For better understanding this report segments Automotive Thermal Management System Global Market by Component (Compressor, HVAC, Powertrain Cooling, and Fluid Transport), System (Motor, Battery, Cabinet Area), Vehicle Type, Electric Vehicle Type (BEV, PHEV, HEV).
Automotive Thermal Management System Industry Key Companies Analyzed:
Denso (Japan), Valeo (France), Gentherm (U.S.), BorgWarner (U.S.), MAHLE GmbH (Germany), Bosch (Germany), Dana Incorporated (U.S.), CapTherm Systems (Canada), DuPont (U.S.), Hanon Systems (South Korea), and VOSS Automotive (Indiana) among others.
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The increase in the demand for electric cars will fuel automotive thermal management system market growth. Thermal management plays a great role in extending the range of electric vehicles and ensuring comfort for passengers. Thermal management systems enhance the efficiency of conventional powertrain and reduce the energy consumption by cooling the passenger cabin which will accelerate its demand across the review period.
The vehicle OEMs are developing different innovative technologies to improve the performance of the vehicle and drivetrain efficiency, and heat loss due to overheating of the engine. The improved thermal management system enhances the overall performance of the powertrain and reduces the consumption of energy by cooling down the passenger cabin.
European automakers are developing various types of technologies such as exhaust-gas recirculation (EGR) cooling, variable mechanical devices, and replacement of mechanical with electric pumps and accessories to improve the efficiency of the thermal management system.
The adoption of passenger comfort technologies has increased the demand for thermal management systems due to reduced oil consumption. Other factors favoring the growth and expansion of the region include strict regulatory laws, technological advancements in powertrain, increased research & development activities, etc.
However, the rise in the cost of thermal management systems, high requirement of investment for research & development, etc. will restrict the market growth over the projection period.
The scope of the study segments the global automotive thermal management systems market by its component, system, vehicle type, and electric vehicle type, and region
By Vehicle Type
By Electric Vehicle Type
Asia Pacific region is expected to dominate the market during the forecast period. The automotive thermal management systems require significant initial investments, which becomes the entry barrier for the small companies in the market. The demand for electric vehicles is also on the rise which is likely to catalyze the market growth of automotive thermal management system. The primary contributors in the region will be India, China, and, Japan.
North America market will thrive moderately owing to the growth strategies employed by the key players present in the region. The rate of technology adoption is high in the region which will complement the automotive thermal management system market growth and expansion.
Europe is one of the largest markets for the global automotive sector which is the key driver of automotive thermal management system market growth. The innovations and technologies are introduced in the region by the top-notch players who are likely to accelerate revenue creation during the assessment period. The Rest of the World market will comparatively exhibit slower growth and hold the least share of the market.
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