Automotive Thermal Management System Market Overview:
The Automotive Thermal Management System Market is expected to be valued at USD 51,624.7 Million by 2025, with a CAGR of 5.04% during the forecast period (2019–2025).
The report covers segmentations and drivers for a better glimpse of the market in the coming years. Thermal management is used in vehicles to monitor and regulate the temperature of the various systems such as transmission, engine, and others. The primary functions of the automotive thermal management system are heat transfer, reduction in thermal loads, and waste heat recovery.
Get Sample Report Here @ https://www.marketresearchfuture.com/sample_request/6063
Some of the Key Industry Participants of the Global Automotive Thermal Management System Market are BorgWarner Inc. (US), Dana Limited (US), Robert Bosch GmbH (Germany), VOSS Automotive GmbH (Germany), 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), and NORMA Group (Germany).
BorgWarner focuses on creating opportunities for users to experience innovation in products and increasing its brand recall. It aims at product innovation and sustainable cost-efficient operations. BorgWarner invests heavily in product innovation to provide new solutions for customers. The company is also focused on making vehicles more fuel-efficient. The company primarily focuses on the expansion of thermal management technologies and optimizing vehicle fuel efficiency, reducing emissions, and enhancing performance. It plans to innovate new engine timing systems, ignition systems, and thermal management systems.
Robert Bosch believes in investing in product development to extend its product line. In the mobility solutions segment, the company competes with a few large automotive players. The company focuses on improving the overall performance by spending on developing new solutions. The Bosch Group’s strong relationships with several large companies enable it to accelerate growth by delivering a value proposition aligned with its needs.
The global market for automotive thermal management system is segmented based on component, technology, vehicle type, propulsion and application. On the basis of component, the power distribution box segment is expected to dominate the global market. The power distribution box enclosure contains an assembled circuit-breaker panel board and offers a cost-effective and convenient way to protect against temperature fluctuations. Power distribution boxes are equipped with ground-fault circuit breakers with or without alarm contacts and allow the system to automatically operate in conjunction with an ambient-sensing thermostat, individual electronic, or duty cycle controller.
By technology, the engine thermal mass reduction segment is expected to dominate the market. Engine thermal mass stands for mass of a building which enables it to store heat, providing inertia force against temperature fluctuations in engine. Automotive thermal management system reduces the thermal mass building in the engine assembly to improve the heat losses and decrease the thermal stress generated in the vehicle engine which further increases the vehicle efficiency and improves the vehicles performance.
On the basis of application, the engine cooling segment is expected to dominate the market. The thermal management system keeps the engine cool and maintains its temperature warm enough to ensure efficient, clean operation. The engine cooling application uses numerous components such as a fan or fans to ensure adequate airflow for radiator cooling, radiator to dissipate heat, a thermostat valve that opens when the desired operating temperature is reached, a water pump (or coolant pump) to circulate coolant through the engine, and hoses and other components.
By vehicle type, the passenger car segment dominates the market. Passenger car are used to carry passengers rather than goods. Rise in demand for passenger cars due to the increased population, rising purchasing power and stringent government regulations regarding the vehicle emission level are expected to enhance the automotive thermal management system market share for the passenger car segment.
By propulsion, the ICE vehicle primarily uses the gasoline or diesel, as a fuel along with the renewable or alternative fuels (e.g., natural gas, propane, biodiesel, or ethanol). In IC engine vehicles, the ignition and combustion of the fuel occurs within the engine itself then the engine partially converts the energy from the combustion to mechanical work as the expanding combustion gases push the piston that rotates the crankshaft.
Geographic analysis of the global automotive thermal management system market trend spans across North America, Europe, Asia-Pacific (APAC), and Rest of the World.
In 2018, Asia-Pacific dominated with a value of USD 13,957.9 Million. The regional market value is expected to reach USD 20,867.2 Million by 2025 with an impressive 6.01% CAGR during the forecast period.
Asia-Pacific is one of the prominent markets in the global automotive thermal management system market. The existing infrastructure and major players in this region provide the market in Asia-Pacific with various opportunities for significant automotive thermal management system market growth in the forecast period. The Asia-Pacific is a key market for automotive components due to the countries of China, Japan, India, and South Korea. In Asia-Pacific, China accounted for the largest market share due to the increased consumption of passenger and commercial vehicles. The massive increase in the production of electric vehicles will result in extensive installation of thermal management systems in electric vehicles. Increased sales of electric vehicles will require high-end technology to be installed in the vehicles. Growing demand for e-mobility, purchasing power of consumers and stringent regulation regarding the fuel economy with limited greenhouse emissions will drive the growth for automotive thermal management system. China accounted for the largest market share of 38.45% in 2018, with a market value of USD 5,366.8 million; the market is expected to register a CAGR of 6.17% during the forecast period. Japan was the second-largest market in 2018, valued at USD 3,382.0 million; the market is projected to exhibit a CAGR of 5.57%. However, the market in South Korea is expected to register the highest CAGR of 7.35%. Japan is expected to witness the highest growth during the forecast period owing to the presence of leading automotive thermal management system manufacturers such as Denso Corporation.
In 2018, Europe held the second largest market share in the automotive thermal management system market. The European Union revealed regulatory laws for vehicle emissions. Moreover, France and the UK have already announced their timelines for vehicle zero emission zones, which increase the demand for thermal management system in the vehicle. The newly designed thermal management system improves fuel efficiency by optimizing the output from HVAC, powertrain cooling, and fluid transport. This increased demand among OEMs for the development of advanced powertrain cooling technologies will result in the growth of the automotive thermal management system in future. Germany is recognized as the world fastest growing automotive markets and engineering capabilities. The German car manufacturers are highly dependent on the value of innovation, reliability, safety, and design. The world-class RD infrastructure enables the country to develop cutting-edge technologies and systems, which meets the demand of mobility in future. Increase in demand for engine downsizing and improving combustion engine’s performance is expected to increase the demand for thermal management system for the vehicles.
The market North America is one of the significant markets for global automotive thermal management system owing to increased spending on research and development to promote the vehicle advanced technologies and increased presence of major manufacturers will increase the revenue for the thermal management systems during the forecast period. The market in North America is growing due to factors such as increased government backing and support, investment in research development, large potential consumer base, and demand for fuel efficiency in the vehicles, contribute in the thermal management systems sales. Such factors are expected to lead to the growth of the automotive thermal management system market in North America during the forecast period.
Latest Version of Report Available Now @ https://www.marketresearchfuture.com/reports/automotive-thermal-management-system-market-6063
About Market Research Future:
Market Research Future (MRFR) is a global market research firm that takes great pleasure in its services, providing a detailed and reliable study of diverse industries and consumers worldwide. MRFR's methodology integrates proprietary information with different data sources to provide the client with a comprehensive understanding of the current key trends, upcoming events, and the steps to be taken based on those aspects.
Our rapidly expanding market research company is assisted by a competent team of research analysts who provide useful analytics and data on technological and economic developments. Our deemed analysts make industrial visits and collect valuable information from influential market players. Our main goal is to keep our clients informed of new opportunities and challenges in various markets. We offer step-by-step assistance to our valued clients through strategic and consulting services to reach managerial and actionable decisions.
Market Research Future
Office No. 524/528, Amanora Chambers
Magarpatta Road, Hadapsar
Pune - 411028
+1 646 845 9312