According to a new report published by Allied Market Research, titled, โAutomotive 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.
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 Electricย introduced high-power electric compressor, which aids in reducing heat produced by battery during high-rate fast charging of electric vehicles.ย
The significant factors impacting the growth of theย automotive thermal system industryย comprisesย greater demand for luxury vehicles with advanced features & comfort, introduction of stringent emission regulations, and integration of smart thermal management solutions into vehicles.
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Moreover, factors such asย high cost associated with automotive thermal systems and lack of standardization due to variation in emission regulationsย are expected to hamper the market growth. Conversely,ย surge in demand for electric vehicles, introduction of light weight heating, ventilation, and air conditioning (HVAC) solutions & ecofriendly refrigerants, and technological advancementsย are expected to create remunerative opportunities for the growth of the automotive thermal system market during the forecast period.
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.
The key players operating in theย global automotive thermal system marketย include BorgWarner Inc., Continental AG, Dana Incorporated, Denso Corporation, Gentherm Incorporated, Grayson Thermal Systems, Hanon Systems, Mahle GmbH, Robert Bosch GmbH, and Valeo S.A.
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