Automotive Thermal Management System Market Revenues to Reach USD 125.59 billion by 2028 – Market Size, Share, Forecasts, & Trends Analysis Report by Mordor Intelligence
Hyderabad, Aug. 18, 2023 (GLOBE NEWSWIRE) — According to a new market research report titled “Automotive Thermal Management System Market Report (2023-2028),” the market is estimated at USD 94.43 billion in 2023. It is expected to register a CAGR of 5.87% during the forecast period.
An automotive thermal management system (TMS) monitors and controls the operating temperature of various automotive systems to improve efficiency and prevent damage to the components. The expanding need for better ride quality and heat insulation for cabin comfort is greatly emphasized in the automotive industry, leading to a much higher demand for thermal management systems. The growing number of electrical and electronic components inside vehicles also drives the need for better thermal management systems due to heat dissipation.
|Market Size (2023)||USD 94.43 billion|
|Market Size (2028)||USD 125.59 billion|
|Forecast Units||Value (USD billion)|
|Fastest Growing Market||Asia-Pacific|
|Report Scope||Market Dynamics, Revenue Forecast and Segmentation, Competitive Landscape, and Recent Developments, Market Growth, Future Opportunities, and Trends|
|Key Market Drivers||The increasing number of EVs.|
|Need for better ride quality and heat insulation for cabin comfort.|
Who are the Top Companies in the Automotive Thermal Management System Market?
The global automotive TMS market is moderately competitive.
The noteworthy players holding the global automotive TMS market are:
- Robert Bosch GmbH
- Dana Incorporated
- MAHLE GmbH
- Gentherm Incorporated
- Hanon Systems
- Denso Corporation
- BorgWarner Inc.
- Valeo Group
- Modine Manufacturing Company
- Schaeffler Technologies AG & Co. KG
- Kendrion NV
- ZF Friedrichshafen
- Aptiv Inc.
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Key Highlights from the Automotive Thermal Management System Market Report:
Battery Thermal Management to Propel the Market
- Vehicles that run on an all-electric powertrain or hybrid powertrain demand a battery thermal management system. The battery is operated under a specific temperature for maximum charge storage and utilization efficiency. Consequently, the increase in battery electric vehicles or plug-in hybrid vehicles is likely to drive the automotive thermal management market during the study period.
- Companies are investing in making more efficient battery solutions for the upcoming battery EVs. In September 2022, Mahle launched its new thermal management systems for commercial EVs at IAA Transportation in Hannover, Germany.
APAC Expected to Hold Significant Share
- The extending automobile sector in Asia-Pacific (with India and China emerging as automotive part manufacturing hubs for the Western automobile giants) is projected to drive the market for thermal management systems in this region.
- The Indian automotive industry is the fourth-largest globally. In terms of commercial vehicle production, the country ranks seventh. The auto component business has also increased significantly over the past five years in India.
What are the Latest Developments in the Automotive Thermal Management System Market?
- In October 2022, TotalEnergies and Valeo partnered to develop a novel method for thermal management systems for electric vehicle batteries by utilizing cooling fluid developed by TotalEnergies.
- In August 2022, Mahle received a loan of EUR 300 million (USD 312 million) from the European Investment Bank to develop technologies comprising electric motors, battery components, power electronics, thermal management, and hydrogen fuel cell components for electric, hybrid, and fuel cell vehicles.
Mordor Intelligence has Segmented the Automotive Thermal Management System Market Based on Application, Vehicle Type, and Geography
- By Application (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Engine Cooling
- Cabin Thermal Management
- Transmission Thermal Management
- Waste Heat Recovery/ Exhaust Gas Recirculation (EGR) Thermal Management
- Battery Thermal Management
- Motor and Power Electronics Thermal Management
- By Vehicle Type (Market Size and Forecast based on Value (USD billion), 2018-2028)
- Passenger Car
- Commercial Vehicle
- By Geography (Market Size and Forecast based on Value (USD billion), 2018-2028)
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- South Korea
- Rest of Asia-Pacific
- Rest of the World
- South America
- Middle East and Africa
- North America
In a nutshell, the Mordor Intelligence market research report is a must-read for start-ups, industry players, investors, researchers, consultants, business strategists, and all those who are looking to understand this industry. Get a glance at the Automotive Thermal Management System Market Report (2023-2028).
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About Mordor Intelligence:
Mordor Intelligence is a market intelligence and advisory firm. At Mordor Intelligence, we believe in predicting butterfly effects that have the potential to change or significantly impact market dynamics.
Our market research reports are comprehensive and provide exclusive data, facts and figures, trends, and the industry’s competitive landscape.
- Automotive Thermal Management System Market – Mordor Intelligence
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