Automotive Thermal Management Market Size & CAGR (2023-2031)
The Automotive Thermal Management Market is expected to register a CAGR of 5.7% from 2023 to 2031, with a market size expanding from US$ XX million in 2023 to US$ XX Million by 2031.
The report is segmented by Technology (Active Transmission Warmup, Engine Thermal Mass Reduction, and Exhaust Gas Recirculation) Application (Compressor, Powertrain, and HVAC). The global analysis is further broken-down at regional level and major countries. The Report Offers the Value in USD for the above analysis and segments.
Purpose of the ReportThe report Automotive Thermal Management Market by The Insight Partners aims to describe the present landscape and future growth, top driving factors, challenges, and opportunities. This will provide insights to various business stakeholders, such as:
- Technology Providers/Manufacturers: To understand the evolving market dynamics and know the potential growth opportunities, enabling them to make informed strategic decisions.
- Investors: To conduct a comprehensive trend analysis regarding the market growth rate, market financial projections, and opportunities that exist across the value chain.
- Regulatory bodies: To regulate policies and police activities in the market with the aim of minimizing abuse, preserving investor trust and confidence, and upholding the integrity and stability of the market.
Automotive Thermal Management Market Segmentation
Technology- Active Transmission Warmup
- Engine Thermal Mass Reduction
- Exhaust Gas Recirculation
- Compressor
- Powertrain
- HVAC
Strategic Insights
Automotive Thermal Management Market Growth Drivers- Electric and Hybrid Vehicle Sales: The sales of electric vehicles and hybrid vehicles have been growing at a very high rate, which is a key growth driver for the automotive thermal management market. Electric and hybrid vehicles require some complex thermal management techniques in order to keep the batteries in an optimal state of performance for efficiency and to achieve operation. The major cause for the growth of the automotive thermal management market is the transition from traditional ICE vehicles to EVs. Thermal management systems play an important role in the case of EVs as critical components, such as batteries, electric motors, and power electronics, are sensitive and need proper performance and a long life.
- Increasing Global Vehicle Production: Overall, the auto manufacturing is rising in countries such as the Asia-Pacific. With more volume of vehicles on the road, there is an increased demand for better systems for thermal management that can improve the engines' performance and efficiency. According to OICA, the global vehicle manufacturing in 2023 was around 93.55 million units compared to 85.01 million units in 2022. This is further driving the growth of auromotive thermal management market across different regions worldwide.
- Growing ICE Efficiency Standards: The main driver to create more advanced thermal management solutions has been the increased demand for efficient and environment-friendly ICEs. Since fuel efficiency and emission standards are ever-increasing, car manufacturers invest in thermal systems for improved engine performance with fewer emissions. As the engines are giving more power and are working at higher temperatures to have better fuel efficiency along with stricter emission standards, high-performance cooling solutions are sought for the engine, turbo chargers as well as the exhaust gas recirculation systems. Vehicle manufacturers are also developing heat recovery systems to exploit the waste heat from the engine to heat cabins or power auxiliary systems which improve the fuel efficiency.
- Smart Technologies Integration: Thermal management systems increasingly integrate smart technologies like IoT and AI. They make it possible to monitor as well as control thermal systems in real time so that the efficiency of the overall system in thermal management for vehicles developed under modern approaches is much better. Continuous improvement in the materials science domain is leading to the innovation of new thermal management technologies. Phase-change materials, thermoelectric materials, and high-efficiency heat exchangers provide for the thermal management solutions with greater efficiency and lightweight. New materials are now used to enhance the performance and lifespan of the EV batteries through better heat dissipation. Automotive construction with emphasis on lightweight materials, including aluminum and carbon fiber, is also driving the way for light-weight, high-performance thermal management systems in automotive applications.
- Demand for Enhanced Vehicle Comfort: Consumers are now demanding higher comfort and convenience from a vehicle, including improved climate control, heating, and cooling. In both the cabin comfort of electric vehicles and the efficiency of electric and hybrid electric vehicles, thermal management has been identified as the major opportunity for improvement. Thus, managing cabin temperatures while maintaining efficient use of the battery in electric or optimal fuel consumption in hybrid electric vehicles is critical. Energy efficiency HVAC systems, like heat pumps, are in growing demand. Manufacturers are already starting to provide advanced thermal solutions for seats, steering wheels, and many other in-car systems that personalize comfort for its users with minimal power withdrawal from the automobile's power source.
- Technological Improvements: There is now much better scope for innovation in more efficient heat exchangers and advanced materials for thermal management technologies. These allow for much better performance and efficiency in vehicles and could therefore stimulate interest from vehicle manufacturers looking to improve their offerings. With the ever-increasing demand for adopting electric vehicles, market demand for efficient and effective battery thermal management systems has been strong. Companies engaged in battery cooling solutions like liquid cooling systems and thermal pads are expected to reap the benefits from this trend. There is vast demand for liquid cooling systems instead of air-cooling systems because the former is somewhat more efficient in keeping their battery temperatures within the optimum operating range. Advanced insulating materials that protect electric vehicle batteries from external changes in temperature are an area in which innovations can be highly promising.
- Emerging Markets: Mature automotive thermal management systems can enjoy hectic growth periods in emerging markets. The moment these markets develop their industries, vehicle production would increase manifold, further beckoning the need for thermal management solutions to support those new vehicle productions and also to adhere to regulatory standards. As the adoption of EV is increasing globally, especially in emerging markets like China, India, and Latin America, massive opportunities are available for auto thermal management companies to enlarge their operations. Companies can also set up local manufacturing units and partnerships in emerging markets to cater to the increased demand for thermal management solutions in vehicles. Developing region-specific solutions, such as cooling systems suited for hot climates (e.g., India, the Middle East), presents opportunities for thermal management companies.
Market Report Scope
Key Selling Points
- Comprehensive Coverage: The report comprehensively covers the analysis of products, services, types, and end users of the Automotive Thermal Management Market, providing a holistic landscape.
- Expert Analysis: The report is compiled based on the in-depth understanding of industry experts and analysts.
- Up-to-date Information: The report assures business relevance due to its coverage of recent information and data trends.
- Customization Options: This report can be customized to cater to specific client requirements and suit the business strategies aptly.
The research report on the Automotive Thermal Management Market can, therefore, help spearhead the trail of decoding and understanding the industry scenario and growth prospects. Although there can be a few valid concerns, the overall benefits of this report tend to outweigh the disadvantages.
REGIONAL FRAMEWORK
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Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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Frequently Asked Questions
Some of the customization options available based on the request are an additional 3-5 company profiles and country-specific analysis of 3-5 countries of your choice. Customizations are to be requested/discussed before making final order confirmation, as our team would review the same and check the feasibility.
The report can be delivered in PDF/PPT format; we can also share excel dataset based on the request.
The leading players operating in the Automotive Thermal Management Market include DENSO CORPORATION, MAHLE AUTOMOTIVE, VALEO, ROBERT BOSCH GMBH, JOHNSON ELECTRICS, HAEFFLER GROUP, CALSONIC KANSEI, CONTINENTAL AG, DANA INC
Smart Technologies Integration is the key future trend of the Automotive Thermal Management Market
The Automotive Thermal Management Market is estimated to witness a CAGR of 5.7% from 2023 to 2031
The major factors driving the Automotive Thermal Management Market are: Electric and Hybrid Vehicle Sales#Growing Vehicle Manufacturing
1. INTRODUCTION
1.1. THE INSIGHT PARTNERS RESEARCH REPORT GUIDANCE
2. KEY TAKEAWAYS
3. AUTOMOTIVE THERMAL MANAGEMENT MARKET LANDSCAPE
3.1. OVERVIEW
3.2. MARKET SEGMENTATION
3.2.1. Automotive Thermal Management Market - By Technology
3.2.2. Automotive Thermal Management Market - By Application
3.2.3. Automotive Thermal Management Market - By Region
3.2.3.1. By Countries
3.3. PEST ANALYSIS
3.3.1. North America - PEST Analysis
3.3.2. Europe - PEST Analysis
3.3.3. Asia Pacific - PEST Analysis
3.3.4. Middle East and Africa - PEST Analysis
3.3.5. South America - PEST Analysis
4. AUTOMOTIVE THERMAL MANAGEMENT MARKET - KEY INDUSTRY DYNAMICS
4.1. KEY MARKET DRIVERS
4.2. KEY MARKET RESTRAINTS
4.3. KEY MARKET OPPORTUNITIES
4.4. FUTURE TRENDS
4.5. IMPACT ANALYSIS OF DRIVERS, RESTRAINTS & EXPECTED INFLUENCE OF COVID-19 PANDEMIC
5. AUTOMOTIVE THERMAL MANAGEMENT MARKET - GLOBAL MARKET ANALYSIS
5.1. AUTOMOTIVE THERMAL MANAGEMENT MARKET - GLOBAL MARKET OVERVIEW
5.2. AUTOMOTIVE THERMAL MANAGEMENT MARKET - GLOBAL MARKET AND FORECAST TO 2028
6. AUTOMOTIVE THERMAL MANAGEMENT MARKET REVENUE AND FORECASTS TO 2028 - TECHNOLOGY
6.1. OVERVIEW
6.2. TECHNOLOGY MARKET FORECASTS AND ANALYSIS
6.3. ACTIVE TRANSMISSION WARMUP MARKET
6.3.1. Overview
6.3.2. Active Transmission Warmup Market Forecast and Analysis
6.4. ENGINE THERMAL MASS REDUCTION MARKET
6.4.1. Overview
6.4.2. Engine Thermal Mass Reduction Market Forecast and Analysis
6.5. EXHAUST GAS RECIRCULATION MARKET
6.5.1. Overview
6.5.2. Exhaust Gas Recirculation Market Forecast and Analysis
6.6. OTHERS MARKET
6.6.1. Overview
6.6.2. Others Market Forecast and Analysis
7. AUTOMOTIVE THERMAL MANAGEMENT MARKET REVENUE AND FORECASTS TO 2028 - APPLICATION
7.1. OVERVIEW
7.2. APPLICATION MARKET FORECASTS AND ANALYSIS
7.3. COMPRESSOR MARKET
7.3.1. Overview
7.3.2. Compressor Market Forecast and Analysis
7.4. POWERTRAIN MARKET
7.4.1. Overview
7.4.2. Powertrain Market Forecast and Analysis
7.5. HVAC MARKET
7.5.1. Overview
7.5.2. HVAC Market Forecast and Analysis
7.6. OTHERS MARKET
7.6.1. Overview
7.6.2. Others Market Forecast and Analysis
8. AUTOMOTIVE THERMAL MANAGEMENT MARKET REVENUE AND FORECASTS TO 2028 - GEOGRAPHICAL ANALYSIS
8.1. NORTH AMERICA
8.1.1. North America Automotive Thermal Management Market Overview
8.1.2. North America Automotive Thermal Management Market Forecasts and Analysis
8.1.2.1. North America Market Forecasts and Analysis - By Countries
8.1.2.1.1. US market
8.1.2.1.2. Canada market
8.1.2.1.3. Mexico market
8.1.2.2. North America Market Forecasts and Analysis - By Technology
8.1.2.3. North America Market Forecasts and Analysis - By Application
8.2. EUROPE
8.2.1. Europe Automotive Thermal Management Market Overview
8.2.2. Europe Automotive Thermal Management Market Forecasts and Analysis
8.2.2.1. Europe Market Forecasts and Analysis - By Countries
8.2.2.1.1. France market
8.2.2.1.2. Germany market
8.2.2.1.3. Italy market
8.2.2.1.4. Spain market
8.2.2.1.5. UK market
8.2.2.1.6. Rest of Europe market
8.2.2.2. Europe Market Forecasts and Analysis - By Technology
8.2.2.3. Europe Market Forecasts and Analysis - By Application
8.3. ASIA PACIFIC (APAC)
8.3.1. Asia Pacific Automotive Thermal Management Market Overview
8.3.2. Asia Pacific Automotive Thermal Management Market Forecasts and Analysis
8.3.2.1. Asia Pacific Market Forecasts and Analysis - By Countries
8.3.2.1.1. Australia market
8.3.2.1.2. China market
8.3.2.1.3. India market
8.3.2.1.4. Japan market
8.3.2.1.5. Rest of APAC market
8.3.2.2. Asia Pacific Market Forecasts and Analysis - By Technology
8.3.2.3. Asia Pacific Market Forecasts and Analysis - By Application
8.4. MIDDLE EAST AND AFRICA (MEA)
8.4.1. Middle East and Africa Automotive Thermal Management Market Overview
8.4.2. Middle East and Africa Automotive Thermal Management Market Forecasts and Analysis
8.4.2.1. Middle East and Africa Market Forecasts and Analysis - By Countries
8.4.2.1.1. South Africa market
8.4.2.1.2. Saudi Arabia market
8.4.2.1.3. UAE market
8.4.2.1.4. Rest of MEA market
8.4.2.2. Middle East and Africa Market Forecasts and Analysis - By Technology
8.4.2.3. Middle East and Africa Market Forecasts and Analysis - By Application
8.5. SOUTH AMERICA (SAM)
8.5.1. South America Automotive Thermal Management Market Overview
8.5.2. South America Automotive Thermal Management Market Forecasts and Analysis
8.5.2.1. South America Market Forecasts and Analysis - By Countries
8.5.2.1.1. Brazil market
8.5.2.1.2. Rest of SAM market
8.5.2.2. South America Market Forecasts and Analysis - By Technology
8.5.2.3. South America Market Forecasts and Analysis - By Application
9. INDUSTRY LANDSCAPE
9.1. MERGERS & ACQUISITIONS
9.2. MARKET INITIATIVES
9.3. NEW DEVELOPMENTS
9.4. INVESTMENT SCENARIOS
10. COMPETITIVE LANDSCAPE
10.1. COMPETITIVE PRODUCT MAPPING
10.2. MARKET POSITIONING / MARKET SHARE
11. AUTOMOTIVE THERMAL MANAGEMENT MARKET, KEY COMPANY PROFILES
11.1. DENSO CORPORATION
11.1.1. Key Facts
11.1.2. Business Description
11.1.3. Financial Overview
11.1.4. SWOT Analysis
11.1.5. Key Developments
11.2. MAHLE AUTOMOTIVE
11.2.1. Key Facts
11.2.2. Business Description
11.2.3. Financial Overview
11.2.4. SWOT Analysis
11.2.5. Key Developments
11.3. VALEO
11.3.1. Key Facts
11.3.2. Business Description
11.3.3. Financial Overview
11.3.4. SWOT Analysis
11.3.5. Key Developments
11.4. ROBERT BOSCH GMBH
11.4.1. Key Facts
11.4.2. Business Description
11.4.3. Financial Overview
11.4.4. SWOT Analysis
11.4.5. Key Developments
11.5. JOHNSON ELECTRIC
11.5.1. Key Facts
11.5.2. Business Description
11.5.3. Financial Overview
11.5.4. SWOT Analysis
11.5.5. Key Developments
11.6. SCHAEFFLER GROUP
11.6.1. Key Facts
11.6.2. Business Description
11.6.3. Financial Overview
11.6.4. SWOT Analysis
11.6.5. Key Developments
11.7. CALSONIC KANSEI
11.7.1. Key Facts
11.7.2. Business Description
11.7.3. Financial Overview
11.7.4. SWOT Analysis
11.7.5. Key Developments
11.8. CONTINENTAL AG
11.8.1. Key Facts
11.8.2. Business Description
11.8.3. Financial Overview
11.8.4. SWOT Analysis
11.8.5. Key Developments
11.9. DANA INC.
11.9.1. Key Facts
11.9.2. Business Description
11.9.3. Financial Overview
11.9.4. SWOT Analysis
11.9.5. Key Developments
11.10. DUPONT
11.10.1. Key Facts
11.10.2. Business Description
11.10.3. Financial Overview
11.10.4. SWOT Analysis
11.10.5. Key Developments
12. APPENDIX
12.1. ABOUT THE INSIGHT PARTNERS
12.2. GLOSSARY OF TERMS
12.3. RESEARCH METHODOLOGY
1. DENSO CORPORATION
2. MAHLE AUTOMOTIVE
3. VALEO
4. ROBERT BOSCH GMBH
5. JOHNSON ELECTRIC
6. SHAEFFLER GROUP
7. CALSONIC KANSEI
8. CONTINENTAL AG
9. DANA INC.
10. DUPONT
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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