Pune, India, April 09, 2019 (GLOBE NEWSWIRE) -- According to Market Research Future (MRFR), the global automotive thermal management system market is estimated to grow at a compound annual growth rate of 4.50% over the forecast period of 2018 to 2023. Thermal management is a vital component of modern vehicle systems, used for monitoring and regulating the temperature of automotive constituents such as transmission, passenger cabin area, engine and HVAC components. The worldwide increase in the production of passenger cars is having a reciprocal effect on the global market for the automotive thermal management system.
Thermal management system performs essential automotive functions, such as reducing thermal load, waste heat recovery, and heat transfer, among others. Regulatory norms and global automotive standards have made thermal management systems a mandatory component. Furthermore, the installation of automotive thermal management system significantly enhances passenger comfort and powertrain performance and can be used in both, conventional and electric cars.
OEMs are utilizing the opportunities that have arisen from the increased stringency in emission regulation, the growing importance of fuel efficiency and the increasing popularity of electric vehicles. At the same time, the increasing focus on driver comfort is likely to reflect favorably on the market. Nonetheless, the high cost of thermal management system technology and strict government norms on the use of refrigerants are creating hurdles.
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Segmental Analysis
As per the segmentation analysis conducted by MRFR, the market has been segmented based on the system, technology, propulsion, vehicle type, and region.
Based on the system, the market has been segmented into heating, ventilation, and air conditioning (HVAC), powertrain cooling, fluid transport, and others. The HVAC segment was assessed for the largest share in 2017 and is expected to grow at 4.10% CAGR and exceed a market valuation of USD 23 billion. HVAC consists of an evaporator, compressor, condenser, receiver/drier, and expansion device. The increasing demand for the HVAC system is contributing to the growth of the market segment.
Based on technology, the market has been segmented into active transmission warmup, reduced HVAC system loading, exhaust gas recirculation (EGR), and other technologies. The dynamic transmission warmup segment accounts for the lion’s share of the market in terms of value. Also, the segment is estimated to reach a market valuation of more than USD 30.59 million through the end of the forecast period. Active transmission warmup operates waste heat from the vehicle to quickly warm the transmission fluid using a heat exchanger, improving the aggregate transmission effectiveness.
Based on propulsion, the Automotive Thermal Management System Market has been segmented into an electric vehicle and an internal combustion engine (ICE) vehicle. The ICE vehicle segment was accounted for approximately 92% share of the market in 2017. The segment is estimated to grow a CAGR of 4.29% over the forecast period. Meanwhile, the electric vehicle segment is likely to witness a moderately higher CAGR over 2023, which is primarily owing to the increased inclination towards the adoption of clean energy and improved operational capacity of EVs.
On the basis of vehicle type, the thermal management system market has been segmented into commercial vehicles and passenger vehicles. In 2017, the passenger vehicle segment was accounted for 79.9% with a market valuation of over USD 42 billion. The increase in demand for passenger vehicles and stringent regulation on emission standards are some of the factors influencing the growth of the segment.
APAC estimated to witness the highest growth over the forecast period
Based on the region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and RoW. The Asia Pacific is expected to continue to dominate the market for automotive thermal management systems over the forecast period. APAC countries such as China, Japan, South Korea, and India are garnering massive profit in automotive manufacturing, thus, significantly contributing to the automotive thermal management system market. China is assessed for the largest market share due to the substantial demand for passenger and commercial vehicles and the market in Japan is likely to witness the highest growth during the forecast period. Europe and North America are expected to hold their position as second and the third largest market for the automotive thermal management system.
Europe holds the second largest regional market share for automotive thermal management. High demand for the automotive thermal management system has been influenced by measures such as timelines for zero vehicle emission zones, in France and the UK. Also, extensive R&D activities in the automotive sector and significant automotive manufacturers expanding their maneuvers in Europe drive the market. The North American market follows behind the European market and is driven by factors similar to those of Europe.
Key Players
Key market players of the global automotive thermal management system are BorgWarner Inc., Robert Bosch GmbH, Dana Limited, Modine Manufacturing Company, VOSS Automotive Gmbh, MAHLE Gmbh, Denso Corporation, Gentherm, Valeo, and Hanon Systems.
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Industry Updates
March 2019 - Hanon Systems acquired Magna's fluid pressure and controls business for approximately $1.2 billion, that specialized in thermal and energy management solutions devised to enhance conventional and electrified powertrain efficiency. It included a series of mechanical and electronic pumps for automotive thermal and transmissions systems.
January 2019 – Modine Manufacturing Company announced consideration of strategic alternatives for the automotive business to become a more diversified industrial and thermal management company with higher margins, improved cash generation and lower capital intensity.
January 2019 - Lear and Gentherm launched a joint development partnership to accelerate the future of thermal seating solutions. Gentherm’s strategic collaboration with Lear was initiated to develop an automotive thermal management seating solution that optimized the integration of their respective technologies to offer superior passenger comfort.
December 2018 - Gentherm provided passenger thermal comfort solutions in Rinspeed's latest concept vehicle, and in collaboration, developed an innovative, personalized passenger thermal solution which offered passengers optimal comfort.
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Automotive Battery Thermal Management System Market Information by Technology (Air, Liquid, Phase Change Material, Thermo electrics), Propulsion (BEV, HEV, PHEV & FCV), Battery Capacity, Vehicle Type (Passenger & Commercial) and Region – Forecast to 2023. The automotive battery thermal management system market is estimated to grow at approximately 16% CAGR during the period 2017-2023.
Thermal Management Market, By Component (Hardware, Software) By Device (Conduction, Convection), By End-user (Aerospace and Defense, Automotive) - Forecast 2023. The global thermal management market is expected to reach approximately USD 15 billion by the end of 2023 with 7% CAGR during forecast period 2017-2023.
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According to Market Research Future (MRFR), the global automotive thermal management system market is estimated to grow at a compound annual growth rate of 4.50% over the forecast period of 2018 to 2023.