How Has the Automotive Thermal System Market Size Evolved in Recent Years?
The automotive thermal system market has seen considerable growth due to a variety of factors.
• The scale of the automotive thermal system market has seen substantial expansion in the past few years. The market is predicted to swell from $42.15 billion in 2024 to $44.29 billion in 2025, reflecting a compound annual growth rate (CAGR) of 5.1%. The past growth is credited to the incorporation of autonomous features, emphasis on vehicle safety, the global expansion of the automotive industry, increased demand for cutting-edge cooling systems, climate control and passenger comfort.
What Is The Forecast For The Automotive Thermal System Market By 2029?
The Automotive Thermal System market is expected to maintain its strong growth trajectory in upcoming years.
• The market size for automotive thermal systems is projected to experience significant expansion in the coming years. By 2029, it is expected to escalate to $56.28 billion, with a compound annual growth rate (CAGR) of 6.2%.
The predicted growth during the aforementioned period can be attributed to factors such as more rigorous emission standards, advancements in electric vehicle technology, and an increase in climate control needs. Key trends during this forecast period include the adoption of electrification and hybridization, the development of advanced engine technologies, the embracement of sophisticated cooling solutions, breakthroughs in materials and insulation, as well as globalization and standardization.
What Are The Essential Drivers Behind The Growth Of The Automotive Thermal System Market?
The stringent emission rules instituted by governing bodies are anticipated to catalyze the further progress of the automotive thermal systems market. The increasing volume of vehicles globally has made reduction of automotive greenhouse gas emissions a daunting task. Bodies like the European Commission (EC) and the US Environmental Protection Agency (US EPA) have enforced fuel efficiency standards and set limits on fuel sulfur content to counter the dramatic impact of emissions. As an illustration, in September 2023, the Environmental Protection Agency (EPA), an independent US agency in charge of environmental preservation, indicated that the average exposure indicator (AEI) for car-generated nitrogen oxides (NOx) was at 0.04 g/km in 2022. The Environmental Targets (Automotive Emissions) (England) Regulations (2023) legally mandate a target of 0.03 g/km for average annual NOx emissions by 2040, with interim targets due to be fulfilled by January 2028. Consequently, the tough emission rules enforced by governing bodies are fueling the expansion of the automotive thermal systems market.
How Is The Global Automotive Thermal System Market Divided Into Key Segments?
The automotive thermal system market covered in this report is segmented –
1) By Component: Compressor, HVAC, Powertrain Cooling, Fluid Transport
2) By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
3) By Application: Front And Rear A Or c, Engine and Transmission, Seat, Battery, Motor, Waste Heat Recovery, Power Electronics
Subsegments:
1) By Compressor: Electrically Driven Compressors, Belt-Driven Compressors, Variable Displacement Compressors
2) By HVAC (Heating, Ventilation, And Air Conditioning): Heating Systems, Air Conditioning Units, Ventilation Systems
3) By Powertrain Cooling: Engine Cooling Systems, Transmission Cooling Systems, Turbocharger Cooling Systems
4) By Fluid Transport: Coolant Hoses, Radiators, Expansion Tanks
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What Trends Are Reshaping The Future Of The Automotive Thermal System Market?
Advancements in automobile thermal systems are becoming a vital trend in the car thermal systems marketplace. Innovations in thermal systems specific to the automotive industry are being pursued through research and development. Key players in the automobile thermal systems market are aiming to enhance their market stance with the development of newly crafted technological solutions. For example, a Japanese firm, Mitsubishi Heavy Industries Thermal Systems, Ltd., in September 2023, introduced an electric-driven transport refrigeration unit named TEJ35GAM. This addition to the existing TE20/30 series and the TEJ35AM lineup features a plug-in hybrid system. It merges a commercial plug-in power source with a power source specially designed for the refrigerator, offering a pioneering solution for transport refrigeration.
Who Are the Key Players In The Automotive Thermal System Market?
Major companies operating in the automotive thermal system market include:
• Continental AG
• Denso Corporation
• Dana Incorporated
• Grayson Thermal Systems
• Gentherm Incorporated
• Hanon Systems
• Lennox International Inc.
• Modine Manufacturing Company Inc.
• Mahle Behr GmbH & Co. KG
• Robert Bosch GmbH
• Valeo SA
• Visteon Corporation
• Calsonic Kansei Corp.
• Schaeffler Technologies AG & Co. KG
• Johnson Electric Holdings Limited
• Diakin Industries Ltd.
• Sanden Corporation
• United Technologies Corporation
• BorgWarner Inc.
• Marelli Corporation
• Behr GmbH & Co KG
• Delphi Technologies
• Eberspaecher Group
• Hella GmbH & Co KGaA
• Siemens AG
• Webasto SE
• ZF Friedrichshafen AG
• Bergstrom Inc.
• Kongsberg Automotive
What Are The Regional Insights Into The Automotive Thermal System Market?
Asia-Pacific was the largest region in the automotive thermal systems market share in 2024. Europe is expected to be the fastest-growing region in the forecast period. The regions covered in the automotive thermal system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
