Automotive Thermal Management Market to Surpass US$ 137.72 Billion by 2030, Says Coherent Market Insights (CMI)
Driving Efficiency and Sustainability: The Growing Role of Automotive Thermal Management in the Future of Transportation
Burlingame, March 23, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the Global Automotive Thermal Management market is estimated to be valued at US$ 84.22 Bn in 2021 and is expected to exhibit a CAGR of 5.97% during the forecast period (2023-2030).
Analyst’s Views on Global Automotive Thermal Management Market:
The rise in demand for luxury vehicles with technological advances and comfort, the enforcement of stringent emissions rules and regulations, growth in demand for rear and front A/C, heated steering, the integration of turbochargers in commercial automobiles, and the use of smart thermal management solutions in automobiles are all expected to boost the global automotive thermal management market. Components such as compressors, HVAC, engine cooling, and fluid transfer are being developed by companies in the vehicle thermal system industry. As a result, the market is expected to develop at a reasonable growth rate (CAGR) of 5.97% during the forecast term.
Key Trends and Analysis of the Global Automotive Thermal Management Market:
Increasing demand for electric vehicles has been rapidly growing in and is expected to increase the growth of the global automotive thermal management market over the forecast period. For instance, according to the International energy agency, there were around 10 million electric vehicles on the road in 2020, and this number is expected to reach 145 million by 2030. This growth in electric vehicles is driving demand for efficient thermal management systems to manage the temperature of batteries and electric motors.
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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: |
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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 | |||
| Growth Drivers: |
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| Restraints & Challenges: |
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Driver -:
Integration of thermal management system with other systems
Automotive manufacturers are increasingly integrating thermal management systems with other systems such as powertrain, HVAC, and engine control, to improve the overall performance and efficiency of vehicles. For instance, In November 2022, Denso Corp., a global automotive components manufacturer, unveiled its latest LD9 electric zero-emission heat control device for buses Sydney bus and coach Expo.
Global Automotive Thermal Management Market - Restraint
Supply chain disruptions
The global pandemic has caused significant disruptions to global supply chains, which can impact the availability and cost of raw materials and components needed to manufacture thermal management systems. For instance, in 2021, semiconductor shortages caused production delays for several automotive manufacturers, including Volkswagen, Ford, General Motors, and others.
Market Trends -:
Growing electrical and electronic components in vehicles to boost the market growth
Thermal management systems in automobiles improve energy efficiency by reusing or using waste heat. For example, waste heat from the engine coolant may be used to heat the cabin, and waste heat from the exhaust can be used to power pollution control devices. Furthermore, as automation and engine electrification developed, the need for electrical and electronic components in the automobile sector increased tremendously, in both passenger cars and commercial vehicles.
Global Automotive Thermal Management Market Cross Sectional Analysis:
Among Application, the Transmission Thermal Management segment is dominant during the forecast period in North America region owing to, rising number of research and development activities along with adoption of advanced technology which will help in enhancing the growth of the market.
Global Automotive Thermal Management Market Segmentation:
The global automotive thermal management market report is segmented into By Vehicle Tupe and By Application
Based on Vehicle Type, the market is segmented into Passenger Cars and Commercial Vehicles. Out of which, the Passenger car segment is expected to dominate the automotive thermal management market during the forecast period and this is due to the increase in the demand for automotive vehicles in North America, Europe, and Asia Pacific. Moreover, passenger car contributes largest share in tootla vehicle sales, globally.
Based on Application, the market is segmented into ngine Cooling, Cabin Thermal Management, Transmission Thermal Management, Waste Heat Recovery/Exhaust Gas Recirculation Thermal Management, Battery Thermal Management, Motor and Power Electronics Thermal Management 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.
Among all segmentation, the vehicle segment has the highest potential due to the increasing production of electric cars, temperature control with respect to batteries, and power electronics. For instance, in May 2022, According to the International Energy Agency, In 2021 6.6 million of EV cars were sold worldwide.
Recent Developments:
In December 2021 Volvo, a Sweden-based automotive company, conducted testing on its brand-new thermal management system, which uses electrical and electronic control systems to warm up a truck's batteries. Their demand has significantly increased as a result of the thermal system's ability to sustain temperature despite adverse weather conditions.
In February 2022, Borgwarner Inc., a manufacturer and supplier of technologies and solutions for internal combustion, was awarded a contract to supply high-voltage cooled heaters (HVCH) for the BMW Group's i4 and iX all-electric architectures. This solution controls the battery's thermal management and cabin heating, greatly improving the battery's range and reliability.
In September 2022, Mahle, a leading international development partner and supplier to the automotive industry, launched a new thermal management system for commercial electric vehicles at IAA Transportation in Hannover, Germany.
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Key Market Takeaways:
The global automotive thermal management market is expected to exhibit a CAGR of 5.97% during the forecast period. For market players in automotive thermal management, an increase in inorganic activities, such as collaboration, is anticipated to provide attractive growth prospects. For instance, In November 2022, Denso Corporation a global automotive components manufacturer, unveiled its new LD9 zero-emission thermal power management device for buses and coaches at the Bus & Coach Expo in Sydney, Australia.
Increasing government regulations aim to increase the use of electric vehicles and a strong expansion of OEMs and suppliers in the asia pacific to meet growing demand from the auto industry in China and is expected to generate a positive outlook for market growth during the forecast period. For instance, In March 2022, Matter, a technology innovation startup based in Ahmedabad focused on providing sustainable solutions for the future, revealed the development process of a new high-speed mid-torque electric motor, which includes many key breakthroughs, such as an integrated intelligent thermal management system.
Competitive Landscape:
Key players operating in the global automotive thermal management market include Schaeffler Technologies AG & Co. KG., Robert Bosch GmbH, Dana Incorporated, Hanon Systems, Gentherm Incorporated, Valeo Group, MAHLE GmbH, BorgWarner Inc., Modine Manufacturing Company, and Denso Corporation
Market Segmentation:
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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
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Global Automotive Thermal Management Market, By Vehicle Type:
- Passenger Cars
- Commercial Vehicles
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Global Automotive Thermal Management Market, By Geography:
- North America
- By Country:
- U.S.
- Canada
- By Country:
- Latin America
- By Country:
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- By Country:
- Europe
- By Country:
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- By Country:
- Asia Pacific
- By Country
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of Asia Pacific
- By Country
- Middle East
- By Country:
- GCC
- Israel
- Rest of Middle East
- By Country:
- Africa
- By Country/Region:
- South Africa
- Central Africa
- North Africa
- By Country/Region:
- North America
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