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The automotive thermal management system industry is dynamic and driven by many key factors. This industry is developing because to the increased demand for fuel-efficient, ecologically friendly cars. Since governments worldwide have tightened pollution laws, automakers are under pressure to create automobiles with better fuel efficiency and lower emissions. Advanced thermal management systems are being fitted in more cars to improve engine performance and energy efficiency.
The market is characterized by several factors, including car industry technological advances. Modern heat management systems are becoming increasingly important as vehicle designs and technology improve. These technologies improve the performance and longevity of modern cars and ensure that the engine temperature is properly monitored and managed. Car makers want to stay ahead by adding cutting-edge heat management systems.
Around the world, a big reason for the sales of temperature control devices is the move toward hybrid and electric cars. Electric cars and hybrid electric vehicles (HEVs) are becoming more popular because they are better for the environment and cost less to run. People who work in temperature control might like electric drivetrains. We need thermal control in this business to keep batteries cool and keep an eye on temps.
Environmental issues and regulations drive automotive temperature control system development. Many governments around the world have made pollution rules that automakers must follow. To do this, they must use cutting edge technology that makes cars use less gas and hurt the environment less. Regulations are met by heat management systems, which make fires better, reduce waste, and follow environmental laws. They watch out for people who break the law.
New heat management solutions have also been driven by the global desire to improve passenger safety and comfort. Consumers now choose cars with a comfortable and controlled cabin. Modern thermal management systems can keep the cabin at the right temperature, improving the driving experience and meeting customer demands for convenience and comfort.
Expenses and the difficulty of incorporating contemporary thermal management systems into vehicle builds may limit industrial application. These factors may increase system adoption. To continue growth in the vehicle thermal management system business, solutions must combine price, performance, and reliability.
Several variables affect the vehicle thermal management system market, reflecting its changing dynamics. Technological advances, demand for electric and hybrid automobiles, environmental concerns, passenger comfort, and energy economy affect the industry. Despite these hurdles, automakers will invest in thermal management system research to make their automobiles more fuel-efficient and ecologically friendly.
Covered Aspects:
| Report Attribute/Metric | Details |
|---|---|
| Market Size Value In 2022 | USD 45.52 billion |
| Growth Rate | 4.0% (2022-2030) |
Automotive Thermal Management System Market Highlights:
Automotive Thermal Management System Market Overview:
Automotive Thermal Management System Market Size was valued at USD 43.8 billion in 2021. The Automotive Thermal Management System market industry is projected to grow from USD 45.52 Billion in 2022 to USD 59.94 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 4.0% during the forecast period (2022 - 2030). The rising need for better ride quality and heat insulation for cabin comfort is greatly emphasized in the automotive industry, leading to a much higher demand for thermal management systems are the key market drivers enhancing the market growth.
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Thermal Management System Market Trends
Growing electrical and electronic components in vehicles to boost market growth
The ever-increasing number of electrical and electronic components inside vehicles also drives the need for better thermal management systems due to heat dissipation. Over the long term, as the automotive industry moves to electric mobility, thermal management systems for IC engines are expected to go completely obsolete. However, the increasing number of heavy-duty electrical components, such as heavy-duty batteries and high-current motors, is expected to continue keeping the high demand in these aspects. With increasing automation and powertrain electrification, the demand for electrical and electronic components exponentially increased, in both passenger cars and commercial vehicles, in the automotive industry.
Major original equipment manufacturers are focusing on the development of thermal management systems to offer the best possible travel range for their electric fleet. For instance,In December 2021, Volvo tested its new thermal management system that pre-heats a truck’s batteries using electrical components and electronic control units. The thermal system ensures the temperature is maintained under extreme weather conditions, thus increasing their demand to a large extent. Therefore, such medical condition has enhanced the Automotive Thermal Management System market CAGR across the globe in the recent years.
However, the increasing installation of advanced driver-assistance system in vehicles is another factor driving the growth of the Automotive Thermal Management System market revenue.
Automotive Thermal Management System Market Segment Insights:
Automotive Thermal Management System Component Insights
The global Automotive Thermal Management System market segmentation, based on Component, includes compressor, HVAC, powertrain cooling, and fluid transport. The compressor segment held the majority share in 2021 contribution to around ~45% in respect to the global Automotive Thermal Management System market revenue. The increased adoption of compressors in the A/C systems to absorb the heated air inside the cabin of the automobile is one of the major factors driving the growth of the market.
Automotive Thermal Management System Vehicle Type Insights
The global Automotive Thermal Management System market segmentation, based Vehicle Type, includes passenger vehicles and commercial vehicles. The passenger vehicles segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. The demand for the passenger segment is anticipated to be driven by the rising demand for alternative fuel vehicles in the segment as well as favourable government policies and subsidies. Hence, rising applications for Automotive Thermal Management System positively impacts the market growth.
Figure 2: Automotive Thermal Management System Market, by Vehicle Type, 2021 & 2030 (USD Million)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Automotive Thermal Management System Application Insights
The global Automotive Thermal Management System market data has been bifurcated by application into front & rear A/C, engine and transmission, seat, battery, motor, waste heat recovery, and power electronics. The waste heat recovery segment dominated the market in 2021 and is projected to be the faster-growing segment during the forecast period, 2022-2030. Factors such as increased sales of commercial vehicles and implementation of exhaust gas recirculation (EGR) and turbochargers as standard fitments and owing to the increased emission norms, waste heat recovery technology is implemented in gasoline vehicles, these are some of the major factors driving the growth of the market.
Automotive Thermal Management System Regional Insights
By Region, the study provides market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Automotive Thermal Management System market accounted for USD 18.7 billion in 2021 and is expected to exhibit a significant CAGR growth during the study period. The factors such as increased demand for commercial vehicles and increase government norms towards emissions are expected to drive the market growth. Europe is expected to account for a considerable share in the market and it is expected to grow rapidly over the forecast period the factors such as the presence of major market players in the market and increased adoption of luxury passenger vehicles are expected to drive the market growth.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: Automotive Thermal Management System Market Share By Region 2021 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe Automotive Thermal Management System market accounts for the second-largest market share. This is because there are reputable automotive manufacturers including Robert Bosch, VOSS Automotive and Valeo who are concentrating on creating cutting-edge thermal management technologies. Further, the Germany Automotive Thermal Management System market held the largest market share, and the UK Automotive Thermal Management System market was the fastest growing market in the European region.
The Asia-Pacific Automotive Thermal Management System Market is expected to grow at the fastest CAGR from 2022 to 2030. Factors such as increased sales of passenger vehicles, increase in per capita income, and several cost advantages due to low labour costs are expected to drive the market growth. Moreover, China Automotive Thermal Management System market held the largest market share, and the India Automotive Thermal Management System market was the fastest growing market in the Asia-Pacific region.
Automotive Thermal Management System Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the Automotive Thermal Management System market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the Automotive Thermal Management System industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the global Automotive Thermal Management System industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, Automotive Thermal Management System industry has provided medicine with some of the most significant benefits. The Automotive Thermal Management System market major player such Schaeffler Group, Matter, Denso Corp and others are working to expand the market demand by investing in research and development activities.
Matter is an innovation-intensive start-up creating futuristic electric vehicles platforms and energy storage solutions. In March 2022, the development of a new high-speed mid-torque electric motor was revealed by Matter, an Ahmedabad-based technological innovation start-up focusing on delivering futuristic sustainable solutions. The company says that Matter Drive 1.0 Motor is a new intelligent drive train that includes a variety of significant breakthroughs, such as the Integrated Intelligent Thermal Management System.
Also, DENSO Corporation is a global automotive components manufacturer headquartered in the city of Kariya, Aichi Prefecture, Japan. In November 2022, Denso Corp. launched a new LD9 electric zero emissions thermal management unit for buses and coaches at Bus & Coach Expo in Sydney, Australia.
List of the Key Companies in the Automotive Thermal Management System market includes
- Denso Corporation (Japan)
- Modine Manufacturing Company (US)
- MAHLE GmbH (Germany)
- Valeo (France)
- Gentherm (US)
- Hanon Systems (South Korea)
- DuPont (US)
- Continental AG (Germany)
- Renesas Electronics Corporation (Japan)
- Ymer Technology (Sweden)
- NORMA Group (Germany)
- BorgWarner Inc. (US)
- Robert Bosch GmbH (Germany)
- Dana Limited (US)
- VOSS Automotive GmbH (Germany) among others
Automotive Thermal Management System Industry Developments
October 2022: TotalEnergies and Valeo announce that they have signed an agreement to develop an innovative way of cooling electric vehicle batteries using a new, very high-performance dielectric1 fluid. Not only would this innovation improve the way electric vehicles are used, but it would also reduce their carbon footprint
April 2024 : Next week, the Beijing Auto Show will see the debut of the Chery Tansuo 06 C-DM. Tansuo, which translates as "Discovery" or "Explore" in English, is the production-ready version of the TJ-1 C-DM that was shown at the Shanghai Auto Show the previous year. A PHEV's combined range under the WLTC cycle is supposedly 1300 km, while its all-electric range is 120 km under the CLTC cycle. Its fuel consumption is 4.9 l/100 km.
The Kunpeng Super Hybrid C-DM system, which consists of an Acteco 1.5TGDI high-efficiency hybrid engine, continuously variable super hybrid DHT, and a hybrid intelligent electric management system, powers the Chery Tansuo 06 C-DM. The engine has a 44.5% thermal efficiency, employs the Miller cycle, and has fourth-generation intelligent thermal management. The engine produces torque of 220 Nm and power of 115 kW. There is currently no information available on the PHEV powertrain's electric components. All-electric, range extension, direct engine drive, parallel connection, and energy recovery are the system's five driving modes.
The vehicle is built on the Tansuo's internal combustion engine, and in contrast to earlier spy photos, it now has a waterfall grille. The brake light cluster at the rear reflects the interesting checkered pattern of the daytime running lights, which resemble a racing flag. The Chery Tansuo 06 C-DM has a floating roof design with concealed door handles from the side.
The 13.2-inch infotainment screen in the Chery Tansuo 06 C-DM dashboard houses Chery's vibrant AI assistant system. There includes a huge head-up display (HUD) and a smaller LCD instrument panel for the driver. The Qualcomm Snapdragon 8155 processor powers the cockpit. You may play games, view films, and participate in karaoke on the infotainment screen. The driver's seat now has a massaging feature in addition to position memory and heating and ventilation for the front seats.
Automotive Thermal Management System Market Segmentation:
Automotive Thermal Management System Component Outlook
- Compressor
- HVAC
- Powertrain
- Cooling
- Fluid Transport
Automotive Thermal Management System Vehicle Type Outlook
- Passenger vehicles
- Commercial vehicles
Automotive Thermal Management System Application Outlook
- Front & rear A/C
- Engine and Transmission
- SeatBattery
- Motor
- Waste heat recovery
Automotive Thermal Management System Regional Outlook
North America
- US
- Canada
Europe
- Germany
- France
- UK
- Italy
- Spain
- Rest of Europe
Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Australia
- Rest of Asia-Pacific
Rest of the World
-
Middle East
-
Africa
-
Latin America
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