According to Vision Research Reports, the global automotive thermal system market size is likely to generate US$59.5 bn by the end of 2027 growing at 8.7% CAGR between 2020 and 2027.
Automotive thermal system is concern with the management of liquid, temperature and air. It increases the comfort of the passengers by taking care of the temperature inside the vehicle. The main components of automotive thermal system are powertrain cooling, ventilation & AC, battery thermal management, power device cooling and waste heat recovery.
Implementation of new technologies such as HVAC systems for thermal heating is driving the market globally. The primary advantage of this advanced system is that it reduces the harmful gases emitted by the cooling system compressors without compromising on the cooling capacity. The manufacturers of HVAC systems have replaced the existing HFO-1234yf cooling technology used in automotive HVAC systems with the R-134a technology due to the harmful effects of some refrigerants. Implementation of new technologies and upgrade of existing ones is among the key drivers for the growth of this market globally.
The rise in cost of the automotive thermal system is a major challenge restraining the growth of the market. Advanced and improved technology comes at a higher cost. Huge investment is required for research and development which in turn increases the cost of thermal systems, hence leading to increase in the price of automobiles. Increasing demand for thermal systems that run on alternative fuels such as bio-alcohols, liquid hydrogen, propane, P-Series fuels, and ethanol is a key opportunity for the growth of the market in the near future.
Manufacturers of automotive transmission systems are investing significantly in research and development for innovation of latest technology in automotive transmission. ZF Technologies introduced the world’s first nine-speed automatic transmission system. This is likely to enhance fuel efficiency of vehicles considerably. There is a growing demand for vehicles with continuous variable transmission system. Driving a continuously variable transmission system is the same as driving a vehicle with automatic transmission, just that the engine revs up and down automatically. There is a growing demand for vehicles with continuously variable transmission due to its simplicity and enhanced performance. Therefore, this technology is likely to dominate the market in the coming years.
HVAC dominated the automotive thermal system market segmented by component. The HVAC system provides heat, ventilation and air conditioning in a vehicle. The HVAC market can be segmented into two types, automotive HVAC system and manual HVAC system. The rise in demand for HVAC is one of the key factors behind the growth of the automotive thermal system market as a whole.
Geographically, the global automotive thermal system market has been segmented into four major regions: North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia Pacific dominated the automotive thermal system market in 2013 followed by Europe. Developments in the infrastructure sector led to the rise in demand for construction vehicles. In addition, the rise in disposable income fuelled the demand for automobiles in Asia-Pacific and this is expected to drive the demand for thermal system. Asia-Pacific has been the largest contributor to the growth of the automotive thermal system market. The luxury car segment is dominated by Japan in this region. In addition, the emerging business class in India and China along with the green revolution in the automotive industry is also driving the automotive thermal system market in Asia-Pacific. Increase in GDP levels, government norms and regulations, change in attitude of society towards the environment, and technological advancement are the key factors driving the automotive thermal system market. The growing business class in China and India, coupled with the green revolution in the automobile sector is further driving the global automotive thermal system market.
The degree of competition in the automotive thermal system industry is high. This is a consolidated market and thus there is very little price-based competition. Established players invest a huge sum of money in research and development activities in order to innovative new technologies which would help them increase their competitiveness in the market.
Some of the major players in the automotive thermal system market are General Motors Company (GM) (U.S.), Denso Corporation (Japan), Magma International Inc. (Canada), Valeo (France), Ford Motor Company (U.S.), Delphi Automotive PLC (U.S.), BorgWarener Automotive Powertrain Systems Corp (U.S.), ZF Friedrichshafen AG (Germany), Hyundai Motor Company (South Korea), Continental AG (Germany).
The Automotive Thermal System market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Automotive Thermal System market for the base year 2019 and the forecast between 2020 and 2027. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Automotive Thermal System market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Automotive Thermal System market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Automotive Thermal System market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Automotive Thermal System capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Automotive Thermal System by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Automotive Thermal System market. These figures have been provided in terms of both revenue and volume for the period 2016 to 2027. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Automotive Thermal System market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Automotive Thermal System market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Automotive Thermal System industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
Automotive Thermal System market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Automotive Thermal System market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Automotive Thermal System market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Automotive Thermal System market. These factors have benefited the growth of the global market for Automotive Thermal System. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Automotive Thermal System. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Automotive Thermal System are as follows:
Reasons to Purchase this Report:
- Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
- Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
- Market value USD Million and volume Units Million data for each segment and sub-segment
- Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
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