The global automotive thermal systems market is expected to display higher growth rate over the coming years. Rapid surge in automotive thermal system market is credited to the robust growth automotive industry in North America and Asia pacific region. Rising of sports, utility, and luxury vehicles is anticipated to boost market growth over the forecast period. Increasing demand from heavy-duty vehicles that increasingly utilized for farming & building activities coupled with rising population levels across the globe are expected to foster market demand in the near future.
Growing competition in automotive sector with substantial increase in the number of automotive original equipment manufacturers (OEMs), dealers and additional stakeholders inside the supply chain are anticipated to drive market growth in the upcoming years. Furthermore, rising demand for luxury and high-tech vehicles is expected to propel the market growth in the forecast period.
The adoption of modern-day electronic technologies and devices has made the automotive systems more reliable, accurate, and fuel-efficient. Globally, automotive thermal systems market is predicted to generate massive revenue over the forecast period, providing numerous opportunities for industry participants to invest in research and development of automotive thermal systems.
Implementation of stringent laws & regulation regarding pollution and development of emission norms coupled with increasing global warming is further fostering market growth over the coming years. Automotive thermal system controls the temperature of prime vehicle components via limiting fluctuations and monitoring engine block temperature. Introduction of automotive heating and ventilation systems is estimated to favor industry expansion over the next seven years.
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The automotive thermal systems market is broadly categorized into major segments based on the components type such as powertrain cooling, HVAC, fluid transport and compressor. Powertrain cooling segment is growing rapidly in the market with substantial revenue generation in the last few years.
The market is divided by region as North America, Europe, Asia-Pacific, Latin America and Africa. North America has shown major growth in recent years owing to the rise in implementation of latest technologies in automotive sector, surge in number of research & development activities and existence of well-established industrial infrastructure in the region. In European region, Germany, France, and United Kingdom are projected to witness steady growth.
Asia-Pacific region is estimated to hold a major share in the automotive thermal systems industry with massive growth in forecast period. Countries such as India, China and Singapore are leading the Asia-Pacific market with robust growth automotive industry, rising personal disposable income, higher demand for luxury vehicles, and significant investment by leading industry players considering potential growth opportunities in the region.
The key players in the automotive thermal systems market are Gentherm Inc., Mahle GmbH, Denso Corp., Behr GmbH & Co., KG, Valeo Group, Grayson Thermal Systems Corp., Sanden Corp., United Technologies Corp., Diakin Industries Ltd., Visteon Corp., Calsonic Kansei Corp., Modine Manufacturing Co., and Lennox International, Inc.
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