According to a new report published by Allied Market Research, titled, “Automotive Thermal System Market,” The automotive thermal system market was valued at $42.8 billion in 2020, and is estimated to reach $71.9 billion by 2030, growing at a CAGR of 5.5% from 2021 to 2030.
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Rise in adoption of electric vehicles due to growing environmental concerns and enforcement of stringent emission regulations contribute toward the market growth. Numerous countries across the globe are adopting electric vehicles to achieve their net zero emission target. Moreover, integration of thermal system in electric vehicle aids in improving operating range, battery performance, and comfort. Thus, greater demand for electric vehicles is one of the factors that will be driving the growth of the automotive thermal system market during the forecast period.
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Automobile manufacturers are focusing on development of electric & hybrid vehicle across the globe. In context of electric vehicle, numerous manufactures have started to develop electric components such as electric compressor and battery cooling systems for electric & hybrid vehicles. For instance, in August 2021, Johnson Electric introduced high-power electric compressor, which aids in reducing heat produced by battery during high-rate fast charging of electric vehicles.
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COVID-19 Impact Analysis
The COVID-19 crisis has created uncertainty in the market, massive slowing of supply chain, falling business confidence, and increasing panic among the customer segments. Governments of different regions have already announced total lockdown and temporarily shutdown of industries, thereby adversely affecting the overall production and sales of automotive thermal system.
The impact of the COVID-19 pandemic has resulted in supply chain disruptions causing halt in production of vehicles & low sales of passenger cars across the globe. Moreover, government enforced lockdown resulted in halt in production and decrease in demand for automotive during COVID-19 pandemic period. A global shortage of components has caused major production delays, and limited vehicle inventory.
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KEY FINDINGS OF THE STUDY
- By application, the fluid transport segment is anticipated to exhibit significant growth in the near future.
- On the basis of vehicle type, the passenger cars segment is anticipated to exhibit significant growth in the near future.
- Depending on propulsion, the electric and hybrid vehicles segment is anticipated to dominate in the near future.
- Region wise, Europe is anticipated to register the highest CAGR during the forecast period.
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