The thermal systems market is expected to grow from USD 37.6 billion in 2022 to USD 41.7 billion in 2027, at a CAGR of 2.1%

New York, Aug. 01, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Thermal Systems Market by Application, Technology, Components, Vehicle and Region – Global Forecast to 2027” – https://www. reportlinker.com/p05402897/?utm_source=GNW
Finally, the rise of electric vehicles requires efficient thermal management of batteries, motors and other power electronics modules.

With the increasing demand for luxury cars, especially high-end full-size SUVs, several thermal systems such as heated steering, heated/ventilated seats, automatic air conditioning and rear air conditioning have evolved in terms of technology, comfort and security. For example, to provide sufficient cooling for third-row passengers, OEMs are installing separate rear air conditioning units in full-size SUVs, and with the growing demand, the market for rear seat air conditioning will also grow.

The growing demand for luxury vehicles would drive the need for advanced thermal systems and features, such as grille shutters, passive cabin ventilation, active cabin ventilation, active seat ventilation, and glass or glazing , which currently have very low penetration.

“The battery electric vehicle segment would lead the thermal systems market for electric and hybrid vehicles.”
Strict emissions regulations have shifted the global focus to electric vehicles, leading to exponential growth in these types of vehicles in recent years. An increase in electric vehicle sales has spurred demand for electrical components such as electric compressors, batteries, electric motors, power electronics and heat exchangers.

Additionally, the demand for longer range and fast charging has made battery and motor thermal management an important aspect of electric vehicles. In addition, according to a survey of BEV architectures, the industry has experimented with combinations of different thermal management concepts such as cabin pre-conditioning, air and refrigerant cooled batteries, heat pumping, harvesting and the reuse of waste. heat, etc Thus, growth in electric vehicle sales would fuel the thermal systems market in the near future

“Waste heat recovery technology is expected to grow at the fastest rate over the forecast period”
Waste heat recovery will be the fastest growing segment over the review period due to increasingly stringent emissions regulations, particularly in Western Europe and North America. , reducing emissions and increasing fuel efficiency.

Some other countries are expected to join this program in the future, which could fuel the adoption of EGR technology, mainly for compact engines in the coming years. This would create a growth opportunity for the use of Exhaust Gas Recirculation (EGR) and Thermoelectric Generator (TEG) over the coming year and bring new business opportunities for thermal system suppliers.

Europe is estimated to be the second largest market for thermal systems market
Europe was the second largest market for thermal systems. The region has a higher demand for passenger cars, especially for high-end cars (C-segment and above).

These premium cars feature efficient engine cooling, transmission cooling, waste heat recovery systems, advanced HVAC, heated/ventilated seats, heated steering , etc. These emit less harmful gases, offer improved performance and offer superior cabin comfort to passengers. .

With the increase in premium car sales, the region’s demand for thermal systems is expected to increase. Moreover, electric and hybrid vehicles have also seen a considerable rate of adoption in Europe.
According to the IEA’s Global Electric Vehicle Outlook 2022 publication, Europe recorded sales of 2.3 million EV units in 2021, with robust growth of around 65% compared to 2020. The increase of EV sales would have a positive impact on battery and motor thermal management systems. The growing demand for the thermal system will be met by major regional suppliers such as Valeo (France), MAHLE GmbH (Germany) and AKG Group (Germany).

In-depth interviews were conducted with CEOs, CMOs, other chief innovation and strategy officers, and executives from various key organizations operating in this market.
• By business type: OEM – 25%, Tier 1 – 65% and Tier 2 – 10%
• By designation: C-level executives – 15%, directors – 20% and others – 65%
• By region: Asia-Pacific – 50%, Europe – 15%, North America – 30%, Rest of the world – 5%
Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo SA (France) and BorgWarner Inc. (USA) are the main suppliers of thermal systems in the global market.

Research Coverage:
The thermal systems market is segmented on the basis of application (ICE) (engine cooling, front air conditioning, rear air conditioning, transmission system, heated/ventilated seats, heated steering, waste heat recovery vehicle), vehicle type (passenger car, LCV, truck, and bus), application (electric and hybrid vehicle) (battery thermal system, transmission system, engine cooling, front air conditioning, engine thermal management, power electronics, rear air conditioning, heated/ventilated seats, heated steering and waste heat recovery), type of electric and hybrid vehicle (BEV, PHEV, FCEV and 48V mild hybrid), technology (ICE) (active transmission heating, exhaust gas recirculation , engine thermal mass reduction, HVAC system load reduction and other technologies), Component (ICE) (air filter, condenser, compressor, pump engine, heat exchanger, heater control unit, thermoelectric generator, electric compressor, electric water pump, EGR valve, A/C valve, oxygen sensor, temperature sensor, and charge air cooler) , component (electric and hybrid vehicle) (air cleaner, condenser, electric compressor, electric water pump, electric motor, heat exchanger, heater control unit and thermoelectric generator), off-road vehicle by equipment (construction &mining equipment and agricultural tractors), ATVs by region (North America, Europe, Asia-Pacific and Rest of the world) and region (Asia-Pacific, Europe, North America and Rest of the world).
The study also includes an in-depth competitive analysis of leading thermal system product manufacturers in the market, their company profiles, key observations related to product and business offerings, recent developments, and key market strategies.

Key Benefits of Purchasing the Report:
The report will assist market leaders/new entrants in this market with the information on the closest approximations of revenue figures for the overall Automotive Thermal Systems market and sub-segments. This report will help stakeholders understand the competitive landscape and acquire more information to better position their businesses and plan suitable go-to-market strategies.

The report also helps stakeholders understand the pulse of the market and provides insights into key market drivers, restraints, challenges, and opportunities.
Read the full report: https://www.reportlinker.com/p05402897/?utm_source=GNW

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