The Rising Demand For Electronic Vehicles (EV) To Boost The Automotive Thermal Management Market Growth

 

Automotive Thermal Management

Automotive Thermal Management, By Application (Engine Cooling, Cabin Thermal Management, Transmission Thermal Management, Waste Heat Recovery/Exhaust Gas Recirculation Thermal Management, Battery Thermal Management, Motor and Power Electronics Thermal Management), By Vehicle Type (Passenger Cars, Commercial Vehicles), By Region (North America, Latin America, Europe, Asia Pacific, Middle East & Africa) - Size, Share, Outlook, and Opportunity Analysis, 2022 – 2030

The Global Automotive Thermal Management is estimated to be valued at US$ XX million in XXX and is expected to exhibit a CAGR of XX% over the forecast period, as highlighted in a new report published by Coherent Market Insights.

Market Overview:

The word Thermal Management indicates to energetically minimizing the heat balance in an automotive. By regulating the temperature of all combustion engine compounds based on the operating point, fuel usage and hence emissions can be decreased.

Competitive Landscape:

Key players included in the growth of global automotive thermal management market are Modine Manufacturing Company Robert Bosch GmbH, Schaeffler Technologies AG & Co. KG., MAHLE GmbH, BorgWarner Inc., Hanon Systems, Dana Incorporated, Gentherm Incorporated, Valeo Group, and Denso Corporation

Market Key Drivers:

The rising demand for electronic vehicles (EV) is projected to propel the growth of the global automotive thermal management market. For instance, in 2020, several European regions witnessed additional growth in EV sales, and the European areas captured approximately 43% of global EV sales in 2020.

The increasing focus of the key players to expand thermal management system is expected to augment growth of the Global Automotive Thermal Management Market. For instance, in December 2021, Volvo verified its new thermal management system that heats a truck’s batteries utilizing electrical compounds and electronic CUs. 

Covid-19 Impact Analysis:

The Covid-19 outbreak adversely affected the growth of the global automotive thermal management market as there was a strict imposition of lockdown and the restriction on the movement of the goods from one place to another. The disruption in supply chain and the halt in the production units has imposed a major challenge in the market growth.

Key Takeaways:

The global automotive thermal management market is anticipated to exhibit a CAGR of XX % during the forecast period owing to the rising sales of plug-in vehicles. For instance, the whole plug-in vehicle sales reached around 3.24 million units in European regions. 

Among regions, North America, Europe and Asia Pacific are expected to witness robust growth in global automotive thermal management market due to rising investments, collaborations, partnerships and adoption of OEMs. For instance, in June 2021, Fox e-mobility AG declared that it had collaborated with InoBat Auto j.s.a., Bratislava, for the novel MIA 2.0 electric car.