The automotive thermal management system market is anticipated to grow at a 5.04% CAGR in the forecast period (2020- 2027), states the current Market Research Future (MRFR) report. Thermal management, put simply, is a process to control the temperature and heat over technology. The electronic devices dissipate surplus heat during its operating condition and thus the thermal management system is utilized for improving the reliability and preventing failure of devices. This process is widely utilized in analyzing and monitoring the temperature of various components like cabinet area, battery, motor, and others. Power integrated circuits (ICs), connectors, converters, inverter, ECU’s, domain controller units, power distribution box, and others are the different components that have wide applications in waste heat recovery, transmission cooling, engine cooling, and others.
Alluring Features that Bolster Market Growth
According to the MRFR report, there are numerous factors that are propelling the automotive thermal management system market growth. Some of these entail the growing focus on fuel efficiency, increasing demand for electric cars worldwide, increasing focus on driver comfort, stringency in emission norms for cutting down vehicular emissions, and advances in mobility solutions.
On the contrary, less acceptance of thermal system manufacturers, lack of calibration, and high price of thermal technology may limit the global automotive thermal management system market growth over the forecast period.
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COVID-19 Analysis
The COVID-19 outbreak has immensely impacted the global automotive thermal management system market growth due to a fall in demand. Besides, the manufacturing of automobiles was impacted due to physical distancing and lockdowns resulting in decline in the market growth. Also unavailability of labors, difficulty of sourcing raw materials owing to restrictions on transport, and supply chain disruptions overall have caused some obstacles in the growth of the market.
By component, the global automotive thermal management system market is segmented into power integrated circuits (ICs), connectors, converters, inverter, ECU’s, domain controller units, power distribution box, and others. Of these, the power distribution box will lead the market over the forecast period.
Based on technology, the automotive thermal management system market is segmented into exhaust gas recirculation, engine thermal mass reduction, active transmission warmup, and others. Of these, the engine thermal mass reduction segment will dominate the market over the forecast period.
By application, the global automotive thermal management system market is segmented into waste heat recovery, transmission cooling, engine cooling, and others. Of these, engine cooling segment will spearhead the market in the forecast period.
Based on vehicle type, this market is classified into commercial vehicles and passenger cars. Of these, the passenger cars will have the lions share in the market over the forecast period.
By propulsion, the automotive thermal management system market is segmented into electrical vehicle and internal combustion engine (ICE). Of these, the internal combustion engine (ICE) segment will command the largest share in the market over the forecast period.
Browse In-depth Market Research Report (136 pages) on Automotive Thermal Management System Market
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Regional Analysis
APAC to Sway Automotive Thermal Management System Market
Geographically, the global automotive thermal management system market is bifurcated into Europe, North America, the Asia Pacific, and Rest of the World (RoW). Of these, the APAC region will sway the market over the forecast period. The existing infrastructure, the presence of key players, the presence of developing regions such as South Korea, India, Japan, and China which are the key markets for automotive components, increased consumption of commercial and passenger cars in China, the massive rise in the production of electric cars, increased sales of electric vehicles that need high-end technology to be installed in the cars, and growing need for e-mobility are adding to the global automotive thermal management system market growth in the region. Besides, the increasing purchasing power of consumers, strict regulation about fuel economy with restricted greenhouse emissions, the presence of leading manufacturers in Japan, growing vehicle production, increasing sales of hybrid cars, and the demand for lightweight and high performance thermal system are also adding market growth.
Europe to Hold Second-Largest Share in Automotive Thermal Management System Market
In Europe, the global automotive thermal management system market is predicted to hold the second-largest share over the forecast period. Regulatory laws revealed by the EU for vehicle emissions, the UK and France having announced their timelines for vehicle zero emission zones, improve fuel efficiency by optimizing the output from HVAC, fluid transport, and powertrain cooling, increased need among OEMs to develop advanced powertrain cooling technologies, and increasing need for alternative fuel vehicles are adding to the global automotive thermal management system market growth in the region.
North America to Have Notable Growth in Automotive Thermal Management System Market
In North America, the global automotive thermal management system market is predicted to have notable growth over the forecast period. Growing investments on R&D to promote vehicle advanced technologies, increased presence of key manufacturers, increased government support and backing, investments in R&D, huge potential consumer base, and demand for fuel efficiency in cars are adding to the global automotive thermal management system market are adding to the automotive thermal management system market growth in the region.
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Key Players
The leading players profiled in the global automotive thermal management system market report include VOSS Automotive GmbH (Germany), Dana Limited (US), Robert Bosch GmbH (Germany), BorgWarner Inc. (US), NORMA Group (Germany), Ymer Technology (Sweden), Renesas Electronics Corporation (Japan), Continental AG (Germany), DuPont (US), Hanon Systems (South Korea), Gentherm (US), Valeo (France), MAHLE GmbH (Germany), Modine Manufacturing Company (US), and Denso Corporation (Japan), among others.
The automotive thermal management system market is fragmented and also competitive with the presence of many domestic as well as international industry players. They have incorporated assorted strategies to stay at the forefront and also cater to the surging needs of the customers, including collaborations, partnerships, contracts, geographic expansions, new product launches, joint ventures, and more. Additionally, these players are also making heavy investments in research and development activities for strengthening their portfolios and also creating a hold in the market.
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