Automotive Thermal Management System Market: 2019 Global Industry Size, Share, Trends, Growth

Automotive Thermal Management System Market to Grow at 4.50% CAGR. APAC Holds the Primary Share for Automotive Thermal Management System Market. Automotive thermal management system represents a substantial aspect of the automobiles by reducing the amount of vehicular emission. Automotive thermal management systems can maintain the desired temperature within the combustion engine. It helps in enhancing the fuel efficacy of the vehicles. Strict government norms directed towards emission control is majorly propelling the market development.

The worldwide thermal management market is predicted to capture a CAGR of 4.50% over the forecast period from 2018 to 2023, states Market Research Future (MRFR) in a comprehensive report. Surged production of passenger vehicles plays a key role in spurring the market expansion of the global automotive thermal management system. Thermal management systems installation reduces heat transfer, reduces thermal load, waste heat recovery, and augments passenger comfort. Rising focus on fuel efficiency, high sales of electric vehicles, and driver comfort, are other attributes contributing to the growth of the market. Nonetheless, the development of the global automotive thermal management system market might be restricted by the increasing costs linked with automotive thermal management system coupled with stringent regulations associated with the application of refrigerants.

Market Segmentation

The global automotive thermal management system market is segmented based on technology, system, vehicle type, and propulsion. Based on technology, the worldwide automotive thermal management system market is classified into exhaust gas recirculation (EGR), active transmission warm-up, reduced HVAC system loading, and other technologies. Under technology segment, active transmission warm-up category is presently holding the largest market share and is expected to attain a worth of USD 30.59 bn by the conclusion of 2023. Based on system, the global automotive thermal power management system market is segmented into fluid transport, powertrain cooling, heating, ventilation and air condition (HVAC), and others. The HVAC category held the primary market share during 2018 and is likely to retain its dominance during the review period. The HVAC category is likely to attain an estimated worth of USD 23 bn at 4.10% CAGR by the conclusion of the forecast period. According to vehicle type, the worldwide automotive thermal management system market is classified into commercial vehicle and passenger type. The passenger vehicle segment is dominating the global market and attained a turnover of more than USD 42 bn during 2017. Based on propulsion, the global automotive thermal management system market is segmented into electric vehicle and internal combustion engine (ICE) vehicle. The electric vehicle segment is further segmented into hybrid electric vehicle, plug-in hybrid electric vehicle (PHEVs), and battery electric vehicle. The ICE segment held almost 92% market share during 2017 and is expected to portray 4.29% CAGR throughout the estimation period.

Regional Analysis

The report presented by MRFR assessed the regional automotive thermal management market and has divided it into Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). Asia Pacific is the primary market for automotive thermal management system. The Asia Pacific market is anticipated to remain lucrative during the estimation period. APAC market represented nearly one-third market share during 2017. The thriving automotive sector in APAC also influences the demand for automotive thermal management system positively. Besides, the spurring sales of both commercial cars and passenger cars collectively with the expanding disposable income, especially in economies such as South Korea, China, Japan, and India, inspire the growth of the market. The existence of prominent manufacturers of automotive thermal management systems also assist in spurring the market growth.

Key Players

Automotive thermal management system market is dominated by eminent players such as BorgWarner Inc., Hanon Systems, MAHLE GmbH, Denso Corporation, Gentherm, VOSS Automotive GmbH, Modine Manufacturing Company, Robert Bosch GmbH, Valeo, and Dana Limited.

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