The in-depth research on the global automotive thermal management system market offers elaborate assessment of key drivers and restraints, emerging trends, factors driving the major regional markets, and competitive dynamics. The report provides detailed insights into prominent technologies and recent advancements expected to shape up the competitive landscape. The analysis takes a close look at notable opportunities and the likely lucrative avenues in major regions such as the Americas, Europe, the Middle East, and Africa (EMEA), and Asia Pacific (APAC).
The global market for automotive thermal management system is projected to rise at a CAGR of 7.18% from 2017 to 2021. The rising demand for integrated cabin comfort and enhanced safety of passengers and drivers are key factors driving the automotive thermal management systems. World over, the rising number of automotive manufacturers implementing a variety of heating ventilation and air conditioning technologies is bolstering the uptake of automotive thermal management systems. The growing use of advanced automatic temperature control systems in vehicles in order to maintain optimum air quality in and outside of the cabin is boosting the market.
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The extensive adoption of automotive thermal management technologies in modern automobiles to improve passengers’ comfort is expected to gain traction among consumers in emerging economies. In addition, the tightening regulatory norms in numerous developed and developing countries has positively impacted the market. Several car manufacturers keen on differentiating their offerings from others are increasingly implementing air quality sensors in the HVAC control units used in cars. This is accentuating the growth of the automotive thermal management system.
The reduction in the number of engine components in improving the fuel economy of vehicles has made the thermal management in vehicles difficult with the use of traditional thermoplastics. This is catalyzing the demand for modern heating ventilation and air conditioning technologies. However, the increasing pressure on original equipment manufacturers and automotive suppliers from demand side is adversely affecting their agility to introduce new products. This is a crucial factor likely to hinder the market to an extent. Nevertheless, the rising acceptance of nanotechnologies in improving of thermal management of automobiles. This is expected to open up exciting opportunities for market players. Furthermore, recent research in specialty chemicals has led to the development of graphene layers that can significantly reduce the operating temperatures of processors. This is expected to bode well for the demand for advanced sensors in automotive thermal management system market.
The automotive thermal management system market is fairly competitive with several players focusing on consolidating their geographical presence and expanding their product portfolio to gain a competitive edge over others. The entry of new players and the rise in the number of components are the factors likely to intensify the competition in the market.
Prominent vendors operating in the automotive thermal management system include Valeo, MAHLE GmbH, Gentherm, and Denso Corporation.
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