The Thermal System Market For Automotive is projected to reach USD 64.6 billion by 2027 from an estimated USD 49.3 billion in 2019, growing at a CAGR of 3.4% during the forecast period, driven by increase in electric powertrain technologies. For instance, BorgWarner has launched a high voltage coolant heater as part of the company’s battery and cabin heater families. The technology improves battery performance by keeping the battery’s operating temperature within an optimal operating range and providing a consistent temperature distribution inside the battery pack and its cells.
By vehicle type, the passenger car segment is estimated to be the largest market for automotive thermal system owing to the high production of passenger cars, globally as compared to other segments. According to MarketsandMarkets analysis, the global market for passenger car globally has dropped down in 2018-2019 by -3.6% from the year 2017-2018; but it is projected to grow at a CAGR of 2.4% from 2019 to 2027. The top 6 countries with high production are China, Japan, Germany, India, South Korea, and the US. The key factors which will influence the sales of passenger cars in various countries are the increasing per capita income and improved standard of living. Also, the growing inclination toward comfort and luxury and the demand for advanced features such as heated/ventilated seats, heated steering, and rear air conditioning are set to grow soon in passenger cars. Automotive consumers in European and North American countries prefer premium and luxury vehicles, and the demand for these vehicles in key Asian countries such as India and China have witnessed an upward trend in the recent years. This has boosted the global demand for advanced thermal systems in these vehicles. Thus, the high production of passenger cars boosts the thermal system market globally.
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Mild Hybrid is also an attractive revenue pocket for automaker right now. These vehicles are capable of delivering 70% efficiency of a conventional ICE. Owing to slowdown in diesel-powered vehicles and stringency in CO2 targets, manufacturers are turning to this technology for the market, such as Ford Puma crossover. According to Emission Analytics, the mass adoption of mild hybrids over low-take up-volumes of BEVs is an effective solution to cut down on emissions. Also, when taken into consideration the dropping prices of lithium-ion batteries, various automakers are turning to optimize lithium-ion batteries in their 48V systems. To optimize costs and packaging, Hella developed 48V power pack that combines 48V battery, BMS and DC/DC converter making it easier to integrate into the existing vehicle architecture. Looking at various scenarios, increase in demand for mild hybrid is expected to increase the demand for advanced thermal system such as battery thermal management.
According to MarketsandMarkets, North America is estimated to grow with the highest growth rate in the forecast period, 2019-2027. There are various factors propelling this trend such as government policies and regulation standards in US to support EV growth. Also, the high demand for luxury vehicles along with advancement in comfort features such as heated/ventilated seats, heated steering and rear air conditioning system are making the region attractive for thermal system demand. The manufacturers are working on advanced thermal system in this region. For instance, Ford is developing thermoelectric waste heat recovery systems that promise 3-5 per cent improvements in fuel economy.
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Critical Questions:
- Many companies are operating in the thermal system market space across the globe. Do you know who are the front leaders, and what strategies have been adopted by them?
- Fast-paced developments in applications of thermal system such as heated/ventilated seats, heated steering, waste heat recovery and battery thermal management for electric vehicles offered by leading providers are expected to change the dynamics of thermal system market. How will this transform the overall market?
- Which leading companies are working on the thermal system market and what organic and inorganic strategies have they adopted?
- Analysis of your competition that includes major players in the thermal system ecosystem. The major players include Denso Corporation (Japan), Hanon Systems (South Korea), MAHLE GmbH (Germany), Valeo (France) and BorgWarner (USA) among others.
- Discussion on your client’s imperatives based on our existing research on thermal system market for automotive and its ecosystems.
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