Decrease in emissions limits, demand for electric vehicles and advancement in comfort features is the significant factor for the growth of the thermal system market for automotive globally. The thermal system market for automotive is projected to reach USD 64.
New York, Feb. 07, 2020 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Thermal System Market for Automotive By Application, Technology, Electric & ICE Components, Vehicle Type and Region - Global Forecast to 2027" - https://www.reportlinker.com/p05402897/?utm_source=GNW
6 billion by 2027 from an estimated USD 49.3 billion in 2019 at a CAGR of 3.4% during the forecast period. All major players such as Denso, Hanon, Valeo, MAHLE and BorgWarner are working on advanced thermal system solution by showcasing their developments and business strategies in thermal system market.
There are various factors that are propelling the thermal system market for automotive.The major factor being the emission norms across all regions globally.
For instance , the introduction of Euro VI, China VI, PROCONVE P8 has driven the electric vehicle market by pushing automakers to come up with advanced electrified powertrain technologies.Also, demand for comfort features such as heated/ventilated seats and heated steering along with rear air conditioning is boosting the market for thermal system.
However, high cost of advanced thermal systems along with lack of standardization is expected to hinder market growth.
Passenger car segment is expected to remain the largest market in vehicle type
The high production of passenger cars globally is making the segment largest market for thermal system.Factors such as increased population and rising purchasing power have increased the demand for passenger cars globally.
Additionally, increase in penetration of advanced comfort features, stringent government regulations for vehicle emission and advancement in thermal system solutions is expected propel the market of passenger cars in future.
Mild Hybrid is expected to grow with highest CAGR in the electric & hybrid vehicle type market
Mild Hybrid vehicle is estimated to be the fastest growing market for the period 2019-2027.The slowdown of diesel-powered vehicles and restrictions on CO2 targets has driven the mild hybrid market.
According to Emission Analytics, the mass adoption of mild hybrids over low-take up-volumes of BEVs is an effective solution to cut down on emissions.Also, developments and drop in Lithium-ion battery prices boosting the demand for battery and motor thermal system which has ultimately increased the mild hybrid vehicle market.
Easy integration of mild hybrid powertrain into an existing ICE vehicle architecture is also driving the mild hybrid vehicle market.
The North America market is expected to register the fastest growth during the forecast period
The North America thermal system market is estimated to be the fastest-growing market.In North America, the US is estimated to be experiencing the highest CAGR owing to the rise in implementation of latest technologies in automotive, surge in number of research & development activities and existence of well-established industrial infrastructure in the region.
Due to increasing vehicle production in Mexico, it has also become the one of the most promising economies in North America.For instance, Hanon Systems is expanding its operation in Central Mexico to support its growing business with automakers in the region.
The expanded business will increase its ability to support automakers by adding powertrain cooling and fluid transport products to its production.
In-depth interviews were conducted with CEOs, marketing directors, other innovation and technology directors, and executives from various key organizations operating in this market.
• By Company Type: Tier I - 40%, Tier II - 10%, and Tier OEM - 50%
• By Designation: C Level - 40%, D Level - 35%, and Others - 25%
• By Region: North America - 40%, Europe - 20%, and Asia Pacific - 30%, Rest of the World – 10%
The thermal system market for automotive is led by globally established players such as Denso Corporation (Japan), Hanon Systems (South Korea), MAHLE GmbH (Germany), Valeo (France) and BorgWarner (USA).
The thermal system market for automotive is segmented on the basis of application (ICE) (engine cooling, front air conditioning, rear air conditioning, transmission system, heated/ventilated seats, heated steering, waste heat recovery), vehicle type (passenger car, LCV, truck and bus), application (Electric & Hybrid Vehicle) (battery thermal system, transmission system, engine cooling, front air conditioning, motor thermal system, power electronics, rear air conditioning, heated/ventilated seats, heated steering, and waste heat recovery), electric & hybrid vehicle type (BEV, HEV, PHEV, FCEV and mild hybrid), technology (active transmission warm up, exhaust gas recirculation, engine thermal mass reduction, reduced HVAC system loading, and other technologies), components (air filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, electric water pump, electric motor), and region (Asia Pacific, Europe, North America, and Rest of the world). The study also includes an in-depth competitive analysis of the key players in the market, along with their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.
Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with the information on the closest approximations of the revenue numbers for the overall thermal system market for automotive and the sub-segments.This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies.
The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05402897/?utm_source=GNW
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.
CONTACT: Clare: email@example.com US: (339)-368-6001 Intl: +1 339-368-6001