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.
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According to TMR, the global automotive thermal system market is likely to generate US$48.5 bn by the end of 2024. The market is most likely to attain this valuation if it grows at 6.0% CAGR between 2014 and 2024.
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.
Use Latest Technology in Accelerate Growth of Automotive Thermal System
Use of latest and innovative technology in automotive transmission is one of the key factor fueling growth in the global automotive thermal system market. For example, the introduction of ZF technologies as the world’s first nine-speed automatic transmission system has created new promising prospects for this market. Moreover, technology consisting of a variable transmission system is similar automatic transmission in vehicles has gained huge attention that further provided a fillip in the global automotive thermal system market.
Adding further, changing the preference of consumers towards luxury cars along with HVAC in commercial vehicles is projected to promote the automotive thermal system market. Growing usage of environmentally friendly refrigerants coupled with electrification of automobiles is anticipated to accelerate the market performance. Moreover, the adoption of green-initiatives by several countries to reduce losses and promote effective and clean distribution of energy is also expected to accelerate the global automotive thermal system market.
Stringent Regulation Due to Environmental Concerns may Hamper Market Growth
However, strict emission norms and pollution guidelines are restricting the growth of the global automotive thermal system market. Increasing global warming and increasing consciousness among people related to the emission of harmful gasses might deter the market’s growth. The high cost of thermal systems is also challenging the growth of automotive thermal systems. In addition, automotive manufacturers are using cost-cutting measures that increased the thermal system cost is also challenging growth in the global automotive thermal system market.
With the growing use of alternative thermal systems, and increasing growth opportunities with the increasing use of automotive thermal sensors, and temperature management could help in overcoming these restraining factors.
The study presented here is based on a report by Transparency Market Research (TMR) titled “Automotive Thermal System Market (Components – Compressor, Powertrain Cooling, Fluid Transport, and HVAC) – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 – 2024”.
The global automotive thermal system market is segmented based on:
Components
- Compressor
- HVAC
- Powertrain Cooling
- Fluid Transport
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