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Global Automotive Thermal Management Market to Reach $66.10 Billion by 2025
May 28, 2018 | PRNewswireEstimated reading time: 2 minutes
Rising demand for passenger comfort and luxury, increased fuel efficiency, decreased emission limits, and increase in vehicle production will together drive the automotive thermal management market.
The global automotive thermal management market is projected to grow at a CAGR of 3.32%, during the forecast period, from an estimated USD 52.69 billion in 2018 to USD 66.10 billion by 2025. The increasing penetration of air-conditioning (AC) systems in developing countries, increase in demand for heated and ventilated seats in the US, Germany, and the UK and growing demand for battery thermal management with increase in sales of electric & hybrid vehicles is driving the demand for thermal management. Alternatively, high development cost of advanced thermal management systems such as waste heat recovery, heated steering, heated/ventilated seats, and lack of standardization in the thermal management technologies are key factors hindering the growth of the automotive thermal management market. However, with advancements in technologies, this is projected to be commercialized in the coming years.
Front AC is estimated to showcase the largest share in the automotive thermal management market
Technological advancements have helped to reduce the cost of a fully automatic AC system.Today, almost all vehicles are equipped with an AC system.
With growing demand for comfort and convenience, the adoption of the front AC system has also increased in commercial vehicles such as trucks and buses.Also, governments of many countries have mandated the use of front AC system in trucks and buses.
Hence, with the increasing production of vehicles, the market for front AC systems will increase, which will help the thermal management market to grow.
Reduced HVAC system loading technology is estimated to show the fastest growth in the automotive thermal management market
The use of the HVAC system loading technology is expected to result in an increase in the fuel economy of a vehicle, less wear and tear of the engine, reduction in environmental pollution owing to lesser fuel consumption, and increased engine performance.Also, in electric & hybrid vehicles, it can reduce climate control energy requirements in warm and cold weather, which will help in improving the driving range of electric & hybrid vehicles.
Hence, in the future, the adoption of this technology can be seen in the vehicles.
Asia Oceania to be the largest and fastest market for the automotive thermal management
Asia Oceania accounts to be the largest as well as fastest market for the automotive thermal management.The Asia Oceania region comprises emerging economies such as China and India along with developed nations such as Japan.
Asia Oceania is a global leader in producing economical cars.Key automotive manufacturers have shifted their focus to this region owing to various benefits, such as easy availability of economic labor and lenient regulations for environment and safety.
The increasing demand for performance and comfort in vehicles is making manufacturers develop advanced thermal systems. Hence, the region is anticipated to have the largest share of the automotive thermal management market.
The study contains insights provided by various industry experts. The break-up of the primaries is as follows:
• By Company Type: Tier-1: 31%, Tier-2: 15%, and OEM: 54%
• By Designation: D level: 60%, C level: 20%, and Others: 20%
• By Region: North America: 45%, EMEA: 22%, and Asia Oceania: 33%
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