Automotive Thermal Management System Market Insights by 2027

Automotive Thermal Management System Market: Introduction

  • The automotive thermal management system is used for diverse applications including engine cooling, battery thermal system, and heated and ventilated seats in the vehicle. The automotive thermal management helps reduce the thermal load on the vehicle, and it also helps to transfer heat efficiently.
  • In electric vehicles, the demand for the thermal system is rising in order to cool the battery. Available heat energy can be used efficiently in electric vehicles in order to achieve longer driving range of these vehicles. This can be achieved by using the battery or power electronics to heat the interior of the vehicle.

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Key Drivers of Global Automotive Thermal Management System Market

  • Rise in demand for vehicles across the globe is estimated to boost the automotive thermal management system market. Major vehicle manufacturers are trying to boost the integration of the waste heat recovery system in their vehicles, which is expected to help enhance fuel economy of their vehicles. This, in turn, is likely to boost the automotive thermal management system market across the globe. Major original equipment manufacturers are trying to develop thermoelectric waste heat recovery systems that would increase fuel economy of the vehicle by 3% to 4%, which is projected to drive the global automotive thermal management system market.
  • Increase in environmental concerns is fueling the demand for thermoelectric generator in the vehicle, which is expected to help enhance engine efficiency. This in turn is projected to boost the automotive thermal management system market across the globe. Rise in demand for electric vehicles worldwide is expected to further propel the global automotive thermal management system market.

Europe and Asia Pacific to hold prominent share of global automotive thermal management system Market

  • Europe is projected to account for a major share of the global automotive thermal management system market due stringent rules and regulations regarding vehicle emission norms enacted across the region. Increase in demand for electric vehicles and driver comfort in the vehicle, including heated and ventilated seats and heated steering, is likely to boost the automotive thermal management system market in the region. Europe has presence of major original equipment manufacturers as well as tier-1 suppliers, including Robert Bosch GmbH, Denso Corporation and Continental AG who have major facilities that undertake research and development regarding the engine cooling system and battery thermal system, is anticipated to fuel the automotive thermal management system market in Europe.
  • Followed by Europe, Asia Pacific is projected to hold a significant share of the global automotive thermal management system market due to an increase in sale of vehicles across the region. Presence of major automotive parts manufacturing industries across China, India, and Japan is anticipated to propel the automotive thermal management system market in Asia Pacific.

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Key Players Operating in Global Automotive Thermal Management System Market

The global automotive thermal management system market is highly concentrated owing to the presence of top manufacturers. A few of the key players operating in the global automotive thermal management system market are:

  • MAHLE GmbH
  • Hanon System
  • Aptiv Inc.
  • Robert Bosch GmbH
  • Continental AG
  • ZF Friedrichshafen
  • BorgWarner
  • Visteon
  • Denso Corporation
  • Delphi Inc.
  • Valeo