Market Scenario
As per a detailed analysis by Market Research Future (MRFR), the automotive thermal management system market is likely to garner a CAGR of 4.50% during the forecast period (2018-2023). Automotive thermal management systems are a crucial part of automobiles as they help to reduce the vehicular emission. These systems are capable of maintaining the desired temperature in the internal combustion engine, thereby improving the fuel efficiency of the vehicle.
Market Potential and Pitfalls
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 also 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.
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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.
Global Automotive Thermal Management System Market: Segmental Analysis
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 Frontiers
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.
Industry Updates
May 02, 2019: DSM Engineering Plastics has recently introduced an all-new PPS grade in order to optimize the electric vehicle thermal management systems’ performance. The Xytron G4080HR is a 40 percent glass-reinforced PPS which has been specifically engineered for hydrolysis resistance, heat aging performance, chemical resistance at elevated temperatures, dimensional stability, and intrinsic flame retardancy.
Competitive Dashboard
The prominent players operating in the automotive thermal management system market comprises 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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Key Questions Addressed by the Report
- What was the historic market size?
- Which segmentation (Product/ Capacity) is driving market?
- What will be the growth rate?
- How are the key players in this market?
- What are the strategies adopted by key players?
TABLE OF CONTENTS
1 EXECUTIVE SUMMARY
2 SCOPE OF THE REPORT
2.1 MARKET DEFINITION
2.2 SCOPE OF THE STUDY
2.2.1 DEFINITION
2.2.2 RESEARCH OBJECTIVE
2.2.3 ASSUMPTIONS
2.2.4 LIMITATIONS
2.3 RESEARCH PROCESS
2.3.1 PRIMARY RESEARCH
2.3.2 SECONDARY RESEARCH
2.4 MARKET SIZE ESTIMATION
2.5 FORECAST MODEL
3 MARKET LANDSCAPE
3.1.1 THREAT OF NEW ENTRANTS
3.1.2 BARGAINING POWER OF BUYERS
3.1.3 THREAT OF SUBSTITUTES
3.1.4 SEGMENT RIVALRY
3.1.5 BARGAINING POWER OF BUYERS
3.2 VALUE CHAIN/SUPPLY CHAIN ANALYSIS
4 MARKET DYNAMICS
4.1 INTRODUCTION
4.2 MARKET DRIVERS
4.3 MARKET RESTRAINTS
4.4 MARKET OPPORTUNITIES
4.5 MARKET TRENDS
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