Global Automotive Thermal Management Market by Component Types, Vehicle Types, and Regions — Global Industry Analysis, Growth, Share, Size, Trends, and Forecast 2020–2026.

The global automotive thermal management market was valued at USD 49.3 billion in 2019 and is expected to reach USD 60.14 billion by 2026, expanding at a CAGR of 3.4% during the forecast period, 2020–2026.

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Automotive thermal management is the process of controlling and optimizing heat level and temperature using technology. Electronic and automotive devices inside the vehicle dissipate heat when it is in operating mode. Thermal management for automotive ensures prevention of failure of devices as well as improves reliability of the automobile. It monitors the temperature levels of various components in the automotive such as battery, cabinet area and motor. Subsystems for thermal management include both hardware part and software part.

Thermal management machineries play a key role in improving both conventional and electric vehicles. In conventional vehicles, thermal management has an impact on fuel consumption and mileage whereas in electric vehicles, thermal management effects the recharge time and size of components used in the automotive

Market Trends, Drivers, Restraints, and Opportunities:

Increase in demand of ventilation systems and automotive heating, are the key factors towards the growth of market in the forecast period.
Governments have taken initiatives to promote use eco-friendly refrigerants to reduce pollution levels, in turn, is driving the growth of the global automotive thermal management market.
Implementation of HVAC system in automobiles has increased the demand for automotive thermal management during the forecast period.
Development of alternative fuel such as liquid hydrogen, bio-fuel, ethanol, and propane has fueled the need for automotive thermal management globally.
Rise in cost cutting measures undertaken by the automobile manufacturing companies due to the significant rise in the thermal systems cost is expected to hamper the growth of the market.
Adoption of green initiatives by private and government sector to minimize loss and clean delivery of energy is anticipated to offer profitable opportunities for the automotive thermal management market.