The Europe Automotive Thermal System Market would witness market growth of 4.4% CAGR during the forecast period (2022-2028).
It provides the maximum possible travel range for its electric fleet, due to which, major original equipment manufacturers are focusing on the development of heat management systems. Additionally, the thermal process also ensures that the temperature is preserved even in the harshest weather conditions, resulting in a significant increase in the demand. With the growth of vehicle electrification, auto parts suppliers are majorly increasing their efforts to strengthen their position in the thermal energy management industry.
Increasing demand for fancy vehicles with enhanced amenities and comfort, the imposition of stringent pollution guidelines, and the incorporation of smart thermal management technologies into vehicles are all key factors accelerating the demand for the automotive thermal systems all over the world. The surge in demand for electric vehicles, the introduction of lightweight heating, airflow, and air conditioning (HVAC) remedies and eco-friendly coolants, and advanced technologies are expected to create lucrative prospects for market players in the automotive thermal system market.
A battery heat management system is required for vehicles that use an all-electric or hybrid powertrain. For optimal charge storage and utilization efficiency, the battery was kept at a specified temperature. As a result, the regional market for automotive thermal management would be driven by a growth in the number of battery electric vehicles or plug-in hybrid vehicles in this region. New electric vehicle registrations increased to 1.4 million, representing a 10% of the market share. Germany recorded 395 000 new electric cars in the major market, whereas France registered 185 000. Registrations in the United Kingdom more than doubled, reaching 176 000. In Norway, electric automobiles have a record high sales share of 75%, a rise of almost one-third from 2019. Electric vehicle sales exceeded 30% in Sweden, 50% in Iceland, and 25% in the Netherlands. Despite the economic downturn, Europe has seen a boom in electric vehicle registrations.
The Germany market dominated the Europe Automotive Thermal System Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $3,891.5 Million by 2028. The UK market is poised to grow at a CAGR of 3.6% during (2022 - 2028). Additionally, The France market would exhibit a CAGR of 5.2% during (2022 - 2028).
Based on Propulsion, the market is segmented into ICE Vehicles and Electric & Hybrid Vehicles. Based on Application, the market is segmented into HVAC, Powertrain Cooling, Fluid Transport, and Others. Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Based on countries, the market is segmented into Germany, UK, France, Russia, Spain, Italy, and Rest of Europe.
Free Valuable Insights: The Global Automotive Thermal System Market Size will Hit $59.7 Billion by 2028, at a CAGR of 5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BorgWarner, Inc., Robert Bosch GmbH, Continental AG, Denso Corporation, Dana Incorporated, Valeo SA, Hanon Systems, Mahle GmbH, Gentherm Incorporated, and Grayson Automotive Services Limited.
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