What Was The Market Size & Growth Rates For Global Automotive Thermal System Market?
The automotive thermal system market size has experienced robust growth in recent years. It is projected to grow from $42.15 billion in 2024 to $44.29 billion in 2025 at a compound annual growth rate (CAGR) of 5.1%. Factors prompting this growth include the integration of autonomous features, improved vehicle safety, globalization of the automotive industry, and increased demand for advanced cooling systems, climate control, and passenger comfort.
The automotive thermal system market is set to witness solid growth in the coming years. It is predicted to rise to $56.28 billion in 2029 at a compound annual growth rate (CAGR) of 6.2%. Expected growth factors for the forecast period include the imposition of stricter emission standards, developments in electric vehicle technologies, and increased demands for climate control. Important trends include electrification and hybridization, advanced engine technologies, innovative cooling solutions, and international standardization.
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What Factors Are Influencing The Automotive Thermal System Market Growth?
The enforcement of increasingly stringent emission regulations by governing agencies is set to fuel the growth of the automotive thermal system market moving forward. With the world’s vehicle numbers escalating, controlling GHG emissions from these vehicles has become a significant challenge. Regulatory organizations like European Commission (EC) and the US based Environmental Protection Agency (US EPA) have imposed rules for fuel economy and fuel sulfur content limits to offset the rising emissions. Therefore, these strict emission regulations are a major driver of growth in the automotive thermal systems market.
What Are The Key Segments Within The Global Automotive Thermal System Market?
The automotive thermal system market covers:
1. By Component: Compressor, HVAC, Powertrain Cooling, Fluid Transport
2. By Vehicle Type: Passenger Cars, Light Commercial Vehicles, Heavy Commercial Vehicles, Other Vehicle Types
3. By Application: Front And Rear AC, Engine and Transmission, Seat, Battery, Motor, Waste Heat Recovery, Power Electronics
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Which Key Companies Are Dominating The Automotive Thermal System Market?
Prominent companies operating in the automotive thermal system market comprise of Continental AG, Denso Corporation, Dana Incorporated, Grayson Thermal Systems, Gentherm Incorporated, Hanon Systems, Lennox International Inc., Modine Manufacturing Company Inc., Mahle Behr GmbH & Co. KG, Robert Bosch GmbH, Valeo SA, Visteon Corporation, Calsonic Kansei Corp., and others.
What Are Some Emerging Trends In The Automotive Thermal System Market?
The development of advanced automotive thermal systems is a key trend gaining momentum in the market. Efforts are being made to introduce innovative thermal systems for the automotive industry. Major manufacturers are focusing on creating new technological solutions to solidify their market positions. For example, Mitsubishi Heavy Industries Thermal Systems, Ltd. launched the TEJ35GAM electric-driven transport refrigeration units in 2023, which features a plug-in hybrid system for an innovative transport refrigeration solution.
Which Region Is Showing Rapid Growth In The Automotive Thermal System Market?
Asia-Pacific was the largest region in the automotive thermal systems market in 2024. However, Europe is anticipated to be the fastest-growing region during the forecast period. The geographic regions covered in this market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Automotive Thermal System Market Report 2025 Offer?
An automotive thermal system pertains to a system that regulates temperature in an automobile through technology. They are used to manage the temperature of vehicle components by reducing temperature fluctuations and monitoring engine block temperatures. The Automotive Thermal System Market research report from The Business Research Company offers valuable insights into global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities.
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