CHICAGO , July 25, 2022 /PRNewswire/ -- Thermal Systems Market is projected to grow at a CAGR of 2.1% during the forecast period, from an estimated USD 37.6 billion in 2022 to USD 41.7 billion by 2027, according to a new report by MarketsandMarkets™. Growing stringency of emission regulations for on-highway & off-highway vehicles and rising demand for cabin comfort applications will drive the Thermal System Market in coming years.
Browse in-depth TOC on "Thermal Systems Market"
431 – Tables
58 – Figures
403 – Pages
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id= 228170865
The passenger Car segment would lead the Thermal Systems Market during the forecast period
As estimated, the ICE passenger car segment would be the largest market for thermal systems. The stringent emission norms prompt the demand for advanced engine and exhaust technologies that require efficient thermal systems. OEMs achieve better engine cooling using technologies such as electronically assisted thermostats, pulse-width-modulated fans, and electric water pumps. Engine downsizing is becoming more popular in modern vehicles. Further, the growing inclination toward comfort and luxury prompts the market demand for heated/ventilated seats, heated steering, and rear air conditioning. Europe and North America have a higher demand for premium vehicles, and a few Asian countries such as China, Japan, and India have also showcased an upward trend. Thus, growing premium car demand would further boost this segments advanced Thermal Systems Market.
The waste heat recovery segment would be the fastest-growing thermal system application
Waste heat recovery is estimated to grow at the highest CAGR under the review period. The stringent emission regulations with lowered emission limits and updated CO2 and fuel efficiency regulations would require the fitment of after-treatment devices – turbochargers, EGR, thermoelectric generator, and SCR, among others. These technologies offer various advantages such as enhanced performance, lower emissions, and reduced fuel consumption. These growth factors would fuel the waste heat recovery segments growth in the future.
Request FREE Sample Report: https://www.marketsandmarkets.com/requestsampleNew.asp?id= 228170865
"Asia Pacific would be the largest regional market for automotive thermal systems."
The Asia Pacific region holds the largest market share in automotive thermal systems owing to rising vehicle production and increasing electric vehicle sales. Increased ICE vehicle production in China will create the demand for engine thermal management and waste heat recovery thermal systems. The rising adoption of automatic and CVT transmission in mid to top-segment cars will provide growth opportunities for transmission cooling. Rising premium vehicle sales would also drive advanced thermal systems such as multizone climate control, heated/ ventilated seats, heated steering, and rear air conditioning. Furthermore, this regions electric vehicle sales are high, providing an opportunity for battery and motor thermal systems. Thus, considering all the factors mentioned above, Asia Pacific would have a promising market for thermal systems in the future
Key Market Players
The Thermal Systems Market is led by established global suppliers such as Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo (France), and BorgWarner Inc. (US). These companies adopted several strategies to gain traction in the Thermal Systems Market. New product development, partnerships, and expansion strategies from 2018 to 2022 helped them to innovate on its offerings and broaden their customer base
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=228170865
Browse Adjacent Market: Automotive Battery Thermal Management System Market Research Reports & Consulting
Browse Related Reports:
Automotive Heat Exchanger Market by Propulsion & Component (ICE, EV), Electric Vehicle Type (BEV, PHEV, HEV), Design (Plate Bar, Tube Fin), Vehicle Type, Off-Highway Vehicle Type (Passenger Car, LCV, Truck, Bus) and Region - Global Forecast to 2027
About MarketsandMarkets™
MarketsandMarkets™ provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 7500 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets™ for their painpoints around revenues decisions.
Our 850 fulltime analyst and SMEs at MarketsandMarkets™ are tracking global high growth markets following the "Growth Engagement Model – GEM". The GEM aims at proactive collaboration with the clients to identify new opportunities, identify most important customers, write "Attack, avoid and defend" strategies, identify sources of incremental revenues for both the company and its competitors. MarketsandMarkets™ now coming up with 1,500 MicroQuadrants (Positioning top players across leaders, emerging companies, innovators, strategic players) annually in high growth emerging segments. MarketsandMarkets™ is determined to benefit more than 10,000 companies this year for their revenue planning and help them take their innovations/disruptions early to the market by providing them research ahead of the curve.
MarketsandMarkets's flagship competitive intelligence and market research platform, "Knowledge Store" connects over 200,000 markets and entire value chains for deeper understanding of the unmet insights along with market sizing and forecasts of niche markets.
Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insight: https://www.marketsandmarkets.com/ResearchInsight/automotive-thermal-management-market.asp
Visit Our Website: https://www.marketsandmarkets.com
Content Source: https://www.marketsandmarkets.com/PressReleases/automotive-thermal-management.asp
Logo: https://mma.prnewswire.com/media/660509/MarketsandMarkets_Logo.jpg
SOURCE MarketsandMarkets
![](https://rt.prnewswire.com/rt.gif?NewsItemId=IO25688&Transmission_Id=202207250530PR_NEWS_USPR_____IO25688&DateId=20220725)
Share this article