The global automotive thermal system market is projected to grow from USD 40. 9 billion in 2021 to USD 49. 1 billion in 202, at a CAGR of 3. 7%. The impact of COVID-19 can be witnessed on vehicle production, causing a downfall of 17% in 2020 compared to 2019.
New York, Aug. 30, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Automotive Thermal Systems Market by Application, Technology, Components, Vehicle Type and Region - Global Forecast to 2026" - https://www.reportlinker.com/p05402897/?utm_source=GNW
Asia Pacific is expected to be the largest market for automotive thermal systems market during the forecast period, and the passenger car segment is expected to be the leading segment of the market. Waste heat recovery segment, by application in ICE vehicles, is expected to grow at the fastest rate during the forecast period. Battery thermal management segment, by application in electric and hybrid vehicle, is the largest market for automotive thermal systems in electric and hybrid vehicles. As the demand for electric vehicles is increasing, the requirement for effective battery thermal management systems that provide better performance and high range is also going to increase.
Globally, the passenger car segment is expected to be the fastest-growing segment during the forecast period.
The passenger car segment is estimated to be the largest market for automotive thermal systems.The top 6 countries with the highest passenger car production are China, Japan, Germany, India, South Korea, and the US.
The key factors that drive the sales of passenger cars in various countries are increasing per capita income and improved standard of living.Also, the growing inclination toward comfort and luxury and demand for advanced features such as heated/ventilated seats, heated steering, and rear air conditioning are expected to drive the market.
Consumers in Europe and North America prefer premium and luxury vehicles, and the demand for these vehicles in key Asian countries such as India and China has witnessed an upward trend in recent years. This has boosted the global demand for advanced thermal systems in these vehicles.
Asia Pacific is projected to be the largest regional market
Asia Pacific is estimated to be the largest market for automotive thermal systems and is expected to grow at a CAGR of 4.0% during the forecast period. The Asia Pacific region has emerged as a hub for automotive production in recent years. Changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages have led OEMs to increase vehicle production in the region. Thus, China, India, and Japan have seen a significant increase in vehicle production. The huge vehicle production in the region offers a tremendous growth opportunity for the automotive thermal system market. Favorable investment policies and availability of cheap labor have also made Asia Pacific an ideal market for automotive OEMs. Increased demand for luxury cars with superior cabin comfort has spurred the demand for automotive thermal systems in this region.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and strategy directors, and executives from various key organizations operating in this market.
• By Company Type: OEMs –50%, Tier 1 – 40% and Tier 2 – 10%
• By Designation: C Level - 40%, D Level- 35%, and Others – 25%
• By Region: Asia Pacific - 40%,Europe – 20%, North America – 30%
Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo (France), and BorgWarner Inc. (US) are the leading providers of automotive thermal systems in the global market.
The automotive thermal system market is segmented based on application (ICE) (engine cooling, front air conditioning, rear air conditioning, transmission system, heated/ventilated seats, heated steering, waste heat recovery vehicle), vehicle type (passenger car, LCV, truck, and bus), application (electric & hybrid vehicle) (battery thermal system, transmission system, engine cooling, front air conditioning, motor thermal system, power electronics, rear air conditioning, heated/ventilated seats, heated steering, and waste heat recovery), electric & hybrid vehicle type (BEV, HEV, PHEV, FCEV, and 48V mild hybrid), technology (active transmission warm up, exhaust gas recirculation, engine thermal mass reduction, reduced HVAC system loading, and other technologies), component (air filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, electric water pump, and electric motor), and region (Asia Pacific, Europe, North America, and the Rest of the World).
The study also includes an in-depth competitive analysis of the major automotive thermal system manufacturers in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall automotive thermal systems market and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the market’s pulse and provides them information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05402897/?utm_source=GNW
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