Automotive Thermal Management Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Automotive Thermal Management Market report has been segmented by Application (Engine Cooling, Cabin Thermal Management (Front/Rear Air Conditioning, Heated/Ventilated Seats, and Heated Steering), Transmission Thermal Management, Waste Heat Recovery/Exhaust Gas Recirculation (EGR) Thermal Management, Battery Thermal Management, and Motor and Power Electronics Thermal Management (Inverters and Converters), by Vehicle Type (Passenger Car and Commercial Vehicle), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World. The report also offers the latest technological trends, updates, and key developments in all segments in value in USD million.

Market Snapshot

Automotive Thermal Management Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: Asia Pacific
CAGR: 6 %
Automotive Thermal Management Market Major Players

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Market Overview

The global automotive thermal management market is expected to register a CAGR of 5.89% during the forecast period, 2021-2026.

· With growing advancement in vehicle electronics and electrification systems (such as infotainment, navigation, HVAC systems, electric drive and transmission, etc.), the need for efficient power distribution as well as maintaining the above systems’ temperature has been significantly driving the demand for thermal management systems in the automotive industry.

· The electric vehicle market is rapidly growing across the world. Among the regions, Europe is likely to see faster adoption of electric vehicles compared to other regions during the forecast period. In Europe, electric vehicle sales increased by 50% in 2018, as compared to 2017. By 2040, nearly 54% of the new car sales and 33% of the global car fleet are expected to become electric. The European government formulated various policies and started projects for building the charging infrastructure across the region, primarily to meet the electric vehicle’s sales target.

· Auto parts suppliers are accelerating efforts to strengthen their global competitiveness in the thermal energy management market with the advancement of vehicle electrification.

· Asia-Pacific continues to capture a major share of more than 25% in the global market, followed by Europe and North America. Additionally, companies in the Asia-Pacific are expanding their production capacities to capture the growing demand in the region during the forecast period.

Scope of the Report

Automotive thermal management technologies are used to reduce thermal loads, transfer heat efficiently, and reuse waste heat. These functions help reduce fuel emissions and improve passenger comfort. An automotive thermal management system (TMS) monitors and controls the operating temperature of various automotive systems, such as power electronics, transmission, battery, electric drive units, engine, and passenger cabin areas, to improve efficiency and prevent damage to the components.

The above automotive systems deploying thermal management systems have been considered within the scope of the market.

The automotive thermal management market has been segmented by application type, vehicle type, and geography.

By application, the market has been segmented into engine cooling, cabin thermal management (front/rear air conditioning, heated/ventilated seats, and heated steering), transmission thermal management, waste heat recovery/exhaust gas recirculation (EGR) thermal management, battery thermal management, and motor and power electronics thermal management (inverters and converters).

By vehicle type, the market has been segmented into passenger car and commercial vehicle.

By Geography, the market has been segmented into North America, Europe, Asia-Pacific, and Rest of the World.

Application
Engine Cooling
Cabin Thermal Management (Front/Rear Air Conditioning, Heated/Ventilated Seats, and Heated Steering)
Transmission Thermal Management
Waste Heat Recovery/ Exhaust Gas Recirculation (EGR) Thermal Management
Battery Thermal Management
Motor and Power Electronics Thermal Management (Inverters and Converters)
Vehicle Type
Passenger Car
Commercial Vehicle
Geography
North America
United States
Canada
Rest of North America
Europe
Germany
France
United kingdom
Italy
Rest of Europe
Asia-Pacific
China
India
Japan
South Korea
Rest of Asia-Pacific
Rest of the World
South America
Middle East & Africa

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Key Market Trends

Battery Thermal Management witness Major Market Share

A battery thermal management system is primarily used in vehicles for managing and controlling the cell’s temperature in a battery pack. Safe and optimum use of the energy stored is highly essential in a vehicle battery pack due to the growing electrification in vehicles. Also, features like start/stop, electric power steering, and electric braking systems have increased the power load on the battery. Therefore, prioritizing all these electrical loads on a scale, from comfort to safety, has been a major issue in the vehicle electric system. Hence, the intelligent battery management system (IBMS) has been gaining attention among automakers, which aids its adoption across the world.

Moreover, factors such as the increasing demand for electric vehicles and energy storage systems and the growing consumption of rechargeable batteries in consumer electronics, coupled with technical advancements, are significantly aiding the market’s growth. For instance, in 2019, electric vehicle sales reached nearly 2.2% of the global electric vehicle market as various new models hit the road.

Automotive Thermal Management Market

Asia-Pacific continues to capture Major Market Share

The growing automobile sector in Asia-Pacific (with India and China emerging as automotive part manufacturing hubs for the western automobile giants) is expected to drive the market for the thermal management system in this region.

Additionally, with growing sales of hybrid and electric vehicles in the region, the demand for high-performance and lightweight thermal management systems is likely to grow with the production of electric vehicles during the forecast period.

Thus, to capture the growing demand in the market, companies in the region have started developing and extending their business operations. For instance, in August 2019, Marelli Corporation (Kita-Ku, Saitama City, Japan) announced that it had signed a strategic partnership agreement with China-based Shanghai Highly (Group) Co., Ltd.

Automotive Thermal Management Market Growth Rate

Competitive Landscape

The automotive thermal management market is moderately consolidated with the major players, such as Denso Corporation, Robert Bosch GmbH, Mahle GmbH, and Modine Manufacturing Company.

With the growing trend of lightweight and fuel-efficient vehicles, companies have started investing to produce more advanced thermal management systems to improve vehicle efficiency and meet the growing demand for vehicle electrification systems in the global automotive industry.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Drivers

    2. 4.2 Market Restraints

    3. 4.3 Industry Attractiveness - Porter's Five Forces Analysis

      1. 4.3.1 Threat of New Entrants

      2. 4.3.2 Bargaining Power of Buyers/Consumers

      3. 4.3.3 Bargaining Power of Suppliers

      4. 4.3.4 Threat of Substitute Products

      5. 4.3.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 Application

      1. 5.1.1 Engine Cooling

      2. 5.1.2 Cabin Thermal Management (Front/Rear Air Conditioning, Heated/Ventilated Seats, and Heated Steering)

      3. 5.1.3 Transmission Thermal Management

      4. 5.1.4 Waste Heat Recovery/ Exhaust Gas Recirculation (EGR) Thermal Management

      5. 5.1.5 Battery Thermal Management

      6. 5.1.6 Motor and Power Electronics Thermal Management (Inverters and Converters)

    2. 5.2 Vehicle Type

      1. 5.2.1 Passenger Car

      2. 5.2.2 Commercial Vehicle

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States

        2. 5.3.1.2 Canada

        3. 5.3.1.3 Rest of North America

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany

        2. 5.3.2.2 France

        3. 5.3.2.3 United kingdom

        4. 5.3.2.4 Italy

        5. 5.3.2.5 Rest of Europe

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China

        2. 5.3.3.2 India

        3. 5.3.3.3 Japan

        4. 5.3.3.4 South Korea

        5. 5.3.3.5 Rest of Asia-Pacific

      4. 5.3.4 Rest of the World

        1. 5.3.4.1 South America

        2. 5.3.4.2 Middle East & Africa

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Vendor Market Share

    2. 6.2 Company Profiles

      1. 6.2.1 Robert Bosch GmbH

      2. 6.2.2 Dana Incorporated

      3. 6.2.3 MAHLE GmbH

      4. 6.2.4 Gentherm Incorporated

      5. 6.2.5 Hanon Systems

      6. 6.2.6 Denso Corporation

      7. 6.2.7 BorgWarner Inc.

      8. 6.2.8 Valeo Group

      9. 6.2.9 Modine Manufacturing Company

      10. 6.2.10 Schaeffler Technologies AG & Co. KG

    3. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability

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Frequently Asked Questions

The Automotive Thermal Management Market market is studied from 2018 - 2026.

The Automotive Thermal Management Market is growing at a CAGR of 6% over the next 5 years.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

Asia Pacific holds highest share in 2020.

Shouqi Car rental (Europcar Mobility Group), eHi Car Service (Enterprise Holdings), The Hertz Corporation, Avis Budget Group, Inc. are the major companies operating in Automotive Thermal Management Market.

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