Global Automotive Thermal Management System Market was valued US$ XX Mn. in 2019 and is expected to grow US$ XX Mn. by 2027, at a CAGR of 6.5% during the forecast period.
Global Automotive Thermal Management System Market
The report study has analyzed revenue impact of COVID-19 pandemic on the sales revenue of market leaders, market followers and market disrupters in the report and same is reflected in our analysis.
Market Overview:
Thermal management is the process of controlling the heat and temperature over technology. The thermal management system is used in vehicles to monitor and regulate the temperature of several systems, like engine, transmission, passenger cabin area, and HVAC components. The main functions of the automotive thermal management system are heat transfer, reduction in thermal loads, and waste heat recovery.
The concentration of automotive manufacturers towards differentiating their products from their competitors’ will also demand the need for the automotive thermal management system. The key players in the global automotive thermal management system market, such as Denso Corporation, Modine Manufacturing Company, MAHLE GmbH, Valeo, Gentherm, and other fifteen players are profiled in the report.
Market Dynamics:
Thermal management systems are integral to control the climate of the cabin and seats to improve passenger comfort. Along with improving passenger comfort, the implementation of thermal management systems will also improve automobile safety. Automotive electronics manufacturers are progressively focusing on capable cooling as a battery cooling system as devices in the ignition system can heat up and generate high thermal intensity very quickly. LED devices feature a thermal intensity of up to 600 W per square cm, due to their small size. This makes it hard for automotive manufactures to control since an increase in the working temperature considerably decreases the working life. Factors, like high strictness in emission regulation, fuel efficiency, energy storage systems, growing consumption of rechargeable batteries in consumer electronics, together with technical advancements, and rising sales of electric vehicles driving the growth of the global automotive thermal management system market. For example, in 2019, electric vehicle sales have reached approximately 2.2% of the global electric vehicle market as a slew of new models hit the road.
On the other hand, the high cost of thermal management system technology and severe government norms on the use of refrigerants could restrain the growth of the global automotive thermal management system market during the forecast period.
Market Trends:
In vehicles, the battery thermal management system is primarily used for managing and controlling the cell’s temperature in a battery pack. Safe and optimum use of the energy stored is highly vital in a vehicle battery pack, because of the growing electrification in vehicles. Also, features like start-stop, electric power steering, and electric braking systems have increased the power load on the battery. So, prioritizing all these electrical loads on a scale from comfort to safety level has been a major issue in the vehicle electric system. Therefore, the intelligent battery management system (IBMS) has been gaining attention among the automakers, which helped its adoption across the world.
Market Segmentation:
According to the component, the power distribution box segment is expected to hold the largest market share of the global automotive thermal management system market by 2027. The power distribution box enclosure holds an assembled circuit-breaker panel board and offers a cost-effective and suitable way to protect against temperature fluctuations.
Based on the vehicle type, the passenger car segment is expected to hold the highest CAGR of the global automotive thermal management system market by 2027. An increase in demand for passenger cars, because of the increased population, increasing purchasing power, and stringent government regulations about the vehicle emission level are expected to improve the market share for the passenger car segment.
Global Automotive Thermal Management System Market1
Region-wise, Asia-Pacific is expected to hold the largest market share of the market for the automotive thermal management system by 2027. China holds a significant market share for the thermal management system, on account of the constant increase in the automotive component industry in the country and a huge increase in sales of ICE vehicles and electric vehicles. Also, the easy availability of skilled labor and the low cost of establishing manufacturing plants in China have resulted in rapid industrialization and numerous global companies shifting their plants to the country. The demand for automobiles by the growing population is expected to drive the market in China in the future.
Recent Development:
Mar 2019, Hanon Systems acquired Magna's fluid pressure and controls business for nearly $1.2 billion, that specialized in thermal and energy management solutions devised to improve conventional and electrified powertrain efficiency. It included a series of mechanical and electronic pumps for automotive thermal and transmissions systems.
Jan 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.
Jan 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.
Dec 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.
The objective of the report is to present a comprehensive analysis of the Global Automotive Thermal Management System Market including all the stakeholders of the industry. The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that includes market leaders, followers and new entrants. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.
The report also helps in understanding Global Automotive Thermal Management System Market dynamics, structure by analyzing the market segments and project the Global Automotive Thermal Management System Market size. Clear representation of competitive analysis of key players by application, price, financial position, Product portfolio, growth strategies, and regional presence in the Global Automotive Thermal Management System Market make the report investor’s guide.
Scope of the Global Automotive Thermal Management System Market
Global Automotive Thermal Management System Market, By Component
• Power Distribution Box
• Domain Controller Units
• ECU
• Inverter
• Converters
• Connectors
• Power Integrated Circuits (ICs)
Global Automotive Thermal Management System Market, By Technology
• Active Transmission Warmup
• Engine Thermal Mass Reduction
• Exhaust Gas Recirculation
• Others
Global Automotive Thermal Management System Market, By Application
• Engine Cooling
• Transmission Cooling
• Waste Heat Recovery
• Others
Global Automotive Thermal Management System Market, By Vehicle Type
• Passenger Cars
• Commercial Vehicles
Global Automotive Thermal Management System Market, By Propulsion
• Internal Combustion Engine (ICE) Vehicle
• Electric Vehicle
Global Automotive Thermal Management System Market, By Region
• North America
• Europe
• Asia Pacific
• Middle East & Africa
• South America
Key players operating in the Global Automotive Thermal Management System Market
• Denso Corporation
• Modine Manufacturing Company
• MAHLE GmbH
• Valeo
• Gentherm
• Hanon Systems
• DuPont
• Continental AG
• Renesas Electronics Corporation
• Ymer Technology
• NORMA Group
• BorgWarner Inc.
• Robert Bosch GmbH
• Dana Limited
• VOSS Automotive GmbH
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