Automotive Thermal Management System market to surge at 4.50% CAGR and reach remarkable value by 2023, according to Global Automotive Thermal Management System Market Analysis Report published by Market Research Future. The future of the Automotive Thermal Management System market looks promising. Global Automotive Thermal Management System Industry Report analyzes Market for Automotive Thermal Management System by technology, system, vehicle type, and propulsion and region with forecast to 2023.
Major Automotive Thermal Management System Companies covered in the market report include BorgWarner Inc., Hanon Systems, MAHLE GmbH, Denso Corporation, Gentherm, VOSS Automotive GmbH, Modine Manufacturing Company, Robert Bosch GmbH, Valeo, and Dana Limited.
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Global Market Highlights:
The global Automotive Thermal Management System is expected to expand at 4.40% CAGR and attain a worth of USD 1,000 bn by the conclusion of the forecast period of 2017-2023, reveals Market Research Future (MRFR) in a meticulous study. The worldwide Automotive Thermal Management System industry was worth USD 800 Bn in 2018. Users are reflecting surged interest in aftermarket automotive elements owing to the transparent nature of the aftermarket vertical.
Aftermarket vertical offers replacements and repairs at reduced parts coupled with the freedom to select services as per their needs at a much more reasonable price which has resulted in surged consumer kinship towards aftermarket elements. Encouraged by high consumer proclivity towards aftermarket, automotive OEMs are aggressively developing their aftermarket operations to acquire core businesses and fortify their position within the market which has been a primary driver for the expansion of the global Automotive Thermal Management System vertical.
Furthermore, the growth in a number of aged vehicles has encouraged demand within the global Automotive Thermal Management System vertical. Vehicles aged more than 8 years induce rising demand for the service segment. Besides, the augmenting vehicle density, specifically in the developing economies of the world which poses greater opportunities for the worldwide Automotive Thermal Management System vertical. Product innovation and surged number of collaboration activities have further fueled the growth of the Automotive Thermal Management System.
Automotive Thermal Management System Market Segments Overview:
The global automotive thermal management system market is segmented based on technology, system, vehicle type, and propulsion.
Based on technology, the worldwide automotive thermal management system market is classified into exhaust gas recirculation (EGR), active transmission warm-up, reduced HVAC system loading, and other technologies. Under technology segment, active transmission warm-up category is presently holding the largest market share and is expected to attain a worth of USD 30.59 bn by the conclusion of 2023.
Based on system, the global automotive thermal power management system market is segmented into fluid transport, powertrain cooling, heating, ventilation and air condition (HVAC), and others. The HVAC category held the primary market share during 2018 and is likely to retain its dominance during the review period. The HVAC category is likely to attain an estimated worth of USD 23 bn at 4.10% CAGR by the conclusion of the forecast period.
According to vehicle type, the worldwide automotive thermal management system market is classified into commercial vehicle and passenger type. The passenger vehicle segment is dominating the global market and attained a turnover of more than USD 42 bn during 2017.
Based on propulsion, the global automotive thermal management system market is segmented into electric vehicle and internal combustion engine (ICE) vehicle. The electric vehicle segment is further segmented into hybrid electric vehicle, plug-in hybrid electric vehicle (PHEVs), and battery electric vehicle. The ICE segment held almost 92% market share during 2017 and is expected to portray 4.29% CAGR throughout the estimation period.
The report presented by MRFR assessed the regional automotive thermal management market and has divided it into Asia Pacific (APAC), Europe, North America, and Rest of the World (RoW). Asia Pacific is the primary market for automotive thermal management system. The Asia Pacific market is anticipated to remain lucrative during the estimation period. APAC market represented nearly one-third market share during 2017. The thriving automotive sector in APAC also influences the demand for automotive thermal management system positively. Besides, the spurring sales of both commercial cars and passenger cars collectively with the expanding disposable income, especially in economies such as South Korea, China, Japan, and India, inspire the growth of the market. The existence of prominent manufacturers of automotive thermal management systems also assist in spurring the market growth.
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TABLE OF CONTENTS:
1.2 Scope Of Study
1.3 Research Objective
1.4 Assumptions & Limitations
1.5 Market Structure:
2 Research Propulsionology
2.1 Research Process
2.2 Primary Research
2.3 Secondary Research
3 Market Dynamics
3.5 Macroeconomic Indicators
4 Market Factor Analysis
4.1 Porters Five Forces Model
4.1.1 Bargaining Power Of Suppliers
4.1.2 Bargaining Power Of Customer
4.1.3 Intensity Of Competitors
4.1.4 Threat Of New Entrants
5 V2X, By Communication Type
LIST OF TABLES:
Table 1 Global Automotive Thermal Management System Market: By Region, 2018-2023
Table 2 North America Automotive Thermal Management System Market: By Country, 2018-2023
Table 3 Europe Automotive Thermal Management System Market: By Country, 2018-2023
Table 4 Asia-Pacific Automotive Thermal Management System Market: By Country, 2018-2023
Table 5 RoW Automotive Thermal Management System Market: By Country, 2018-2023
LIST OF FIGURES:
FIGURE 1 Research Process Of MRFR
FIGURE 2 Top-Down & Bottom-Up Approach
FIGURE 3 Market Dynamics
FIGURE 4 Impact Analysis: Market Drivers
FIGURE 5 Impact Analysis: Market Restraints
FIGURE 6 Porters Five Forces Analysis
FIGURE 7 Value Chain Analysis
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