Automotive Thermal System Market to Witness Astonishing Growth by 2026

 The Automotive Thermal System Market is projected to reach USD 49.1 billion by 2026 from

USD 40.9 billion in 2021, at a CAGR of 3.7%. Stringent emission norms and rising demand for in-vehicle comfort applications will drive the automotive thermal system market

With the increase in global vehicle parc, controlling GHG emissions from vehicles has become a major challenge. To overcome the exponential outcome of emissions, regulatory bodies such as European Commission (EC) and the United States Environmental Protection Agency (US EPA) have regulated fuel sulphur content limits and mandated fuel economy standards. Advancements in thermal system technology can maximize CO2 reduction and improve vehicle efficiency by reusing the waste heat and optimally managing the heating and cooling systems of the vehicle. Various thermal system technologies that are now installed in luxury vehicles to meet the reduced CO2 emission targets are engine thermal mass reduction, predictive powertrain control, integrated liquid-cooled exhaust/EGR, transmission rapid warm-up, dynamic engine thermal control, and Thermoelectric Capture and Generation (TEG). In addition, Rankine cycle and thermal electric exhaust heat recovery systems are upcoming technologies in thermal systems.

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In conventional vehicles, the use of thermal technologies makes engine, transmission, and HVAC systems more efficient. In case of electric vehicles, these technologies improve the range of the electric powertrain, reduce charging time, and enabling a reduction in size, mass, and cost of the powertrain subsystem (e.g., motor, power electronics, or battery).

Waste heat recovery segment, by application type in ICE is expected to grow at the fastest rate during the forecast period due to the demand for automotive thermal management systems that can harvest heat generated through various functional systems of an automobile for increasing the efficiency of the vehicle.

The passenger car segment, by ICE vehicle type is the largest automotive thermal system market as the application of various thermal management technologies is more than other vehicle types, and the demand for luxury and comfort features is more in passenger cars.

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Key Market Players:

Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo (France), and BorgWarner Inc. (US).These companies adopted new product launches and expansion to gain traction in the automotive thermal systems market

Covid-19 Impact on Market

The outbreak of COVID-19 has severely impacted the overall supply chain of the automotive industry. The halt in production and logistics created due to the pandemic has affected raw material suppliers of the automotive industry. The pandemic has affected the overall growth of the sector in 2020, as major automotive players such as Fiat, Volkswagen, PSA Group, General Motors, and BMW had to suspend their production during the initial second quarters of 2020. This scenario impacted the automotive thermal systems market, especially in European & North American countries, as the growth of this market is directly related to the production of vehicles. However, the demand for thermal systems is expected to rise, considering 2021 as the recovery period, where the automotive industry is expected to showcase growth, according to industry experts.

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