Automotive Thermal Management System Market: By System (Heating, Ventilation and Air Condition (HVAC), Powertrain Cooling, Fluid Transport and others), By Technology (Active Transmission Warmup, Exhaust gas recirculation (EGR), Reduced HVAC System Loading and Other Technologies), By Propulsion [Internal Combustion Engine (ICE) Vehicle, and Electric Vehicle (Battery Electric Vehicle, Hybrid Electric Vehicle, and Plug-in Hybrid Electric Vehicle)], By Vehicle Type (Passenger Vehicle and Commercial Vehicle) and Region – Forecast till 2023
Some of the key players in the global automotive thermal management system market include Hanon Systems, BorgWarner Inc., Denso Corporation, MAHLE GmbH, VOSS Automotive GmbH, Gentherm, Robert Bosch GmbH, Modine Manufacturing Company, Dana Limited, and Valeo.
Read More On Global Automotive Thermal Management System Market: https://www.marketresearchfuture.com/reports/automotive-thermal-management-system-market-6063
Automotive thermal management system forms a vital part of the automobiles since assist in reducing vehicular emission. Automotive thermal management system are able to maintain desired temperature in the internal combustion engine and thus help in improving the fuel efficiency of vehicles. Stringent government regulations aimed at emission control is primarily driving the growth of the market. International automotive standards have mandated the installation of automotive thermal management systems in cars. The global automotive thermal management market is poised to capture a CAGR of 4.50% over the forecast period of 2018-2023, asserts Market Research Future (MRFR) in a detailed study.
The outlook remains positive for the global automotive thermal management system market for the medium term. Growth has been steady with minor fluctuations recorded past couple of years. The market is projected to capture a CAGR of 4.50% during the forecast period (2018-2023). OEMs remain cautious of the changes brought in by disruptive technologies in the automotive sector. The focus is shifting towards development of products that are future-ready. Moreover, increasing popularity of electric car is likely to create new avenues for market players in the years to come.
The global automotive thermal management system market has been segmented based on system, technology, propulsion, and vehicle type.
By system, the global automotive thermal power management system market has been segmented into heating, ventilation and air condition (HVAC), powertrain cooling, fluid transport, and others. The HVAC segment accounted for the largest share of the market in 2018 and is expected to maintain its dominance over the forecast period. The4 HVAC segment is poised to reach a valuation of USD 23 Bn at a CAGR of 4.10% by the end of the forecast period.
By technology, the global automotive thermal management system market has been segmented into active transmission warm-up, exhaust gas recirculation (EGR), reduced HVAC system loading, and other technologies. The active transmission warm-up segment currently accounts for the largest share of the market and is anticipated to reach a valuation of USD 30.59 Bn by the end of 2023.
By propulsion, the global automotive thermal management system market has been segmented into internal combustion engine (ICE) vehicle and electric vehicle. The electric vehicle segment has been further segmented into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle (PHEVs). The ICE segment accounted for almost 92% share of the market in 2017 and is anticipated to exhibit a CAGR of 4.29% over the forecast period. Meanwhile, the electric vehicle segment is likely to witness the highest CAGR over the forecast period.
By vehicle type, the global automotive thermal management system market has been segmented into passenger type and commercial vehicle. The passenger vehicle segment is leading the market and attained a valuation of over USD 42 Bn in 2017.
On the basis of region, the market has been segmented into North America, Europe, Asia Pacific (APAC) and RoW. Asia Pacific is expected to remain a highly attractive market for automotive thermal management systems in the forthcoming years. In 2017, the region accounted for more than one-third share of the market in terms of value. APAC countries such as Japan, South Korea, China, and India are gaining mileage in automotive manufacturing. China accounted for the largest market share due to the increased demand for passenger and commercial vehicles. In APAC, the market in Japan is expected to witness the highest growth during the forecast period. Europe and North America are expected to retain their position as second and the third largest market for automotive thermal management system.
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