Increasing global warming along with stringent pollution guidelines and emission norms are expected to remain key factors for the automotive thermal system market growth over the forecast period.
Automotive thermal system offer enhanced vehicular comfort along with fuel economy which is expected to amplify market growth. Rise in demand for ventilation systems and automotive heating along with thermal systems that run on alternative fuels such as bio-alcohols, propane, ethanol, P-series fuels and liquid hydrogen is anticipated to drive the industry demand.
Increasing usage of eco-friendly refrigerants combined with electrification of automobiles is estimated to positively elevate the industry demand. Additionally, rising demand for luxury cars and air conditioning in commercial vehicles is projected to trigger the automotive thermal system market growth over the next six years.
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Adoption of green initiatives by several countries across the globe for promoting clean and effective distribution of energy along with quantum shift towards smart solutions is estimated to offer prominent opportunities for the automotive thermal system market by 2022.
Changing consumer preferences are anticipated to propel manufacturers for developing smart solutions that are integrated in new equipments, making them efficient to consumer requirements that are expected to replace inefficient equipments over the next six years, further elevating market growth.
However, potential leakage problems combined with high cost of thermal systems is projected to hamper industry growth. Increase in the thermal system cost has led to undertaking of several cost cutting measures by the manufacturers which can act as a restraint for the industry growth.
The automotive thermal system market can be classified on account of components into fluid transport, compressor, HVAC and power cooling. HVAC equipments optimize productivity, cost effective and environment friendly which is further projected to augment the industry in the near future.
North America is expected to dominate the industry owing to significant infrastructural developments driving the heavy vehicles and construction equipment market in this region. Production of colossal number of vehicles in India and China is driving growth in the Asia Pacific region. Additionally, change in customer preferences towards compact and advanced HVAC systems is expected to accelerate the European industry demand.
Key vendors in the automotive thermal system market are Grayson Thermal Systems, Modine Manufacturing Co, Denso Corporation, United Technologies Corporation, Lennox International. Inc, Gentherm Inc., Visteon Corp, Behr GmbH & Co, Calsonic Kansei Corp, Mahle GmbH, Sanden Corp and Diakin Industries Ltd.
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