The automotive thermal system market is projected to witness significant growth over the forecast period. This surge in demand can be attributed to several factors such as stringent pollution guideline and emission norms along with increasing global warming.
Automotive thermal system manages the temperature of prime vehicle components through reduced temperature component fluctuations and alternative engine block monitoring temperatures. They offer fuel economy along with enhanced vehicular comfort which is projected to positively impact market growth.
Increase in demand for automotive heating and ventilation systems is expected to drive the automotive thermal system industry over the next six years. Automotive heating and cooling systems require sensors which detect the cabin and engine temperatures. Further, growing usage of eco-friendly refrigerants along with electrification of automobiles is projected to accelerate market growth.
Rising demand for thermal systems which run on alternative fuels including liquid hydrogen, propane, bio-alcohols, ethanol and P-Series fuels is expected to accentuate market growth. Growing demand for luxury cars along with demand for air conditioning in commercial vehicles is expected to elevate the automotive thermal system market.
The quantum shift towards smart solutions is expected to offer prominent opportunities for market growth. Adoption of green initiatives by various countries to minimize losses and promote effective and clean distribution of energy is further anticipated to offer lucrative opportunities for the automotive thermal system industry.
Changing consumer preferences are expected to propel manufacturers to develop smart solutions which are integrated in new equipments, making them responsive and efficient to consumer requirements which are projected to replace inactive and inefficient equipments over the forecast period, further triggering market growth.
However, high cost of thermal systems along with potential leakage problems is expected to hinder market growth. Increase in the cost cutting measures undertaken by the automotive manufacturing companies owing to the substantial rise in the thermal systems cost is expected to act as a challenge for market growth.
The automotive thermal system market can be segmented on the basis of components into powertrain cooling, HVAC, fluid transport and compressor. Increasing demand for advanced HVACs that are environment friendly and lightweight are expected to impel automotive thermal system market growth over the next six years. HVAC equipments are cost effective and can optimize productivity which is expected to generate growth avenues in the near future.
North America is projected to be prominent region for the automotive thermal system market. Huge infrastructural developments are driving the construction equipment and heavy vehicles market which in turn is driving automotive thermal system market growth. Additionally, production of enormous number of vehicles in China, Japan and India is further driving the demand in Asia Pacific region.
Europe is anticipated to be an emerging market with increasing number of demand for automobiles from countries such as Germany, Italy, France, UK combined with change in preferences of customers towards climate control and compact, advanced HVAC systems. Further, stringent government norms require constant upgradation of components used in automotive thermal system which is projected to trigger the demand in this region.
Notable players in the market include Gentherm Inc, Mahle GmbH, Denso Corporation, Behr GmbH & Co. KG, Valeo, Grayson Thermal Systems, Sanden Corp., United Technologies Corporation, Diakin Industries Ltd, Visteon Corp, Calsonic Kansei Corp, Modine Manufacturing Co. and Lennox International. Inc. Genthem Inc. created the first thermoelectrically cooled and heated seat system for the automotive sector. The company offers pipeline protection systems and integrated temperature control components. Denso Corporation manufactures powertrain control systems such as diesel injection products, engine electrical systems and engine control components. Modine Manufacturing Company offers power train cooling systems such as oil and air coolers in order to expand their global reach and gain strong footholds into the market.
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