Market Analysis
The Thermal management system market will touch USD 51,624.7 million at a 5.04% CAGR in the forecast period 2019- 2025, as per the new Market Research Future (MRFR) report. The automotive thermal management system is utilized in diverse applications which include ventilated and heated seats in the car, battery thermal system, and engine cooling. It helps to cut down the thermal load on the car and also helps to efficiently transfer heat.
Various factors are fuelling the global Thermal management system market share. According to the recent MRFR market estimates, such factors include growing demand for cars across the globe, major vehicle manufacturers boosting the integration of waste heat recovery system in the cars, rise in environmental concerns, growing need for electric vehicles, increasing integration of HVAC systems in mid segment passenger cars, growing demand for automotive heating and ventilation systems, and government initiatives to promote eco-friendly refrigerants to reduce pollution levels.
On the contrary, the impact of the COVID-19 pandemic may limit the market growth over the forecast period.
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Key Players
The prominent industry players in the 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.
Market Segmentation
The MRFR report throws light on an inclusive segmental analysis of the global Thermal management system market based on propulsion, vehicle type, application, technology, and component.
By component, the global Thermal management system market is segmented into power integrated circuits (ICs), connectors, converters, inverter, ECU, domain controller units, and power distribution box. Of these, the power distribution box will lead the market over the forecast period.
Based on technology, the global 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 will dominate the market over the forecast period.
By application, the global Thermal management system market is segmented into waste heat recovery, transmission cooling, engine cooling, and others. Of these, engine cooling will spearhead the market over the forecast period.
Based on vehicle type, the global Thermal management system market is segmented into commercial vehicles and passenger cars. Of these, passenger cars will have the lions share in the market over the forecast period.
Based on propulsion, the global Thermal management system market is segmented into electric vehicle and internal combustion engine (ICE). Of these, the ICE segment will command the largest share in the market over the forecast period.
Regional Analysis
Based on region, the Thermal management system market covers the recent trends and growth opportunity across Europe, the Asia Pacific (APAC), North America and the Rest of the World (RoW). Of these, North America will have the lions share in the market over the forecast period. Increasing investments on R&D to promote vehicle advanced technologies, presence of leading manufacturers, increased government support and backing, large potential consumer base, and demand for fuel efficiency in cars are adding to the global Thermal management system market growth in the region.
In Europe, the global Thermal management system market is predicted to have second-largest share over the forecast period. Introduction of regulatory laws for vehicle emissions, the UK and France announcing their timelines for vehicle zero emission zones, increased demand among OEMs for the development of advanced powertrain cooling technologies, Germany being the fastest growing automotive markets, higher engineering capabilities, the presence of a world-class research and development infrastructure, improving combustion engine’s performance, and increasing demand for engine downsizing are adding to the global Thermal management system market growth in the region.
In the APAC region, the global Thermal management system market is predicted to grow at a quick pace over the forecast period. The presence of some major players and a well-established infrastructure, increased consumption of commercial and passenger cars in China, massive increase in the production and sales of electric vehicles, growing demand for e-mobility, increasing purchasing power of consumers, and strict regulations regarding fuel economy with limited greenhouse emissions, are adding to the global Thermal management system market growth in the region.
In RoW, the global Thermal management system market is predicted to have sound growth over the forecast period.
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