PUBLISHER: SkyQuest | PRODUCT CODE: 1285965
PUBLISHER: SkyQuest | PRODUCT CODE: 1285965
Global Automotive Thermal Systems Market size was valued at USD 33.43 billion in 2021 and is poised to grow from USD 34.73 billion in 2022 to USD 47.3 billion by 2030, growing at a CAGR of 3.9% in the forecast period (2023-2030).
The global automotive thermal systems market refers to the industry involved in the development, production, and distribution of thermal management systems and components for vehicles. Thermal systems in automobiles are responsible for regulating the temperature of the engine, passenger cabin, and other critical components. These systems ensure optimal performance, fuel efficiency, and passenger comfort by managing heat dissipation, cooling, and heating processes.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Automotive Thermal Systems Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research, and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data.
Segments covered in this report:
The global automotive thermal systems market is segmented based on components, vehicle type, propulsion type, application, and region. Based on the components, the automotive thermal systems market is segmented as compressor, HVAC, powertrain cooling, fluid transport. Based on vehicle type, the automotive thermal systems market is segmented into passenger vehicles and commercial vehicles. Based on the propulsion type, the automotive thermal systems market is segmented into IC engine vehicles, electric vehicles and hybrid vehicles. Based on the application, the automotive thermal systems market is segmented into front & rear a/c, engine and transmission, seat, battery, motor, waste heat recovery, power electronics. Based on region, the automotive thermal systems market is categorized into North America, Europe, Asia-Pacific, and MEA.
Driver
Increasing regulatory requirements to reduce greenhouse gas emissions and improve fuel efficiency drive the demand for automotive thermal systems. These systems help in managing the temperature of the engine and exhaust, enabling efficient combustion and minimizing emissions. The shift towards electric vehicles (EVs) necessitates efficient thermal management systems to regulate the temperature of batteries, power electronics, and electric drivetrains. Effective cooling and heating systems are crucial to maintain optimal performance and extend the range of EVs, driving the demand for automotive thermal solutions.
Restraint
Automotive thermal systems involve extensive research, development, and testing to meet performance requirements and regulatory standards. The associated costs of designing, manufacturing, and integrating these systems can be significant, posing a challenge for cost-sensitive automotive manufacturers.
Market Trends
Automakers are striving to reduce vehicle weight and improve space utilization. This trend extends to automotive thermal systems, where there is a focus on developing lightweight and compact components. Lightweight materials, advanced heat exchanger designs, and integration of multiple functions into a single component are key trends in the industry. Automotive thermal systems are increasingly incorporating smart and connected technologies. These include sensor-based temperature control, predictive climate control algorithms, and connectivity features that enable pre-cooling/pre-heating of vehicles remotely. Integration with vehicle connectivity platforms and advanced driver-assistance systems (ADAS) enhances overall vehicle efficiency and passenger comfort.