PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1494583
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1494583
Automotive Thermal Management Market Assessment, By Vehicle Type, By Applications, By Region, Opportunities and Forecast, 2017-2031F
Global automotive thermal management market is anticipated to observe a CAGR of 5.05% during the forecast period 2024-2031, accelerating from USD 61.02 billion in 2023 to USD 90.5 billion in 2031. The growing demand for luxurious and full-size vehicles with high-performance cabin comfort and stringent regulations for carbon emissions are projected to drive the global automotive thermal systems market demand. In addition, the growing demand for autonomous and semi-autonomous vehicles and rapid technological advancements in automotive are propelling the growth of the global automotive thermal management market in the forecast period. The market players are investing in different research and development activities to improve the durability of automotive thermal systems and significantly integrate high-performance thermal systems into mid- and full-size SUVs and luxury vehicles to enhance efficiency, which results in rising demand for automotive thermal management systems. Therefore, the rise in sales of mid and full-size SUVs and luxury vehicles with high-performance features and advanced cabin comfort is projected to drive the global automotive thermal management market growth in the forecast period.
In addition, market players in the automotive thermal management market are putting stress on rising requirements for a better user experience and heat insulation for cabin comfort which further drives the market growth more significantly. Also, market players are adopting strategies for capturing the highest market share and expanding the product portfolio.
For instance, in January 2024, Bosch Rexroth AG announced a successful partnership with Modine Manufacturing Company to efficiently address the demand of end-users with the most productive machine possible and bring Modine EVantage thermal management systems to the Bosch Rexroth portfolio of eLION goods for electrified off-highway machinery across the globe.
High Demand for Connected and Luxurious Vehicles Pushes Market Growth
The growing integration of electronic and non-electronic components inside luxurious vehicles propels the demand for automotive thermal management systems globally due to heat overindulgence. Luxurious vehicles are equipped with comfort features, advanced features, and high safety measures such as airbags, heated and cooled comfortable seats, and others. The demand for luxurious vehicles is rising due to an increase in the disposable income of consumers, less CO2 emission, positive change in living standards, and rapid integration of advanced thermal systems into luxurious vehicles to fuel efficiency, which further results in a rising need for automotive thermal management systems. Therefore, the growing demand for connected and luxurious vehicles with high-performance safety features and comfort will drive the global automotive thermal management market growth in the forecast period. In addition, the market players are presenting innovative thermal management technologies in luxurious as well as buses of all sizes to lower CO2 and create greener mobility solutions to enhance cabin comfort.
For instance, in September 2023, Valeo Inc. presented its innovative thermal management technologies for different types of vehicles, including luxurious cars, buses, and others, to provide uncompromised thermal comfort, fleet-efficient solutions, and the highest level of safety with zero carbon emissions.
Advancement in the Automotive Thermal Management System Positively Impacts the Market
In the automotive industry, advancements in components, safety features, and electrical and electric components are essential for cabin comfort. The advancement in the electrical and non-electrical components inside the vehicles propels the demand for automotive thermal management systems due to the overindulgence of heat. In addition, the innovations in components have significantly grown due to rising powertrain electrification and automation in both commercial vehicles as well as passenger cars. In addition, vendors are adding smart and advanced thermal solutions to new energy vehicles and are ready to shift toward electric mobility. However, manufacturers offer smart automotive thermal management systems for automobiles to achieve the dual aims of advancing driver working conditions throughout the hot summer season and promoting fuel efficiency.
For instance, in September 2023, DENSO Corporation announced the launch of 'Everycool,' a vehicle thermal cooling system that provides energy efficiency, improves environmental impact, and provides comfort when a commercial vehicle's engine is off.
Government Compliance and Regulations Act as a Driver
The governments are setting up different regulations for road safety, vehicle safety, and stringent emission regulations. The government is also providing incentives and subsidies to buyers and sellers of electric vehicles to encourage the production and adoption of electric vehicles. Henceforth, manufacturers are investing in electric vehicles to improve engine efficiency because they are compelled by government regulations. As the vendors launch advanced electric vehicles in the market, they need to emphasize safety issues regarding electric engine batteries. The automotive thermal management system in electric vehicles is essential because it helps keep battery packs within the ideal temperature range to advance the engine's performance and battery lifespan. Therefore, the government's stringent rules and regulations are a key driver projected to support the growth of the global automotive thermal management system market.
For instance, in January 2024, the Indian government promoted the adoption of zero-emission vehicles, including electric vehicles, through initiatives and policies such as FAME II, the National Mission for Transformative Mobility and Storage, and the Phased Manufacturing Program (PMP).
Battery Thermal Management Dominates the Market Growth
The battery thermal management segment registers market growth due to the popularity of electric vehicles. Across developing nations, there is an increase in demand for electric vehicles due to rapid integration of ADAS and advanced safety features. Companies are constantly advancing battery-powered passenger cars that are cost-effective and durable. Automotive thermal systems for traction motors, power electronic modules, and batteries, coupled with additional weight, including cabin heating and other electric components, would become essential factors that support the driving range, vehicle lifespan, and increased performance. Therefore, an increase in battery electric vehicles and plug-in hybrid vehicles is anticipated to propel the automotive thermal management market in the forecast period. The manufacturers are investing in research and development activities for sustainable electromobility coupled with zero traffic fatalities within society.
For instance, in November 2023, DENSO Corporation announced an investment of USD 67 billion in research and development over the coming ten years to enable the rising shift towards electric-powered engines and battery thermal management solutions, coupled with its pursuit of zero emissions.
Asia-Pacific Registers the Largest Market Share
Asia-Pacific dominates the largest market revenue share due to the growing need for vehicles due to the increase in per capita income of the middle-class population, change in preferences of consumers, and rising trend of modifications. In emerging countries, the production and sales of vehicles are rising due to increasing government regulations and the growing prevalence of hybrid vehicles. It is projected that China has the largest market share for thermal systems because of rapid production and sales of vehicles and the presence of popular market players. In addition, an increase in the disposable income of consumers fosters the demand for mid- and full-size SUVs, which further results in an increase in the demand for automotive thermal management systems in the APAC region. The companies in the APAC region are collaborating to enhance their product portfolio and expand across the different regions.
For instance, in May 2022, Modine Manufacturing Company, a leading designer and manufacturer of thermal management solutions in APAC automotive thermal management systems, announced the launch of a new thermal management system product line designed for commercial electric vehicles. This system will offer customers full control of battery temperature in all environments.
Future Market Scenario (2024-2031F)
Rapid trend of automobile modifications is projected to propel the global automotive thermal management market growth in the forecast period.
The rise in petrol and diesel prices and increasing sales of electric vehicles in emerging countries will further accelerate the global automotive thermal management market.
Integration of advanced safety features and smart thermal management solutions into vehicles pushes the demand for automotive thermal management shortly.
Companies are working to expand their product portfolio, driving the growth of the global market in the forecast period.
Key Players Landscape and Outlook
Key participants in the automotive thermal management market include DENSO Corporation, Gentherm Incorporated, Hanon Climate Systems India Pvt. Ltd., and BorgWarner Inc. Key companies are investing in different research and development activities to increase their product portfolio, which further results in accelerating the growth of automotive thermal management system. Companies are also adopting strategic steps to expand their footprint globally, by launching new products, increasing investments, collaborating, and announcing partnerships with other market players, and contractual agreements.
In January 2023, Grayson Thermal Systems launched a vehicle thermal management system to optimize the driving range for electric buses, off-highway applications, and commercial vehicles.
In December 2023, Valeo announced a collaboration with FUCHS to develop thermal management solutions for battery energy storage and strengthen the leading positions of both companies in the thermal management field.
Table of Contents
1. Research Methodology
2. Project Scope and Definitions
3. Executive Summary
4. Voice of Customer
- 4.1. Product and Market Intelligence
- 4.2. Mode of Brand Awareness
- 4.3. Factors Considered in Purchase Decisions
- 4.3.1. Features and Other Value-Added Service
- 4.3.2. Product Compatibility
- 4.3.3. Efficiency of Solutions
- 4.3.4. Aftermarket Support
- 4.4. Consideration of Privacy and Safety Regulations
5. Global Automotive Thermal Management Market Outlook, 2017-2031F
- 5.1. Market Size & Forecast
- 5.1.1. By Value
- 5.2. By Vehicle Type
- 5.2.1. Passenger Vehicles
- 5.2.2. Commercial Vehicles
- 5.3. By Application
- 5.3.1. Engine Cooling
- 5.3.2. Transmission Thermal Management
- 5.3.3. Cabin Thermal Management
- 5.3.4. Exhaust Gas Recirculation Thermal Management
- 5.3.5. Motor and Power Electronics Thermal Management
- 5.3.6. Battery Thermal Management
- 5.4. By Region
- 5.4.1. North America
- 5.4.2. Europe
- 5.4.3. Asia-Pacific
- 5.4.4. South America
- 5.4.5. Middle East and Africa
- 5.5. By Company Market Share (%), 2023
6. Global Automotive Thermal Management Market Outlook, By Region, 2017-2031F
- 6.1. North America*
- 6.1.1. Market Size & Forecast
- 6.1.1.1. By Value
- 6.1.2. By Vehicle Type
- 6.1.2.1. Passenger Vehicles
- 6.1.2.2. Commercial Vehicles
- 6.1.3. By Application
- 6.1.3.1. Engine Cooling
- 6.1.3.2. Transmission Thermal Management
- 6.1.3.3. Cabin Thermal Management
- 6.1.3.4. Exhaust Gas Recirculation Thermal Management
- 6.1.3.5. Motor and Power Electronics Thermal Management
- 6.1.3.6. Battery Thermal Management
- 6.1.4. United States*
- 6.1.4.1. Market Size & Forecast
- 6.1.4.1.1. By Value
- 6.1.4.2. By Vehicle Type
- 6.1.4.2.1. Passenger Vehicles
- 6.1.4.2.2. Commercial Vehicles
- 6.1.4.3. By Application
- 6.1.4.3.1. Engine Cooling
- 6.1.4.3.2. Transmission Thermal Management
- 6.1.4.3.3. Cabin Thermal Management
- 6.1.4.3.4. Exhaust Gas Recirculation Thermal Management
- 6.1.4.3.5. Motor and Power Electronic Thermal Management
- 6.1.4.3.6. Battery Thermal Management
- 6.1.4.1. Market Size & Forecast
- 6.1.5. Canada
- 6.1.6. Mexico
- 6.1.1. Market Size & Forecast
All segments will be provided for all regions and countries covered
- 6.2. Europe
- 6.2.1. Germany
- 6.2.2. France
- 6.2.3. Italy
- 6.2.4. United Kingdom
- 6.2.5. Russia
- 6.2.6. Netherlands
- 6.2.7. Spain
- 6.2.8. Turkey
- 6.2.9. Poland
- 6.3. Asia-Pacific
- 6.3.1. India
- 6.3.2. China
- 6.3.3. Japan
- 6.3.4. Australia
- 6.3.5. Vietnam
- 6.3.6. South Korea
- 6.3.7. Indonesia
- 6.3.8. Philippines
- 6.4. South America
- 6.4.1. Brazil
- 6.4.2. Argentina
- 6.5. Middle East and Africa
- 6.5.1. Saudi Arabia
- 6.5.2. UAE
- 6.5.3. South Africa
7. Market Mapping, 2023
- 7.1. By Vehicle Type
- 7.2. By Application
- 7.3. By Region
8. Macro Environment and Industry Structure
- 8.1. Demand Supply Analysis
- 8.2. Import Export Analysis
- 8.3. Value Chain Analysis
- 8.4. PESTEL Analysis
- 8.4.1. Political Factors
- 8.4.2. Economic System
- 8.4.3. Social Implications
- 8.4.4. Technological Advancements
- 8.4.5. Environmental Impacts
- 8.4.6. Legal Compliances and Regulatory Policies (Statutory Bodies Included)
- 8.5. Porter's Five Forces Analysis
- 8.5.1. Supplier Power
- 8.5.2. Buyer Power
- 8.5.3. Substitution Threat
- 8.5.4. Threat From New Entrant
- 8.5.5. Competitive Rivalry
9. Market Dynamics
- 9.1. Growth Drivers
- 9.2. Growth Inhibitors (Challenges and Restraints)
10. Key Players Landscape
- 10.1. Competition Matrix of Top Five Market Leaders
- 10.2. Market Revenue Analysis of Top Five Market Leaders (By Value, 2023)
- 10.3. Mergers and Acquisitions/Joint Ventures (If Applicable)
- 10.4. SWOT Analysis (For Five Market Players)
- 10.5. Patent Analysis (If Applicable)
11. Pricing Analysis
12. Case Studies
13. Key Players Outlook
- 13.1. Valeo SA
- 13.1.1. Company Details
- 13.1.2. Key Management Personnel
- 13.1.3. Products and Services
- 13.1.4. Financials (As Reported)
- 13.1.5. Key Market Focus and Geographical Presence
- 13.1.6. Recent Developments
- 13.2. Dana Incorporated
- 13.3. Mahle GmbH
- 13.4. Robert Bosch GmbH
- 13.5. DENSO Corporation
- 13.6. Gentherm Incorporated
- 13.7. Hanon Climate Systems India Pvt. Ltd.
- 13.8. BorgWarner Inc.
- 13.9. Continental AG
- 13.10. Modine Manufacturing Company
- 13.11. Schaeffler Group AG & Co. KG.
- 13.12. Marelli Holdings Co., Ltd.
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work.
14. Strategic Recommendations
15. About Us & Disclaimer
List of Tables
- Table 1. Pricing Analysis of Products from Key Players
- Table 2. Competition Matrix of Top 5 Market Leaders
- Table 3. Mergers & Acquisitions/ Joint Ventures (If Applicable)
- Table 4. About Us - Regions and Countries Where We Have Executed Client Projects
List of Figures
- Figure 1. Global Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 2. Global Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 3. Global Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 4. Global Automotive Thermal Management Market Share (%), By Region, 2017-2031F
- Figure 5. North America Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 6. North America Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 7. North America Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 8. North America Automotive Thermal Management Market Share (%), By Country, 2017-2031F
- Figure 9. United States Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 10. United States Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 11. United States Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 12. Canada Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 13. Canada Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 14. Canada Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 15. Mexico Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 16. Mexico Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 17. Mexico Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 18. Europe Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 19. Europe Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 20. Europe Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 21. Europe Automotive Thermal Management Market Share (%), By Country, 2017-2031F
- Figure 22. Germany Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 23. Germany Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 24. Germany Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 25. France Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 26. France Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 27. France Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 28. Italy Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 29. Italy Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 30. Italy Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 31. United Kingdom Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 32. United Kingdom Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 33. United Kingdom Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 34. Russia Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 35. Russia Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 36. Russia Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 37. Netherlands Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 38. Netherlands Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 39. Netherlands Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 40. Spain Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 41. Spain Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 42. Spain Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 43. Turkey Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 44. Turkey Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 45. Turkey Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 46. Poland Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 47. Poland Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 48. Poland Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 49. South America Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 50. South America Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 51. South America Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 52. South America Automotive Thermal Management Market Share (%), By Country, 2017-2031F
- Figure 53. Brazil Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 54. Brazil Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 55. Brazil Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 56. Argentina Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 57. Argentina Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 58. Argentina Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 59. Asia-Pacific Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 60. Asia-Pacific Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 61. Asia-Pacific Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 62. Asia-Pacific Automotive Thermal Management Market Share (%), By Country, 2017-2031F
- Figure 63. India Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 64. India Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 65. India Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 66. China Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 67. China Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 68. China Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 69. Japan Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 70. Japan Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 71. Japan Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 72. Australia Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 73. Australia Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 74. Australia Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 75. Vietnam Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 76. Vietnam Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 77. Vietnam Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 78. South Korea Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 79. South Korea Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 80. South Korea Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 81. Indonesia Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 82. Indonesia Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 83. Indonesia Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 84. Philippines Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 85. Philippines Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 86. Philippines Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 87. Middle East & Africa Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 88. Middle East & Africa Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 89. Middle East & Africa Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 90. Middle East & Africa Automotive Thermal Management Market Share (%), By Country, 2017-2031F
- Figure 91. Saudi Arabia Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 92. Saudi Arabia Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 93. Saudi Arabia Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 94. UAE Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 95. UAE Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 96. UAE Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 97. South Africa Automotive Thermal Management Market, By Value, In USD Billion, 2017-2031F
- Figure 98. South Africa Automotive Thermal Management Market Share (%), By Vehicle Type, 2017-2031F
- Figure 99. South Africa Automotive Thermal Management Market Share (%), By Applications, 2017-2031F
- Figure 100. By Vehicle Type Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 101. By Applications Map-Market Size (USD Billion) & Growth Rate (%), 2023
- Figure 102. By Region Map-Market Size (USD Billion) & Growth Rate (%), 2023
