Dublin, Jan. 22, 2024 (GLOBE NEWSWIRE) -- The "Automotive Thermal System Market Report by Component (Compressor, HVAC, Powertrain Cooling, Fluid Transport), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others), and Region 2023-2028" report has been added to ResearchAndMarkets.com's offering.
The global automotive thermal system market size reached US$ 35.5 Billion in 2022. Looking forward, the market is set to reach US$ 45.5 Billion by 2028, exhibiting a growth rate (CAGR) of 4.2% during 2022-2028
The rising demand for fuel efficiency, the escalating trend towards lightweight vehicles for improved fuel efficiency, the overall growth of the automotive industry and advancements in materials, sensors, and electronics are some of the major factors propelling the market.
The automotive thermal system is a crucial component of modern vehicles designed to regulate and manage the temperature of various systems and components within the automobile. It encompasses a range of mechanisms and technologies aimed at maintaining optimal operating conditions for the engine, transmission, cabin, and other vital parts.
The thermal system primarily consists of the engine cooling system, which uses a combination of coolants, radiators, fans, and pumps to dissipate excess heat generated during combustion. This prevents the engine from overheating and ensures its efficiency and longevity. Additionally, the cabin heating and cooling subsystems provide comfort to passengers by controlling the interior temperature through air conditioning and heating units.
The global market is primarily driven by the rising demand for fuel efficiency. Automotive manufacturers are continuously focusing on improving fuel efficiency in traditional internal combustion engine (ICE) vehicles. Effective thermal management helps engines reach their optimal operating temperatures more quickly, reducing fuel consumption.
Moreover, advancements in materials, sensors, and electronics have enabled the development of more efficient and precise thermal management systems. This includes innovations in active grille shutters, variable refrigerant flow systems, and more. The overall growth of the automotive industry, including the production of both passenger and commercial vehicles, contributes to the demand for automotive thermal systems.
Continuous research and development efforts by automotive manufacturers and suppliers lead to the creation of more efficient and innovative thermal management solutions. The trend toward light-weighting vehicles for improved fuel efficiency and performance requires innovative thermal solutions that balance weight reduction with effective heat dissipation.
Asia Pacific's escalating manufacturing ecosystem fosters a high demand for advanced thermal management solutions that cater to the diverse needs of vehicles produced in these markets. Moreover, the expanding middle class in many Asia Pacific countries has fueled an increase in automobile ownership. As disposable incomes rise and urbanization continues, there is a growing appetite for vehicles equipped with advanced features and technologies, including efficient thermal systems that enhance driving comfort and efficiency.
Automotive thermal system companies are investing significantly in research and development to create innovative solutions. This includes developing advanced cooling technologies, more efficient heat exchangers, and smart climate control systems. Companies are working on materials with better thermal conductivity and exploring novel designs to optimize heat dissipation and management. With the rise of electric and hybrid vehicles, companies are tailoring their thermal systems to suit the specific needs of these platforms.
Stricter Emission Regulations and Efficiency Demands
Governments and environmental bodies are imposing stricter norms to curb vehicle emissions and promote cleaner air quality. As a result, automakers are under immense pressure to develop vehicles that are more fuel-efficient and emit fewer pollutants. Automotive thermal systems play a pivotal role in achieving these goals. Efficient thermal management enhances engine combustion efficiency, reducing emissions and improving overall fuel economy.
This has led to the integration of advanced cooling and heating technologies, such as variable cooling systems, active grille shutters, and waste heat recovery systems. Manufacturers are also incorporating thermal management solutions for electric and hybrid vehicles to optimize battery performance and extend their lifespan. As emission standards continue to tighten, the demand for innovative automotive thermal systems is expected to rise as automakers focus to meet these stringent requirements while delivering high-performance vehicles.
Rising Electric Vehicle Adoption
EVs generate heat not only from the powertrain but also from high-capacity batteries during charging and discharging cycles. Efficient thermal management is crucial to maintaining optimal operating temperatures for these components, which directly impacts battery life, safety, and performance. Automotive thermal systems in EVs involve advanced cooling solutions, such as liquid cooling systems and thermal interface materials, to ensure consistent and safe operation of the battery pack and electric drivetrain.
Additionally, cabin heating and cooling become even more critical in EVs, as efficient temperature control directly affects the driving range by reducing the load on the battery for climate conditioning. As the electric vehicle market continues to expand, the demand for sophisticated thermal management solutions tailored to the unique needs of EVs is set to escalate, augmenting innovation and growth in the sector.
Consumer Demand for Comfort and Connectivity
Modern vehicle buyers not only demand efficient and eco-friendly solutions but also prioritize comfort and connectivity. Automotive thermal systems directly influence cabin climate control, enhancing passenger comfort during both extreme weather conditions and daily commutes. Advanced heating, ventilation, and air conditioning (HVAC) systems with zone-wise temperature control, air purification, and smart connectivity features are becoming standard in many vehicles.
These systems not only ensure personalized comfort but also contribute to driver alertness and overall road safety. Furthermore, as vehicles become more connected and technologically advanced, thermal management is also essential for maintaining optimal operating conditions of onboard electronics, infotainment systems, and sensors. The integration of thermal solutions to manage heat generated by these components ensures reliable performance and prolongs their lifespan.
Key Questions Answered in This Report
- How big is the global automotive thermal system market?
- What is the expected growth rate of the global automotive thermal system market during 2023-2028?
- What are the key factors driving the global automotive thermal system market?
- What has been the impact of COVID-19 on the global automotive thermal system market?
- What is the breakup of the global automotive thermal system market based on the component?
- What is the breakup of the global automotive thermal system market based on the vehicle type?
- What are the key regions in the global automotive thermal system market?
- Who are the key players/companies in the global automotive thermal system market?
Competitive Landscape:
- Borgwarner Inc.
- Continental Aktiengesellschaft
- DENSO Corporation
- General Motors Company
- Gentherm Incorporated
- Grayson Automotive Services Limited
- Lennox International Inc.
- MAHLE GmbH
- Modine Manufacturing Company Inc.
- Visteon Corporation
Automotive Thermal System Industry Segmentation:
Breakup by Component:
- Compressor
- HVAC
- Powertrain Cooling
- Fluid Transport
Breakup by Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Breakup by Region:
- North America
- United States
- Canada
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Indonesia
- Others
- Europe
- Germany
- France
- United Kingdom
- Italy
- Spain
- Russia
- Others
- Latin America
- Brazil
- Mexico
- Others
- Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/1uwoat
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