The global automotive thermal management market size was valued at USD 84.22 billion in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 5.6% from 2022 to 2030. The market is to propel the market as there is a Rising sales of the luxury cars globally. Uncertain outbreak of Covid-19 pandemic and the interruption in supply chain is anticipated to hinder the market growth. Based on the segment the market is divided by application, by vehicle type, and by geography.
Global Automotive Thermal Management Market: Regional Insights
Based on geography, the global automotive thermal management market is segmented into North America, Europe, Asia Pacific, Latin America, and Middle East &Africa. North America is the largest market as in United States robust automotive industry and increasing electric and automotive thermal management market are straightly associated to the rising manufacture of automobiles market, which is anticipated to advocate progressive development.
At the same time, in Europe’s Germany rising technological creations and rising spending on creativity in the car industry are projected to fuel necessity for the automotive thermal management market over the predicted duration.
Figure 1: Global Automotive Thermal Management Market Share (%), By Region, 2021
Global Automotive Thermal Management Market Drivers:
With rising automation and powertrain electrification, the need and requirement for electrical and electronic components exponentially grown, in both passenger cars and commercial vehicles, in the automotive industry.
A modern-day car is approximated to have up to 100 ECU’s, showing a huge necessity for thermal management systems to drop the heat dissipated by these electronic components to work effectively. The rising count of batteries in the automotive further fuel the need for battery management systems, comprising thermal management systems.
Global Automotive Thermal Management Market Opportunities:
Currently, the rising of thermal management systems is rising eventually in passenger car models and commercial vehicles. The acquirement of the system is possibly to expand over the predicted duration owing to the growing developments in-vehicle electronics and electrification systems, which will make the necessity for effective power supply
An increase in the demand for electric vehicles in various countries globally, coupled with technical advancements, may enhance the market for thermal management systems in the future.
Report Coverage | Details | ||
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Base Year: | 2021 | Market Size in 2021: | US$ 84.22 Bn |
Historical Data for: | 2017 to 2020 | Forecast Period: | 2022 to 2030 |
Forecast Period 2022 to 2030 CAGR: | 5.6% | 2030 Value Projection: | US$ 137.72 Bn |
Geographies covered: |
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Segments covered: |
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Companies covered: |
Robert Bosch GmbH, Schaeffler Technologies AG & Co. KG., Hanon Systems, Dana Incorporated, Gentherm Incorporated, BorgWarner Inc., Valeo Group, MAHLE GmbH, Modine Manufacturing Company and Denso Corporation |
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Growth Drivers: |
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Restraints & Challenges: |
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Global Automotive Thermal Management Market Trends:
Novel orders and agreements and new goods approvals by several multinational automotive companies are projected to create chances for the thermal management systems suppliers across the globe.
The e-commerce giant Amazon declared to enhance 100,000 electric delivery trucks. The electric delivery trucks are offered by the new vehicle establishment Rivian. It is big deal geared toward assisting Amazon to receive its 2040 net-zero carbon target. Rivian plans to offer 100000 electric trucks by the end of 2023.
Global Automotive Thermal Management Market Restraints:
The global automotive industry was vastly impacted by the COVID-19 epidemic and subsequently the automotive thermal management market. The global sales of the automotive industry advocated a steep downfall from 90 million units in 2019 to 77 million units in 2020.
Global supply chain restrain led by the pandemic deteriorated for various producers. Medium-scale competitors faced supply chain restraints for raw materials and manufacture unit closures.
Figure 2: Global Automotive Thermal Management Market Share (%), By Segmentation, 2021
Global Automotive Thermal Management Market Segmentation:
The global license management market report is segmented by application, by vehicle type.
Based on the application, the market is segmented into engine cooling, cabin thermal management and many more out of which in engine cooling the rising count of automotive running on internal combustion engine fuels the engine cooling segment of the market surveyed.
The other one is cabin, in the cabin automotive thermal management comprises whole heating, ventilation, and air conditioning (HVAC) to regulate automotive temperature on the interior. As electric vehicles and automotive running on interior combustion engine need to keep inhabitants contented.
Based on vehicle type, the market is segmented into passenger cars and commercial vehicles. The passenger cars donated to above 70% of global EV sales in 2020. The SUV segment in passenger cars has been advocating growth for the past few years, due to the need not only from North America and Europe but also from Asia-Pacific (particularly China).
In the Commercial vehicles, Light commercial vehicles and heavy commercial vehicles, heavy trucks, namely vans, pickup trucks, and buses, have been regarded in the commercial vehicle section. As consumer awareness regarding safety structures is rising, commercial automotive fortified with electronic traction-control and electronic stability program.
Global Automotive Thermal Management Market: Key Developments
Global Automotive thermal management Market: Key Companies Insights
The global automotive thermal management market is highly competitive. This is attributed to continuous launch of new technologies due to ongoing R &D and efforts by value chain participants. Moreover, key players are adopting various business growth strategies in order to expand their presence on regional as well as global basis. Some of the key players in the global automotive thermal management market are:
Robert Bosch GmbH, Schaeffler Technologies AG & Co. KG., Hanon Systems, Dana Incorporated, Gentherm Incorporated, BorgWarner Inc., Valeo Group, MAHLE GmbH, Modine Manufacturing Company and Denso Corporation
*Definition: Automotive thermal management also mimics a vital role in electromobility. Automatic adaptation to the surrounding ensures every single components to function in the minimal temperature range while also preserving a proper temperature in the vehicle interior.
In the view of increasing usage of electric and hybrid vehicles, the demand of automotive thermal management systems is rising to cool the automobile. Such automotive thermal management systems state the challenges faced by the automobile industry. They help in decreasing pollution emissions generated by vehicles powered by internal combustion engines.
Market Dynamics:
Electric automotive have been an interior part of the automotive industry, showing a pathway in achieving energy efficiency and reduced emission of pollutants and greenhouse gases. Automotive that run on all electric powertrain or hybrid powertrain are required to have a battery thermal management system. The battery functions in particular temperature for optimal charge storage and usage efficiency. Hence, the rise in the battery electric automotive or plug in hybrid automotive boosts the automotive thermal management market in the forecast period.
On contrary, with main OEMs impacted by supply chain restraints and the quick spread of corona virus, smaller parts manufacturers faced blocks in enduring production actions without purchase orders which is anticipated to hinder the growth of the global automotive thermal management market.
Key features of the study:
Detailed Segmentation:
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