Published Date: 31-May-2022
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According to a new report, published by KBV research, The Global Automotive Thermal System Market size is expected to reach $59.7 billion by 2028, rising at a market growth of 5.0% CAGR during the forecast period.
The Electric & Hybrid Vehicles segment has shown growth rate of 7.3% during (2022 - 2028). The energy required for climate control can restrict the range of an electric-drive vehicle (EDV) by up to 68 per cent in some situations. The lack of engine heat waste, along with the higher thermal management desire of an electric-drive system, makes balancing power needs and passenger comfort problematic in electric-drive vehicles. NREL research is looking into ways to increase thermal effectiveness and EDV spectrum while keeping thermal comfort. With enhanced heat management during climate control system operation, an initial target is to extend the EDV range by 10%. It would lessen range anxiety among drivers and, as a result, boost customer’s satisfaction with EDVs. By reducing driver thermal distraction, supporting thermal conditions may also increase safety.
The HVAC segment acquired maximum revenue share in the Global Automotive Thermal System Market by Application in 2021; thereby, achieving a market value of $22.6 billion by 2028. The growth of this segment is propelling due to the rising demand for improved HVACs that are both environmentally friendly and lightweight. HVAC equipment is cost-effective and can increase productivity of the vehicle. Additionally, as customers' comfort preferences expand, the requirement for heating, ventilation and air conditioning (HVAC) systems has increased. Customers' comfort needs are being met while important market participants manufacture goods that provide a variety of extra benefits. Hence, this factor is estimated to augment the growth of the automotive thermal market.
The Light Commercial Vehicles segment is showcasing a CAGR of 5.7% during (2022 - 2028). Thermal load reduction employs enhanced heat-pipe cooling systems, window glazing, and insulation, parked-car ventilation among other technologies and methods. Using methods and technologies such as zonal climate control and chilled, heated, and vented seats improve occupant thermal comfort. Intelligent heating, ventilation, and air conditioning (HVAC) devices that adapt to changing conditions to deliver the best possible fuel efficiency and comfort. Precooling or preheating the battery while the car is still plugged in, as well as thermal preconditioning to generate appropriate cabin temperatures.
The Asia Pacific market dominated the Global Automotive Thermal System Market by Region in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $21.0 billion by 2028. The Europe market is estimated to witness a CAGR of 4.4% during (2022 - 2028). Additionally, The North America market would exhibit a CAGR of 4.6% during (2022 - 2028).
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of BorgWarner, Inc., Robert Bosch GmbH, Continental AG, Denso Corporation, Dana Incorporated, Valeo SA, Hanon Systems, Mahle GmbH, Gentherm Incorporated, and Grayson Automotive Services Limited.
By Vehicle Type
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