(MENAFN- GlobeNewsWire - Nasdaq) Dublin, Nov. 24, 2022 (GLOBE NEWSWIRE) -- The 'automotive thermal system market by application, by vehicle type, by propulsion: global opportunity analysis and industry forecast, 2020-2030' report has been added to ResearchAndMarkets.com's offering.
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.
Asia-Pacific is expected to dominate the global automotive thermal system market, owing to increase in sales of electric vehicles. Moreover, surge in vehicle production in the countries such as India and China is anticipated to contribute toward the growth of the market in Asia-Pacific.
A rise in the 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 targets.
Moreover, the 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 vehicles 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.
The significant factors impacting the growth of the automotive thermal system industry include greater demand for luxury vehicles with advanced features & comfort, introduction of stringent emission regulations, and integration of smart thermal management solutions into vehicles.
However, factors such as the high cost associated with automotive thermal systems and lack of standardization due to variation in emission regulations are expected to hamper the market growth. Conversely, the surge in demand for electric vehicles, introduction of light weight heating, ventilation, and air conditioning (HVAC) solutions & ecofriendly refrigerants, and technological advancements are expected to create remunerative opportunities for the growth of the automotive thermal system market during the forecast period.
Key Benefits For Stakeholders
This study presents the analytical depiction of the global automotive thermal system market analysis along with the current trends and future estimations to depict imminent investment pockets. The overall automotive thermal system market opportunity is determined by understanding profitable trends to gain a stronger foothold. The report presents information related to the key drivers, restraints, and opportunities of the global automotive thermal system market with a detailed impact analysis. The current automotive thermal system market is quantitatively analyzed from 2021 to 2030 to benchmark financial competency. The Porter's five forces analysis illustrates the potency of the buyers and suppliers in the industry.
Key Market Segments
By Application
HVAC Powertrain Cooling Fluid Transport Others
By Vehicle Type
Passenger Cars Light Commercial Vehicles Heavy Commercial Vehicles
By Propulsion
ICE Vehicles Electric and Hybrid Vehicles
By Region
North America U.S. Canada Mexico Europe United Kingdom Germany France Russia Rest of Europe Asia-Pacific China Japan India South Korea Rest Of Asia Pacific LAMEA Latin America Middle East Africa
Key Market Players
BorgWarner Inc. Continental AG Dana Incorporated Denso Corporation Gentherm Incorporated Grayson Thermal Systems Hanon Systems MAHLE GmbH Robert Bosch GmbH Valeo S.A.
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.
Key Topics Covered:
CHAPTER 1: INTRODUCTION
CHAPTER 2: EXECUTIVE SUMMARY
CHAPTER 3: MARKET OVERVIEW
CHAPTER 4: AUTOMOTIVE THERMAL SYSTEM MARKET, BY APPLICATION
CHAPTER 5: AUTOMOTIVE THERMAL SYSTEM MARKET, BY VEHICLE TYPE
CHAPTER 6: AUTOMOTIVE THERMAL SYSTEM MARKET, BY PROPULSION
CHAPTER 7: AUTOMOTIVE THERMAL SYSTEM MARKET, BY REGION
CHAPTER 8: COMPANY LANDSCAPE
CHAPTER 9: COMPANY PROFILES
Companies Mentioned
BorgWarner Inc. Continental AG Dana Incorporated Denso Corporation Gentherm Incorporated Grayson Thermal Systems Hanon Systems MAHLE GmbH Robert Bosch GmbH Valeo S.A.
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Tags automotive automotive thermal system engines and engine parts fuel efficiency internal combustion engine thermal system
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