Thermal management is used in vehicles to monitor and regulate the temperature of the various system, such as engine, transmission, passenger cabin area, and HVAC components. The main functions of the automotive thermal management system are heat transfer, reduction in thermal loads, and waste heat recovery. Thermal management system can improve passenger comfort, powertrain performance, and the travel experience. In conventional internal combustion, thermal management system includes engine, transmission, and other components and are designed to regulate the temperature of engines and transmission systems. In electric vehicles, thermal management systems are used to improve the range of efficiency for the vehicle. The main functions of the thermal management system are heating, ventilation, and air conditioning (HVAC), which facilitate and maintain ambient temperature inside the cabin by controlling cabin atmosphere, as per the requirement of passengers.
Factors such as high stringency in emission regulation and fuel efficiency and rising sales of electric vehicles driving the global automotive thermal management system market. Concurrently, the high cost of thermal management system technology and strict government norms on the use of refrigerants could restrain the market growth to a certain extent.
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In terms of value, the global automotive thermal management system market is expected to grow at 4.50% CAGR during the forecast period, 2018-2023. In 2017, the market was led by Asia-Pacific with 36.17% share, followed by Europe and North America with shares of 32.81% and 24.02%, respectively.
Asia-Pacific is projected to be the fastest-growing regional market for automotive thermal management system. China holds a substantial market share for the thermal management system, owing to the continuous increase in the automotive component industry in the country and massive increase in sales of ICE vehicles and electric vehicles. Furthermore, the easy availability of skilled labor and the low cost of establishing manufacturing plants in China have resulted in rapid industrialization and several global companies shifting their plants to the country. The rise in demand for automobiles by the growing population is expected to drive the market in China during the forecast period.
Some of the key players of the market are BorgWarner Inc. (US), Robert Bosch GmbH (Germany), Dana Limited (US), VOSS Automotive GmbH (Germany), Modine Manufacturing Company (US), Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Gentherm (US), and Hanon Systems (South Korea).
Objective of the Global Automotive Thermal Management System Market Report-Forecast till 2023
> To provide insights into factors the influencing market growth
> To provide historical and forecast revenue of the market segments and sub-segments with respect to regional markets and their key countries
> To provide historical and forecast revenue of the market segments based on system, compoenent type, technology, application, vahicle type, and region
> To provide strategic profiling of key players in the market, comprehensively analyzing their market share, core competencies, and drawing a competitive landscape for the market
> Associations and industrial bodies
> Component suppliers and distributors
> End users of thermal management system
> Hybrid System Manufacturers
> Government bodies such as regulatory authorities and policymakers
> Electric Vehicle manufacturers
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> The powertrain cooling segment of the global automotive thermal management system market, by system, is projected to register the highest CAGR of 5.27% during the forecast period.
> The battery segment of the global automotive thermal management system market, by component type, is projected to register the highest CAGR of 5.10% during the forecast period.
The reduced HVAC system loading segment of the global automotive thermal management system market, by technology, is projected to register the highest CAGR of 5.39% during the forecast period.
The waste heat recovery segment of the global automotive thermal management system market, by application, is projected to register the highest CAGR of 5.79% during the forecast period.
The electric vehicle segment of the global automotive thermal management system market, by vehicle type, is projected to register the highest CAGR of 6.69% during the forecast period.
> Asia-Pacific is expected to dominate the automotive thermal management system market during the review period. The regional market is expected to register a CAGR of 5.00% to reach a market size of USD 26.07 billion by the end of 2023.
The regional analysis includes:
> North America
o Rest of Europe
o South Korea
o Rest of Asia Pacific
> Rest of the World
o South America
o Middle East & Africa
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