DUBLIN, Jan. 19, 2024 /PRNewswire/ — The “Automotive Thermal System Market Report by Component (Compressor, HVAC, Powertrain Cooling, Fluid Transport), Vehicle Type (Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, and Others), and Region 2023-2028” report has been added to ResearchAndMarkets.com’s offering.
The global automotive thermal system market is on a significant upturn, with projections indicating a growth trajectory leading to a value of US$ 45.5 Billion by 2028, presenting a compound annual growth rate (CAGR) of 4.2% over 2022-2028.
A fresh market analysis report delves into the dynamics of this industry, spotlighting key drivers such as heightened fuel efficiency demands, progressive lightweight vehicle designs, and the automotive sector’s overall expansion.
At the forefront of this evolution is the growing enthusiasm for electric vehicles (EVs), which necessitate advanced thermal management systems to ensure reliable battery and powertrain performance. With EV adoption rates soaring, the industry is poised for transformative growth as market players adapt to the specific cooling and heat management needs of this burgeoning sector.
Insightful Market Segmentation
In a comprehensive breakdown by components, the report identifies the compressor segment as the current market dominator, highlighting the critical role it plays in vehicle climate management. The vehicle type analysis crowns passenger cars as the foremost segment, reflecting the voluminous presence of these vehicles and their sophisticated thermal management requirements for enhanced comfort and efficiency.
Regional Market Outlook
The Asia Pacific region claims the prominent spot in the automotive thermal system market, driven by robust manufacturing capabilities and an expanding consumer base with increased purchasing power. Market trends in this region are shaped by diverse climatic demands and an accelerated shift towards electric mobility, stimulating growth and fostering innovations tailored to the regional market nuances.
Competitive Landscape and Key Developments
The market is home to numerous key industry participants deeply invested in advancing thermal management technologies. Efforts in material optimization, energy-efficient systems, and systems catering to electric and hybrid vehicles dominate R&D agendas.
Highlighted in the report are recent innovations, such as robust two-phase immersion thermal management systems for EVs and new thermal management systems that enhance the driving range for electric buses and commercial vehicles. These developments underscore the sustained commitment of industry players to cater to the evolving market demands.
Market Report Aims to Answer Crucial Questions
The global automotive thermal system market report endeavors to furnish stakeholders with vital insights, such as the market size, anticipated growth rates, major driving forces, and detailed segmental analysis. Along with profiling key market players, the report attempts to distill the essence of the industry trends and offer a comprehensive geographical outlook.
With this data-rich research publication, industry players, investors, and participants gain access to pivotal trends and actionable insights, empowering informed decision-making and strategy formulation in the automotive thermal system space.
Technological Innovations Fuel Market Growth
With the automotive industry’s shift towards cleaner and more efficient vehicles, the role of automotive thermal systems in reducing emissions and improving fuel economy is more significant than ever. Innovations in materials, sensors, and electronics contribute to the enhanced precision and efficiency of thermal management systems.
Increased global electric vehicle adoption demands innovative thermal solutions to optimize battery performance and extend lifespan. This includes advanced battery cooling systems designed to handle the distinct thermal regulation needs of electric powertrains.
Companies Mentioned
Borgwarner Inc.
Continental Aktiengesellschaft
DENSO Corporation
General Motors Company
Gentherm Incorporated
Grayson Automotive Services Limited
Lennox International Inc.
MAHLE GmbH
Modine Manufacturing Company Inc.
Visteon Corporation
For more information about this report visit https://www.researchandmarkets.com/r/itihuh
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