The thermal systems market is projected to reach USD 41.7 billion by 2027 from USD 37.6 billion in 2022, at a CAGR of 2.1%. Stringent emission norms and rising demand for in-vehicle comfort applications will drive the automotive thermal system market
Rise in global vehicle production as well as vehicle parc, controlling GHG emissions from vehicles has become major challenge. To overcome this, 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. Advancement in thermal systems technology can reduce the CO2 emission and improve vehicle efficiency by utilizing the waste heat and optimally managing the heating and cooling systems of the vehicle. Different thermal systems technologies that are now used in luxury vehicle to meet the reduced CO2 emissions 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 to this, thermal electric exhaust heat recovery and organic ranking cycle are the upcoming technologies in thermal systems.
Download PDF Brochure @ https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=228170865
Further, use of reduced HVAC system loading technology is expected to result in increased fuel economy of vehicles, less wear and tear of the engine, reduced environmental pollution, and enhanced engine performance. Many OEMs are working to develop smaller units of HVAC systems to reduce the load on the engine. For instance, a new US emissions procedure called the Supplemental Federal Test Procedure (SFTP) provided the motivation for reducing the size of vehicle air conditioning systems in the US. This would bring a considerable growth opportunity in future
The battery thermal management is the largest electric & hybrid vehicle market as the battery sizes of electric vehicles are getting bigger to provide a long driving range and many OEMs are focusing on development of fast charging technologies. For instance, Ford launched the F-150 Lightning for the US market, which offers a range of 230 miles. Hence, considering demand for big batteries and fast charging suppliers are focusing on advance battery thermal management solutions. For instance, Denso corporation and MAHLE GmbH developed new technology called immersion cooling which will reduce the charging time of battery significantly.
Further, electric buses and trucks have shown good demand in recent years. According to MarketsandMarkets analysis, electric bus sales is estimated to reach 110 thousand units in 2022, and 790 thousand units by 2030. Similarly, electric trucks is estimated to be 13 thousand units in 2022 and 100 thousand units by 2030. These heavy vehicles are based on high-voltage batteries (>400V) and hence, the demand of thermal management for battery cooling, motors, power modules, and others parts would create lucrative business avenues for thermal system suppliers in the years to come.
Asia Pacific is expected to be the largest and fastest market for thermal systems growing at a CAGR of 2.4% during the period of 2022-2027. The market growth in Asia Pacific can be attributed to the rising vehicle production, increasing stringent emission norms and growing demand for in-cabin comfort features especially in China, Japan and India. Further, demand for battery, motor and power electronics thermal systems in Asia Pacific is increasing owing to government incentives on purchasing electric vehicles in China, engine downsizing and increased production of electric as well ICE vehicles.
Request Free Sample Report @ https://www.marketsandmarkets.com/requestsampleNew.asp?id=228170865
