Global Automotive Thermal System Market to Grow at 3.6% During 2024-2032, Impelled by Increasing Environmental Concerns Among Masses

According to the latest report by IMARC Group, titled "Automotive Thermal System Market Report by Component (Compressor, HVAC, Powertrain Cooling, Fluid Transport), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others), and Region 2024-2032," the global automotive thermal system market reached a value of US$ 37.0 Billion in 2023. Automotive thermal systems are widely employed in vehicles to manage the temperature levels of the various automobile components. These systems employ sensors to determine the temperature of the engine and other related components, such as motor, battery and cabinet. If the temperature is undesirable or not at optimum operating conditions, these systems regulate the same to improve user comfort without adversely affecting the vehicle range. They are essential for minimizing the occurrence of temperature fluctuations while effectively lowering the thermal load on the vehicle. They assist in improving the overall efficiency, reducing fuel consumption and enhancing powertrain efficacy of the automobiles while considerably lowering the carbon emission levels.

Global Automotive Thermal System Market Trends:

The market is primarily driven by the increasing environmental consciousness among the masses and the escalating need for reducing carbon emissions produced by the vehicle’s internal combustion engines (ICEs). This is being supported by the numerous stringent regulations imposed by the governments of various countries for minimizing harmful vehicular emissions and encouraging fuel efficiency. Moreover, there has been a considerable rise in the production of electric vehicles (EVs) on the global level, facilitated by the inflating disposable incomes of the masses. Thermal management systems form a crucial component of these vehicles to regulate the internal temperature and to utilize the available heat energy for achieving a longer driving range. These automobiles are also extensively being integrated with thermal sensors that offer accurate temperature readings in real-time. Coupled with their growing integration with energy-efficient advanced heating, ventilation and air conditioning (HVAC) systems, the growing sales of EVs are, in turn, anticipated to provide a thrust to the market growth. The market is further driven by the increasing research and development (R&D) activities undertaken by numerous players to develop thermoelectric waste heat recovery systems that are expected to further enhance the fuel economy of the vehicles. Some of the other factors contributing to the market growth include the increasing demand for driver comfort and the rising demand for heavy vehicles from numerous end use industries. On account of the aforementioned factors, the market is anticipated to grow at a CAGR of 3.6% during 2024-2032.

Market Summary:

• On the basis of the component, the market has been divided into the compressor, HVAC, powertrain cooling and fluid transport.
• Based on the vehicle type, the market has been classified into passenger cars, light commercial vehicles, heavy commercial vehicles, and others.
• On the geographical front, the market has been segregated into North America (the United States and Canada), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia and others), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others), Latin America (Brazil, Mexico and others), and Middle East and Africa.
• The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of these players include Borgwarner Inc., Continental Aktiengesellschaft, DENSO Corporation, General Motors Company, Gentherm Incorporated, Grayson Automotive Services Limited, Lennox International Inc., MAHLE GmbH, Modine Manufacturing Company Inc., and Visteon Corporation.
   

Report Coverage:

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