IMARC Group's report 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 size reached US$ 37.0 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 51.3 Billion by 2032, exhibiting a growth rate (CAGR) of 3.6% during 2024-2032.
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Factors Affecting the Growth of the Automotive Thermal System Industry:
- Stringent Environmental Regulations:
Governing agencies of various countries are implementing stringent environmental regulations to combat climate change and reduce air pollution, which is contributing to the growth of the market. These initiatives encourage automakers to meet these standards to maintain environmental sustainability. Automotive thermal systems help optimize engine performance, minimize emissions, and ensure compliance with regulatory requirements. The rising adoption of advanced thermal management solutions that manage heat dissipation and engine temperature is bolstering the market growth. Furthermore, there is an increase in the demand for cleaner and greener transportation among individuals.
- Rising Demand for Electric Vehicles (EVs):
The escalating demand for automotive thermal systems on account of the increasing adoption of EVs among the masses around the world is propelling the growth of the market. EVs require advanced thermal management solutions to regulate battery temperature, ensuring optimal performance, longevity, and safety. Besides this, governing authorities of numerous countries are providing various incentives for the purchase of EVs, which is bolstering the market growth. Furthermore, the rising demand for automotive thermal systems that are tailored as per electric powertrains is supporting the market growth.
- Technological Advancements:
Innovations in the automotive thermal management systems assist in enhancing efficiency, performance, and reliability, which is impelling the market growth. Advancements, such as advanced heating, ventilation, and air conditioning (HVAC) systems, lightweight materials, and intelligent heat exchangers are strengthening the market growth. These technological developments enable automakers to meet the evolving expectations of individuals for comfort, convenience, and sustainability while complying with regulatory requirements. Furthermore, key players are focusing on improving thermal efficiency, reducing energy consumption, and integrating smart features into automotive thermal systems for a safer and eco-friendly approach.
Leading Companies Operating in the Global Automotive Thermal System Industry:
- Borgwarner Inc.
- Continental Aktiengesellschaft
- DENSO Corporation
- General Motors Company
- Gentherm Incorporated
- Grayson Automotive Services Limited
- Lennox International Inc.
- MAHLE GmbH
- Modine Manufacturing Company Inc.
- Visteon Corporation
Automotive Thermal System Market Report Segmentation:
By Component:
- Compressor
- HVAC
- Powertrain Cooling
- Fluid Transport
Compressor represents the largest segment as it plays a pivotal role in managing the temperature and comfort of the interior environment of a vehicle.
By Vehicle Type:
- Passenger Cars
- Light Commercial Vehicles
- Heavy Commercial Vehicles
- Others
Passenger cars hold the biggest market share due to the rising focus on maintaining the optimal performance of an engine.
Regional Insights:
- Europe
- North America
- Asia Pacific
- Middle East and Africa
- Latin Americ
Asia Pacific enjoys a leading position in the automotive thermal system market on account of the presence of key manufacturers.
Global Automotive Thermal System Market Trends:
The growing demand for automotive thermal systems due to the increasing production of vehicles across the globe is offering a positive market outlook. There is a rise in the need for efficient cooling and heating solutions to maintain optimal operating conditions. Automotive thermal systems play a vital role in ensuring engine reliability, passenger comfort, and overall vehicle performance. The rising demand for vehicles on account of rapid urbanization is impelling the market growth. Apart from this, manufacturers are prioritizing fuel efficiency to meet regulatory requirements. Automotive thermal systems play a crucial role in achieving optimal fuel economy by managing engine temperature and reducing energy consumption.
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