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Automotive Thermal Management System Market 2019 Global Industry Analysis To 2023, is latest report on Global Automotive Thermal Management System Industry, published by Market Research Future. Global Automotive Thermal Management System Market Information by System (Heating, Ventilation and Air Condition (HVAC), Powertrain Cooling, Fluid Transport and others), Technology (Active Transmission Warmup, Exhaust gas recirculation (EGR), Reduced HVAC System Loading and Other Technologies), Propulsion [Internal Combustion Engine (ICE) Vehicle, and Electric Vehicle (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle)], Vehicle Type (Passenger Vehicle and Commercial Vehicle), Region – Forecast till 2023.Major Automotive Thermal Management System Companies covered in the market report include Robert Bosch GmbH, Hanon Systems, Gentherm, BorgWarner Inc., Valeo, Denso Corporation, VOSS Automotive Gmbh, Modine Manufacturing Company, MAHLE Gmbh, and Dana Limited.
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Global Market Highlights:
Global Automotive Thermal Management System market has seen remarkable growth; expected to rise at a CAGR of 4.50%. Advanced HVAC Systems, and Surging Sales of Electric Vehicles to Trigger the Demand for Automotive Thermal Management System Market.
Automotive thermal management systems are a crucial part of automobiles as they help to reduce the vehicular emission. These systems can maintain the desired temperature in the internal combustion engine, thereby improving the fuel efficiency of the vehicle. Thermal management is a crucial component in modern vehicle systems. It monitors and regulates the temperature of automotive components such as transmission, passenger cabin area, engine and HVAC components.
The automotive thermal management system market has experienced a tectonic surge over the past few years due to the growing utilization of advanced HVAC systems in automobiles. The increased propensity to spend on developing nations is propelling the market growth. Thermal management systems perform crucial automotive functions like reduction of the thermal load, transfer of heat, and waste heat recovery. The international automotive standards and regulatory norms have made thermal management systems mandatory.
The installation of automotive thermal management system also helps to improve passenger comfort and powertrain performance to a considerable level. The system is used in electric as well as conventional cars. Such factors are triggering the demand for automotive thermal management system market across the globe. The growing production of passenger cars is also enhancing the growth of automotive thermal management system market. With the increased focus on driver comfort, production of passenger cars, and growing sales of electric vehicles, the market is likely to propel in the foreseeable future.
On the contrary, the high cost of thermal systems is restricting the growth of the market. Also, strict government regulations on the use of refrigerants are curbing the growth of the market. On a brighter note, advancing technologies along with the growing demand for automotive thermal systems, especially in the developing economies, are creating lucrative business opportunities for the players.
Segmentation:
The automotive thermal management system market splits into system, technology, propulsion, and vehicle type.
By mode of the system, the automotive thermal management system market is segmented into powertrain cooling, heating, ventilation, and air condition (HVAC), fluid transport, and others. The HVAC segment acquires the largest share in the market. The segment is likely to garner a CAGR of 4.10% and touch a valuation of USD 23 billion in the coming years.
Active transmission warmup, reduced HVAC system loading, exhaust gas recirculation (EGR), and others comprise the technology segment. Currently, the active transmission warmup segment acquires the lion’s share in terms of value. The segment is likely to touch a valuation of USD 30.59 million in the foreseeable future. As active transmission warmup uses waste heat from the vehicle to warm the transmission fluid rapidly by using heat exchanger, it enhances the transmission efficiency.
The propulsion segment constitutes of electric vehicle and internal combustion engine (ICE) vehicle. Among these, the ICE vehicle segment acquires the largest share and is anticipated to garner a CAGR of 4.29% in the long run.
The vehicle type comprises a commercial vehicle and a passenger vehicle. The passenger vehicles accounted for 79.9% share in 2017, surpassing a valuation of USD 42 billion. The surging demand for passenger vehicles along with the stringent norms on emission standards are highly influencing the market growth.
Regional Analysis:
Considering the global scenario, the Asia Pacific region is considered to remain a highly attractive regional market and accounts for more than one-third of the share in terms of value. Economies like South Korea, Japan, India, and China are gaining mileage in the automotive manufacturing sector. In this region, China acquires the largest share owing to the surging demand for commercial and passenger vehicles. Being the automotive hub in the world, Asia Pacific generates significant demand for the automotive thermal management system. The increase in sales of commercial as well as passenger cars due to the increasing disposable income in South Korea, China, Japan, and India contributes to the growth of the market. Moreover, the existence of top manufacturers of automotive thermal management systems is highly influencing the growth of the regional market.
The European region bags the second spot mainly due to the stringent measures undertaken in this region. Measures like timelines for zero vehicle emission zones, especially in the U.K. and France have induced extensive demand for the automotive thermal management system. Also, the rising R&D activities in the automotive industry along with the automotive manufacturers expanding their operations in Europe are propelling the market’s growth.
Table Of Contents
1 Executive Summary
2 Market Introduction
2.1 Market Definition
2.2 Scope Of The Study
2.3 Market Structure
3 Research Methodology
3.1 Primary Research
3.2 Secondary Research
3.3 Market Size Estimation
3.4 Forecast Model
3.5 List Of Assumptions
3.6 Limitations Of The Study
4 Market Insights
5 Market Dynamics
5.1 Introduction
5.2 Market Drivers
5.3 Market Restraints
5.4 Market Opportunities
5.5 Porter’s Five Forces Analysis
Continued…
List of Tables:
Table 1 Global Automotive Thermal Management System Market: By Region, 2017-2023
Table 2 North America Automotive Thermal Management System Market: By Country, 2017-2023
Table 3 Europe Automotive Thermal Management System Market: By Country, 2017-2023
Table 4 Asia Pacific Automotive Thermal Management System Market: By Country, 2017-2023
Continued…
List of Figures:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porter's Five Forces Analysis
FIGURE 7 Value Chain Analysis
Continued…
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