Global Thermal Systems Market to Reach $41.7 Billion by 2027 at a CAGR of 2.1%

DUBLIN, Oct. 7, 2022 /PRNewswire/ -- The "Global Thermal Systems Market by Application (Front & Rear A/C, Powertrain, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery, Sensor), Technology, Components, Vehicle (ICE, Electric, Off-Vehicle & ATV) and Region - Forecast to 2027" report has been added to  ResearchAndMarkets.com's offering.

The global thermal systems market is projected to grow from USD 37.6 billion in 2022 to USD 41.7 billion in 2027, at a CAGR of 2.1%. The market has a promising growth potential due to several factors, such as stringent emission norms across various countries, which would create the importance of powertrain thermal management. The growing demand for premium cars with increased comfort features would require thermal management. Lastly, rising electric vehicle vehicles require effective thermal management for batteries, motors, and other power electronics modules.

With the rising demand for luxury cars, especially high-end full-size SUVs, several thermal systems such as heated steering, heated/ventilated seats, automatic climate control, and rear air conditioning have evolved in terms of technology, comfort, and safety. For instance, to provide sufficient cooling to third-row passengers, OEMs are installing separate rear A/C units in full-size SUVs, and with growing demand, the market for rear-seat air conditioning will also grow. Increasing demand for luxury vehicles would drive the need for advanced thermal systems and features, such as grille shutters, passive cabin ventilation, active cabin ventilation, active seat ventilation, and glass or glazing, which currently have very low penetration.

Battery Electric vehicles segment would lead the electric & hybrid vehicle thermal systems market

Stringent emissions regulations have shifted the global focus on electric vehicles, which has resulted in exponential growth of these vehicle types in recent years. An increase in electric vehicle sales has spurred the demand for electric components such as electric compressors, batteries, electric motors, power electronics, and heat exchangers. Also, demand for a higher driving range and fast charging has made battery and motor thermal management an important aspect of electric vehicles. Further, according to a survey of BEV architectures, the industry has been experimenting with combinations of different thermal management concepts such as pre-conditioning of the cabin, air coolant and refrigerant-cooled batteries, heat pumping, collection, and re-use of waste heat, etc. Thus, growing electric vehicles sales would fuel the thermal systems market in the coming future

Waste heat recovery technology to grow at the fastest rate during the forecast period

Waste heat recovery will be the fastest growing segment under the review period owing to increasing emission regulation stringency, especially in Western Europe and North America. European countries, Turkey, and Israel have made the 'Worldwide Harmonized Light Vehicle Test Procedure (WLTP)' mandatory, which helps to achieve reduced emissions and increased fuel efficiency. Some other countries are expected to join this program in the future, which may fuel the adoption of EGR technology, mainly for compact engines in the years to come. This would create a growth opportunity for using Exhaust gas recirculation (EGR) and Thermoelectric Generator (TEG) in the coming year and bring new business opportunities for thermal system providers.

Market Dynamics

Drivers

• Stringent Emission Regulations
• Increasing Demand for Luxury Vehicles and Integration of Advanced Thermal Management Solutions

Restraints

• High Cost

Opportunities

• Advancements in Mobility Solutions Require Innovative Thermal Products
• Growing EV Demand

Challenges

• Lack of Standardization
• Low Adoption of Advanced Thermal Systems in Developing Countries

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Thermal Systems Market, by Application (ICE)

7 Thermal Systems Market, by Component (ICE)

8 Automotive Thermal Systems Market, by Technology (ICE)

9 Thermal Systems Market, by Vehicle Type (ICE)

10 Electric and Hybrid Vehicle Thermal Systems Market, by Application

11 Electric and Hybrid Vehicle Thermal Systems Market, by Component

12 Electric and Hybrid Vehicle Thermal Systems Market, by Vehicle Type

13 Off-Highway Thermal Systems Market, by Equipment Type

14 All-Terrain Vehicle (ATV) Thermal Systems Market, by Region

15 Thermal Systems Market, by Region

16 Analyst's Recommendations

17 Competitive Landscape

18 Company Profiles

19 Appendix

Companies Mentioned

• Air International Thermal Systems
• AKG Thermal Systems Inc.
• Behr-Hella Thermocontrol GmbH (BHTC)
• Borgwarner Inc.
• Boyd Corporation
• Captherm Systems
• Continental AG
• Dana Limited
• Denso Corporation
• DuPont
• Eberspacher
• Gentherm Inc.
• Grayson Thermal Systems
• Hanon Systems
• Johnson Electric Holdings Ltd.
• Lear Corporation
• Magna International
• Mahle GmbH
• Michigan Automotive Compressor, Inc.
• Modine Manufacturing Company
• Robert Bosch GmbH
• Sanden Holdings Corporation
• Sanhua Automotive
• Schaeffler AG
• Shandong Houfeng Group
• Stant Corporation
• T.Rad North America, Inc.
• Thermal Solution Manufacturing, Inc.
• Valeo SA
• Voss Automotive GmbH
• Wells Vehicle Electronics

For more information about this report visit https://www.researchandmarkets.com/r/fqwuuz

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SOURCE Research and Markets