Electric motors need consistent cooling, and the battery must be either cooled or heated. Smart automotive thermal management solutions from Bosch rise the operating range of electric vehicles, permits batteries to be invigorated quickly and also guarantees optimum comfort in the automotive.
Statistics:
The global automotive thermal management market is estimated to account for US$ 89.2 Bn in terms of value by the end of 2022.
Drivers:
The need for luxury cars has been consistently increasing during the past few years. With the rising single expenditure capability of customers, the need for lavish cars is always huge. With luxury cars rising, the need for the huge grade of heat management, in terms of HVAC systems for cabin comfort, is of paramount vitality for OEMs.
Opportunities:
India-based logistics firm Lets Transport declared and expanded its fleet to add 1000 electric automotive light-duty trucks for transfer and commercial usage by June 2022. Daimler started the preorders on its eCascadia and eM2 electric trucks in the United States.
Recent Development:
In November 2021, BorgWarner Thermal Systems was bestowed a grant to increase its electric automotive business and is set to approval of a new high-voltage coolant heater (HVCH) at its current facility in Cadillac, Michigan, the United States.
To know the latest trends and insights prevalent in the Global Automotive Thermal Management Market, click the link below:
https://www.coherentmarketinsights.com/market-insight/automotive-thermal-management-market-5215
Restraint:
With China, the world’s largest market for automotive industry, being the epicenter of pandemic necessity further decreased, pushing the automotive thermal management market further down in terms of market value and sales. To withstand their trade, even large-scale parts producers and suppliers shut manufacture and processes.
Global Automotive Thermal Management Market - Impact of Coronavirus (Covid-19) Pandemic
The outburst of COVID-19 over the globe has notably interrupted the supply chain in the starting phase of 2020. Furthermore, it has exerted notable pressure on enterprises, whether large or small, owing to the global shutdown restrictions, which led to the export and import of goods and declined the growth of the market.
Key Takeaways:
The global automotive thermal management market was valued at US$ 84.22 Bn in 2021 and is forecast to reach a value of US$ 137.72 Bn by 2030 at a CARG of 5.6% between 2022 and 2030.
Vehicle type Segment held the dominant position in the global automotive thermal management market in 2022, responsible for 51% share in terms of value, increasing approval and launch of new products is expected to propel the growth of the segment during the forecast period.
Key Trends:
Trend 1
All the several reasons, along with the development in the component industry, are anticipated to fuel the market for thermal management systems across the globe over the predicted duration. India recorded 18,100 luxury car sales over several brands in FY2021, showing the huge necessity for thermal management systems both interior the cabin and engine heat management.
Trend 2
The global sales of electric automotive have been expanding continuously during the past few years. The battery-electric vehicle sales responsible for 3.5 million units in 2021, a development of 59.09% during 2020. Bentley motors declared a 3-year research in growing electric powertrains utilizing various technologies for electric motor that come tooled with a component construction for efficient thermal management utilizing thermal insulation components
Competitive Landscape:
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.
