Market Research Report
Automotive Thermal Management Market - Growth, Trends, and Forecast (2020 - 2025)
|Published by||Mordor Intelligence LLP||Product code||925258|
|Published||Content info||80 Pages
Delivery time: 2-3 business days
|Automotive Thermal Management Market - Growth, Trends, and Forecast (2020 - 2025)|
|Published: February 1, 2020||Content info: 80 Pages||
The global automotive thermal management market is expected to register a CAGR of 5.89%, during the forecast period, 2019-2024.
Battery Thermal Management Witness Major Market Share
In vehicles, battery thermal management system is primarily used for managing and controlling the cell's temperature in a battery pack. Safe and optimum use of the energy stored is highly essential in a vehicle battery pack, due to the growing electrification in vehicles. Also, features like start/stop, electric power steering, and electric braking systems have increased the power load on the battery. Therefore, prioritizing all these electrical loads on a scale from comfort to safety level has been a major issue in the vehicle electric system. Therefore, the intelligent battery management system (IBMS) has been gaining attention among the automakers, which aided its adoption across the world.
Moreover, factors such as the increasing demand for electric vehicles and energy storage systems and growing consumption of rechargeable batteries in consumer electronics, coupled with technical advancements, are aiding the market's growth significantly. For instance, in 2019, the electric vehicle sales have reached nearly 2.2% of the global electric vehicle market as a slew of new models hit the road.
Asia-Pacific Continues to Capture Major Market Share
The growing automobile sector in the Asia-Pacific region, with India and China emerging as automotive part manufacture hubs for the western automobile giants, is expected to drive the market for the thermal management system in this region.
Additionally, with growing sales of hybrid and electric vehicles in the region, the demand for high performance and lightweight thermal management system is likely to grow with the production of electric vehicles during the forecast period.
Thus, to capture the growing demand in the market, companies in the region have started developing and extending their business operations. For instance, in August 2019, Marelli Corporation (Kita-ku, Saitama City, Japan) announced that it had signed a strategic partnership agreement with China-based Shanghai Highly (Group) Co., Ltd.
The automotive thermal management market is moderately consolidated, with major players, like Denso Corporation, Robert Bosch GmbH, Mahle GmbH, Modine Manufacturing Company etc.
With growing trend of lightweight and fuel-efficient vehicles, companies have started investing to produce more advanced thermal management systems to improve the vehicle efficiency and meet the growing demand for vehicle electrification systems in the global automotive industry.