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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

Automotive Thermal Management  | Coherent Market Insights

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.

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Automotive Thermal Management Market Report Coverage

Report Coverage Details
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:
  • North America: U.S. and Canada
  • Latin America: Brazil, Argentina, Mexico, and Rest of Latin America
  • Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe
  • Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific
  • Middle East: GCC Countries, Israel, and Rest of Middle East
  • Africa: South Africa, North Africa, and Central Africa
Segments covered:
  • By Application: Engine Cooling, Cabin Thermal Management, Transmission Thermal Management, Waste Heat Recovery/Exhaust Gas Recirculation Thermal Management, Battery Thermal Management, Motor and Power Electronics Thermal Management
  • By Vehicle Type: Passenger Cars, Commercial Vehicles
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

Growth Drivers:
  • Increasing electrical and electronic components
  • Increasing global luxury car sales
Restraints & Challenges:
  • Covid-19 pandemic impact and supply chain disruption

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

Automotive Thermal Management  | Coherent Market Insights

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

  1. In March 2022, MAHLE Aftermarket is increasing its thermal management database that comprises indirect air conditioning condenser, which is being a typical compound in the air conditioning systems of modern automotive. By consistently increasing its thermal management product range, MAHLE Aftermarket is making it simpler for workshops to create new business.
  2. In December 2019, Denso exhibited its latest full electrical  rooftop  HVAC system with two combined electrical compressors meant for electric buses in the 9 meters plus classification. When this item is made for the Asian markets, other variant with a huge effective heat pump system was exhibited for the European and North American markets.
  3. In March 2022 Automotive thermal  and  energy  management  solutions offerer Hanon Systems declared it is approving a new plant  in  Hubei,  China,  which  strengthens  the  company’s rising assistance to automakers in the electrified vehicle section.  The  new  plant  will  produce  heating, ventilation,  and  air  conditioning  (HVAC)  components  for electrified automotive.
  4. In March 2018, The Denso Europe stated 9 OE-quality HVAC actuators in the aftermarket. An HVAC actuator controls airflow within the cabin, mixing hot and cold air and directing it to the required designation.

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.  

Automotive has now more functionality and increased energy density. The batteries are being packed into automotive with carbon prints that can be much or low the similar. Owing to this more heat is being produced than ever in engines and automotive parts. The task for makers and engineers is to ensure that the heat is effectively controlled and dissipated, enabled vehicle layout to acquire without adversely affecting functionality, total performance, dependency, cost, and several reasons.

Market Dynamics:

Electric automotive have become an interior part of the automotive industry, showing a pathway in achieving energy efficacy and decreased emission of pollutants and greenhouse gases. Automotive that run on all electric powertrain or hybrid powertrain need to have a battery thermal management system. The battery functions under particular temperature for optimal charge storage and utilization efficacy. Thus the rising in the battery electric automotive or plug in hybrid automotive will fuel the automotive thermal management market in the survey duration. 

On contrary, with main OEMs impacted by supply chain restraints and the quick spread of corona virus, smaller parts producers faced obstructions in enduring production actions without purchase orders. With major OEMs impacted by supply chain restraints and the quick spread of COVID-19, smaller parts producers faced obstructions in ongoing manufacture actions without buying orders.

Key features of the study:

  • This report provides in-depth analysis of the global automotive thermal management market, and provides market size (US$ Billion) and compound annual growth rate (CAGR%) for the forecast period (2022–2030), considering 2021 as the base year
  • It elucidates potential revenue opportunities across different segments and explains attractive investment proposition matrices for this market
  • This study also provides key insights about market drivers, restraints, opportunities, new product launches or approval, market trends,  regional outlook, and competitive strategies adopted by key players
  • It profiles key players in the global automotive thermal management market based on the following parameters – company highlights, products portfolio, key highlights, financial performance, and strategies
  • Major 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.
  • Insights from this report would allow marketers and the management authorities of the companies to make informed decisions regarding their future product launches, type up-gradation, market expansion, and marketing tactics
  • The global automotive thermal management market report caters to various stakeholders in this industry including investors, suppliers, product manufacturers, distributors, new entrants, and financial analysts
  • Stakeholders would have ease in decision-making through various strategy matrices used in analyzing the global automotive thermal management market

Detailed Segmentation:

  • Global Automotive Thermal Management Market, By Application:
    • Engine Cooling
    • Cabin Thermal Management
    • Transmission Thermal Management
    • Waste Heat Recovery/Exhaust Gas Recirculation Thermal Management
    • Battery Thermal Management
    • Motor and Power Electronics Thermal Management
  • Global Automotive Thermal Management Market, By Vehicle Type:
    • Passenger Cars
    • Commercial Vehicles
  • Global Automotive Thermal Management Market, By Geography:
    • North America
    • Europe
    • Asia-Pacific
    • Rest of the World
  • Company Profiles:
    • Robert Bosch GmbH
    • Dana Incorporated
    • MAHLE GmbH
    • Gentherm Incorporated
    • Hanon Systems
    • Denso Corporation
    • BorgWarner Inc.
    • Valeo Group
    • Modine Manufacturing Company
    • Schaeffler Technologies AG & Co. KG

Frequently Asked Questions

The global automotive thermal management market size is estimated to be valued at US$ 89.2 Billion in 2022 and is expected to exhibit a CAGR of 5.6% between 2022 and 2030.
Increasing global luxury car sales are fueling the growth of the market.
The vehicle type segment is the leading component segment in the market.
The Covid-19 outbreak and the interruption in supply chain restraining growth of the market.
Major players in the 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.

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