Global Market for Automotive Thermal System is Anticipated to grow at a Significant Pace i.e., USD 50.5 Billion during the Forecast Period 2025 - 2030

Published Date: Jul, 2023

The global automotive thermal system market is anticipated to grow at a significant pace i.e., 3.8% CAGR during the forecast period. The surge in demand for passenger comfort, increased emphasis on fuel-efficient vehicles, and mounting installation of advanced driver assistance systems will propel the market demand for thermal management systems so as to ensure the smooth functioning of vehicles. Moreover, strict pollution norms and emission guidelines, rising demand for HVAC systems, and rising demand for luxury vehicles will propel the growth of the industry. Furthermore, the increased demand for thermal systems to run on alternative fuels like propane, bio-alcohols, hydrogen, P-Series, and ethanol fuel will propel the market demand for automotive thermal system solutions.

 

In March 2022, Hanon Systems, an automotive thermal and energy management solution company announced the launch of a new plant in Hubei, China.  This new plant will be involved in the manufacturing of heating, ventilation, and air conditioning modules for electrified vehicles. In addition, the company continues to grow it business globally by investing in the design and innovation of eco-friendly automobiles solutions and supporting the automakers operating in the electric vehicle segment.

 

The COVID-19 epidemic has disrupted the supply chain, causing vehicle production to come to a standstill. Also, there was reduced demand for automobiles amidst the crisis and shortage of components leading to delays and limited vehicle inventory. However, the increased sale of electric vehicles posts the crisis has led to growth in the automotive thermal system industry.

 

Browse 53 market data Tables and 35 Figures spread through 200 Pages and in-depth TOC on " Automotive Thermal System Market by Component (Compressor, HVAC, Powertrain Cooling, and Fluid Transport), by Application (Front & Rear AC, Engine & Transmission, Seat, Battery, Motor, Waste Heat Recovery, and Power Electronics), by Vehicle Type (Passenger Vehicles and Commercial Vehicles), and Region - Global Forecast to 2030"

 

By vehicle type, the passenger vehicle segment dominates the market in 2022.

 

Based on vehicle type, the global automotive thermal system market is categorized into commercial vehicles and passenger vehicles. The passenger vehicle is expected to dominate the market during the forecast period 2021-2027 owing to the surge in production of electric cars, increased significance of power electronics and temperature control in batteries will accelerate the growth of the passenger vehicle segment in the automotive thermal system market.

 

Global Automotive Thermal System Market Segmentation Analysis

Segment

Categorization

Leading Category

Component

Compressor, HVAC, Powertrain Cooling, and Fluid Transport

Compressor (Largest)

USB Projector (Significant Growth)

Application

Front & Rear AC, Engine & Transmission, Seat, Battery, Motor, Waste Heat Recovery, and Power Electronics

Waste Heat Recovery (Largest)

Power Electronics

(Significant Growth)

Vehicle Type

Passenger Vehicles and Commercial Vehicles

Passenger Vehicles (Largest)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

Asia-Pacific

(Largest)

 

 

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“Asia-Pacific contributes the largest share in the Automotive Thermal System market."

Asia-Pacific dominates the global automotive thermal management market owing to growth in the infrastructures sector which has led to increased demand for construction vehicles. The emerging businesses in India and China increased disposable income, and the adoption of the green revolution in the automobile industry will proliferate the growth of the automotive thermal management solutions in the region.

Some of the major players in the global Automotive Thermal System market include BorgWarner Inc., Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated, Hanon Systems, Mahle GmbH, Robert Bosch GmbH, and Valeo S.A.

 

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2018–2030

Historical Period

2018–20222

Base Year

2022

Forecast Period

2023–2030

Segments Covered in the Study

Component, Application, Vehicle Type, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

BorgWarner Inc., Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated, Hanon Systems, Mahle GmbH, Robert Bosch GmbH, and Valeo S.A.

 

Global Automotive Thermal System Market Coverage

 

Component Insight and Forecast 2018-2030

  • Compressor
  • HVAC
  • Powertrain Cooling
  • Fluid Transport

 

Application Insight and Forecast 2018-2030

  • Front & Rear AC
  • Engine & Transmission
  • Seat
  • Battery
  • Motor
  • Waste Heat Recovery
  • Power Electronics

 

Vehicle Type Insight and Forecast 2018-2030

  • Passenger Vehicles
  • Commercial Vehicles

 

Geographical Segmentation

 

Automotive Thermal System Market by Region

 

North America

  • By Component
  • By Application
  • By Vehicle Type
  • By Country – U.S., Canada, and Mexico

 

Europe

  • By Component
  • By Application
  • By Vehicle Type
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

 

Asia-Pacific (APAC)

  • By Component
  • By Application
  • By Vehicle Type
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

 

Rest of the World (RoW)

  • By Component
  • By Application
  • By Vehicle Type
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries