Thermal System - Global Market Outlook (2018-2027)
According to Stratistics MRC, the Global Thermal System Market is accounted for $47.04 billion in 2018 and is expected to reach $71.74 billion by 2027 growing at a CAGR of 4.8% during the forecast period. Some of the key factors influencing the market growth include growing focus on fuel efficiency, driver comfort, increasing demand for electric vehicles globally and stringency in emission norms to cut down vehicular emissions. However, the high cost of thermal system technology is restraining market growth.
The thermal system monitors and regulates the working temperature of various automobile components such as motor, battery, cabinet area, and others, increasing their efficiency and preventing breakdown. In addition, this system maintains the desired temperature level in automobile, thereby enhancing user comfort level.
Amongst application, waste heat recovery segment is estimated to be the significant growing segment for automotive thermal system market in the forecast period owing to the strict emission regulations globally. Currently, the penetration of a waste heat recovery system is significant in heavy commercial vehicles. The high emission of CO2 associated with automobiles raises serious concerns out environmental sustainability. The automotive industry is developing cost-efficient methods to utilize waste heat and reduce greenhouse gas emissions.
By Geography, Government incentives to popularize electric vehicles, implementation of emission norms such as China VI, BS-VI in China and India respectively are making the Asia Pacific market attractive for thermal systems. The growing vehicle production in the Asia-Pacific region, with India and China emerging as automotive part manufacturing hubs for the suppliers, is expected to drive the market for the thermal system in this region.
Some of the key players in global Thermal System market are MAHLE GmbH, Hanon Systems, Schaeffler AG, Denso Corporation, Dana Limited, Gentherm, Magma International Inc., Robert Bosch GmbH, Borgwarner Inc., Johnson Electric Holdings Ltd., Boyd Corporation, Dupont, Continental AG, Delphi Automotive PLC, Hyundai Motor Company, ZF Friedrichshafen AG, General Motors Company, Ford Motor Company, Sanden Holdings Corporation, and Grayson Thermal Systems.
Vehicle Types Covered:
• Internal Combustion Engine (ICE)
• Electric & Hybrid
• Reduced Heating, Ventilation, and Air Conditioning (HVAC) System Loading
• Active Transmission Warm-Up
• Exhaust Gas Recirculation
• Engine Thermal Mass Reduction
• Heater Control Unit
• Air Filter
• Electric Compressor
• Thermoelectric Generator
• Heat Exchanger
• Electric Water Pump
• Electric Motor
• Waste Heat Recovery
• Transmission System
• Rear Air Conditioning
• Power Electronics
• Motor Thermal System
• Heated/Ventilated Seats
• Heated Steering
• Front Air Conditioning
• Engine Cooling
• Battery Thermal System
• North America
o Rest of Europe
• Asia Pacific
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o South Africa
o Rest of Middle East & Africa
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