The global automotive thermal system market size is expected to grow at a CAGR of 7.8% to reach $60 billion by 2022. Automotive thermal system monitors and regulates the working temperature of various automobile components such as motor, battery, cabinet area, and others, increasing their efficiency and preventing breakdown. In addition, this system maintains desired temperature level in automobile, thereby enhancing user comfort level. The major buyers of the market include manufacturers of heavy vehicles that are used in construction and transportation.
Automotive Thermal System Market Segmentation
The market is segmented on the basis of component and geography. By component, the market is categorized into compressor, HVAC, powertrain cooling, and fluid transport. HVAC and compressor segments are anticipated to generate lucrative business opportunities in the near future.
Geographically, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. High disposable income has led to higher penetration of automotive thermal management systems in North American and European countries. Asia-Pacific is expected to show high growth rate over the forecast period. Europe and North America are the second and third leading markets for automotive thermal system, respectively.
TOP IMPACTING FACTORS FOR THE AUTOMOTIVE THERMAL SYSTEM MARKET
Increase in demand for smart thermal management in automobiles
Efficient and technologically advanced engines generate more heat and thus require better thermal management solutions. Leading automobile manufacturers such as BMW, Audi, Mercedes, and others incorporate advanced, lightweight automatic control systems in their vehicles. These thermal systems are equipped with thermal sensors that sense temperature in real time and provide necessary solutions to the user.
Implementation of HVAC system in automobiles
Heat generated in automobiles reduce efficiency of the vehicles, causing discomfort to the passengers. Heating, ventilating, and air-conditioning (HVAC) systems maintain the working temperature of engine and key components. Moreover, these systems collectively provide one-stop solution for automobile thermal management issues. Increase in popularity of lightweight HVACs is further expected to drive the growth of this market in the coming years.
ASIA-PACIFIC AUTOMOTIVE THERMAL SYSTEM MARKET
The Asia-Pacific automotive thermal system market shows highest growth rate as compared to other regions. Rapid urbanization and increase in disposable income are expected to drive the market growth. Moreover, demand for heavy vehicles is projected to increase at an attractive pace, owing to large number of infrastructure development projects.
Recent advancements in technology has led to development of efficient thermal systems. Companies are introducing innovative HVAC and thermal systems to gain larger market share. In addition, stringent environmental regulations have led to constant upgradation of existing systems. Key players profiled in the report include Valeo, Mahle GmbH, Grayson Thermal Systems, Gentherm Inc., and Denso Corporation.
AUTOMOTIVE THERMAL SYSTEM MARKET KEY BENEFITS FOR SHAREHOLDERS
- The report provides an extensive analysis of the current and emerging automotive thermal system market trends.
- It offers quantitative analysis, which assists to identify the prevailing market opportunities.
- Comprehensive analysis of factors that drive and restrict the market growth are provided in the report.
- Competitive intelligence of leading players across geographies is provided.
AUTOMOTIVE THERMAL SYSTEM MARKET KEY SEGMENT
- Powertrain Cooling
- Fluid Transport
- North America
- Rest of Europe
- South Korea
- Rest of APAC
- Latin America
- Middle East