Engine Thermal Management Market for Passenger Cars Estimated to be Worth USD 12.42 Billion by 2021, at a CAGR of 6.73%
PUNE, India, August 16, 2016 /PRNewswire/ --
According to the new Market Research Report "Engine Thermal Management Market for Passenger Cars By Thermal Management Module, Components (Electric Fan, Electric Water Pump, Radiator, and Thermostat) and Region (Asia-Pacific, Europe, North America, and RoW) - Global Forecast To 2021", is projected to reach USD 12.42 billion by 2021 at CAGR of 6.73% from 2016 to 2021.
Browse 44 market data Tables and 27 Figures spread through 106 Pages of "Engine Thermal Management Market for Passenger Cars" for an in-depth analysis of the industry trends and segments.
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The automotive electric fan market is the highest growing component in the engine thermal management market. The growth in the electric fan market is directly coupled with an increase in vehicle production across the globe. The growing electric fan market will be driven by electrification of vehicle systems. The demand for electric fans is poised to increase because of stringent emission regulations and fuel economy standards. Vehicle manufacturers are adopting electric fans in automobiles to increase thermal efficiency. Hence it is projected to grow at a promising CAGR from 2016 to 2021.
Asia-pacific countries such as China, Japan, India, and South Korea, are witnessing huge population growth. The increasing per capita income of the middle class population and cost advantages for OEMs are driving the market for cars which in turn drives the market for advanced engine thermal management. The increasing concern about fuel efficiency and emission regulations have ensured that engine thermal management system manufacturers have developed thermal management systems which would cater to customer demand. Moreover, stringent emission norms in Japan compel engine thermal management system manufacturers to develop technologically advanced systems. These systems increase the fuel efficiency of the vehicle, while reducing its emissions. The automotive industry in South Korea is adapting to changes in technology, market, and competition. There is a paradigm shift in South Korea's automotive industry with changing trends in technology, market, and competition. This change and growth is attributed to the collaborative measures of the government and OEMs to promote exports and global expansion.
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The European region has been segmented into Germany, France, U.K. and Russia. The European countries are expected to show steady growth in the near future due to various initiatives by the European Union and rising global demand but the U.K.'s impending exit from the European Union will impact the U.K.'s automobile industry.
The North American engine thermal management market is projected to grow at a promising CAGR during the forecast period. The thermal management market in the U.S., followed by Mexico, is the biggest market in North American region in terms of value and volume, hence economic recovery in the U.S, will be major factor for the growth of the engine thermal management in North American region.
Key Players of Engine Thermal Management Market includes:
Valeo SA (France), BorgWarner Inc. (U.S.A), Mahle Group (Germany), Schaeffler AG (Germany), Sogefi Group (Italy) and Robert Bosch GmBH (Germany)
It covers the global automotive engine thermal management market, in terms of volume (thousand units) and value (USD million). It explains the qualitative and quantitative aspects of the market on the basis of component, geography, and vehicle type from 2016 to 2021. It also provides an overview of other important aspects of the global automotive engine thermal management market.
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