Automotive Thermal System Market – Segment, Forecast, Analysis, Share 2020

The global automotive thermal system market is likely to experience high competition among its players, observes Transparency Market Research. The market is also expected to be consolidated; a few players are likely to hold a high number of share in the market. Some of the prominent players in the global automotive thermal system market are Denso Corporation, General Motors Company (GM), Valeo, Ford Motor Company, Magma International Inc., and Delphi Automotive PLC.

Key players in the market are investing heavily in research and development activities to strengthen their position in the global market. For instance, Genthem Inc. recently created the first thermoelectrically cooled and heated seat system for the automotive sector. It also offers integrated temperature control components and pipeline projection systems.

According to TMR, the global automotive thermal system market is likely to generate US$48.5 bn by the end of 2020. The market is most likely to attain this valuation if it grows at 6.0% CAGR between 2014 and 2020.

Among the various components, the demand for the HVAC system is high, as it provides heating, ventilation, and air conditioning in vehicles. HVACs are lightweight and environmentally friendly that are expected to drive demand in the global automotive thermal system market. They are also cost-effective and optimize productivity that increases its dominance of HVAC equipment in the market.

On the regional front, Asia Pacific is expected to lead the global automotive thermal system market due to increasing demand for construction vehicles. In addition, rising demand for air conditioning system in vehicles and growing per capita income among the middle-class families have further benefitted the growth of Asia Pacific automotive thermal system market.

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