the temperature of the vehicle's engine and other systems. It is used to maintain a suitable temperature for the engine and other components during different weather conditions. The market for automotive thermal management systems is driven by various factors and also faces certain restraints. One driver of the automotive thermal management system market is the increasing demand for fuel-efficient vehicles. The automotive industry is constantly striving to reduce carbon emissions and increase fuel efficiency to meet regulatory standards.
Market Competitive Landscape:
The affluent companies in the Automotive Thermal Management System industry include
- Denso Corporation
- Modine Manufacturing Company
- MAHLE GmbH
- Valeo
- Gentherm
- Hanon Systems
- DuPont
- Continental AG
- Renesas Electronics Corporation
- Ymer Technology
- NORMA Group
- BorgWarner Inc.
- Robert Bosch GmbH
- Dana Limited
- VOSS Automotive GmbH
- Among others.
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The thermal management system plays a crucial role in ensuring the efficient performance of the engine and other systems. The use of thermal management systems in vehicles helps to reduce the energy consumption of the engine and increases fuel efficiency, thereby reducing carbon emissions
October 2022
TotalEnergies and Valeo have signed an agreement to develop an innovative way of cooling electric vehicle batteries using a new, high-performance dielectric fluid. This innovation would improve the way electric vehicles are used and reduce their carbon footprint.
August 2022
Mahle has received a loan of EUR 300 million (USD 312 million) from the European Investment Bank to develop technologies, including electric motors, battery components, power electronics, thermal management, and hydrogen fuel cell components for electric, hybrid, and fuel cell vehicles
Automotive Thermal Management System Market Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2030: USD 59.94 billion 2032: Significant Value |
| CAGR during 2023-2032 | 5.0% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Component, Vehicle Type, Application and region. |
| Key Market Opportunities | increased government backing and support Increased presence of major manufacturers |
| Key Market Dynamics | Growing investments on research & development to promote the vehicle advanced technologies and increased presence of major manufacturers |
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Automotive Thermal Management System Market USP Covered:
Market Drivers:
One of the major drivers for the automotive thermal management system market is the growing demand for fuel-efficient vehicles. As vehicle engines become more efficient, they produce more heat, which must be managed effectively to maintain optimum performance and fuel economy. Automotive thermal management systems, such as advanced cooling systems and heat exchangers, can help to reduce fuel consumption by ensuring that engines operate at the optimal temperature range.
Market Restraints:
One of the main restraints for the market is the high cost of advanced thermal management systems. The development and implementation of advanced thermal management systems require significant investment, which can increase the overall cost of the vehicle. This can make it difficult for automakers to offer these advanced systems in their vehicles, particularly in price-sensitive markets. Additionally, the complexity of these systems may require specialized expertise for installation and maintenance, further adding to the cost. This can pose a challenge to market growth, particularly in developing economies where cost is a key consideration for consumers.
Automotive Thermal Management System Market COVID 19 Analysis
The COVID-19 pandemic has had a significant impact on the global automotive industry, including the automotive thermal management system market. The market has been affected by supply chain disruptions, reduced demand for new vehicles, and temporary plant shutdowns during the pandemic.
Many countries implemented lockdowns and restrictions on movement, which reduced demand for personal transportation, including automobiles. This led to a significant decline in the production and sales of new vehicles, negatively affecting the automotive thermal management system market. On the other hand, the pandemic has also increased the demand for contactless delivery of goods and e-commerce, which has boosted the demand for commercial vehicles. Commercial vehicles require efficient thermal management systems to ensure the safe transport of perishable goods, such as food and pharmaceuticals. This has created some opportunities for the automotive thermal management system market.
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Market Segmentation
By Component
The component in the market includes Compressor, HVAC, Powertrain cooling, and Fluid Transport.
By vehicle type
By vehicle type, the segment includes Passenger vehicles and Commercial vehicles
By Application
By application, the segment includes Front & rear A/C, Engine and Transmission, Seat, Battery, Motor, Waste heat recovery, and Power Electronics
Automotive Thermal Management System Market Regional Insights
The North American market for automotive thermal management systems is expected to witness significant growth due to the rising demand for electric and hybrid vehicles, which require efficient thermal management systems. Additionally, stringent government regulations regarding emissions and fuel efficiency are driving the growth of this market. The United States is expected to be the largest market in the region due to its well-established automotive industry and high adoption of electric vehicles.
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The European market for automotive thermal management systems is expected to witness steady growth due to the presence of leading automotive manufacturers and the increasing adoption of electric vehicles. Germany is expected to be the largest market in the region due to the presence of key players and a well-developed automotive industry.
The Asia Pacific market for automotive thermal management systems is expected to witness significant growth due to the increasing demand for electric and hybrid vehicles and the presence of key automotive manufacturers. Additionally, the growing need for energy-efficient thermal management systems is driving the growth of this market. China is expected to be the largest market in the region due to the presence of a large number of automotive manufacturers and government initiatives to promote electric and hybrid vehicles.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
