Thermal System Market Worth $64.6 Billion by 2027 - Exclusive Report by MarketsandMarkets(TM)
CHICAGO, Feb. 3, 2020 /PRNewswire/ -- According to the new market research report "Thermal System Market for Automotive By Application (Front & Rear AC, Engine & Transmission, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery), Technology, Electric & ICE Components, Vehicle Type and Region - Global Forecast to 2027", published by MarketsandMarkets(TM), the Thermal System Market for Automotive is projected to reach USD 64.6 billion by 2027 from an estimated USD 49.3 billion in 2019 at a CAGR of 3.4% during the forecast period.
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The growth of thermal system market size is influenced by factors such as stringency in emission norms and engine downsizing, developments in advanced HVAC system and advancements in comfort features among others. Therefore, the automotive thermal system is expected to witness a significant growth in the future.
Waste Heat Recovery is expected to grow at the fastest CAGR
The application of thermal system in waste heat recovery is an attractive revenue pocket for automakers right now. The technology is having a low penetration currently in passenger cars but has significant usage in heavy commercial vehicles. The development of engine waste heat recovery technologies attracts ever increasing interests due to the rising strict policy requirements and environmental concerns. The waste heat recovery technologies such as Organic Rankine Cycle (ORC) can convert low medium grade heat into electrical or mechanical power and has been widely recognized as the most promising heat-driven technologies. A typical internal combustion engine (ICE) converts around 30% of the overall fuel energy into effective mechanical power and the rest of fuel energy is dumped through the engine exhaust system and cooling system. Integrating efficient waste heat recovery system in a vehicle can effectively improve the overall energy efficiency and reduce emissions with around 2-5 years payback period through fuel saving.
Thermoelectric Generator (TEG) is expected to grow at the fastest CAGR
According to MarketsandMarkets analysis, thermoelectric generator is the fastest growing segment in the Thermal System Market for Automotive. The main usage of TEG currently is in advanced comfort features such as heated/ventilated seats and heated steering and waste heat recovery. With the increasing concerns and efforts towards improving fuel efficiency of the engine, the automotive thermoelectric generator is expected to play an important role in the coming future. As a large amount of heat is wasted in the process of energy conversion, thermoelectric generator gives a viable solution to minimize this wastage of heat. Thermoelectric generators have a great potential to reduce fuel consumption by converting waste heat into a usable form, which can be used for running auxiliaries and other systems such as air conditioning system, infotainment system and lightings.
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Asia Pacific region is expected to lead the market during the forecast period.
Asia pacific is estimated to be the largest market for automotive thermal system as China is at the forefront of this technology globally. Asia Pacific has emerged as a hub for automotive production in the recent years, owing to changing consumer preferences, increasing per capita income of the middle-class population, and cost advantages given to OEMs. The vehicle production in Asian countries such as China, India, and Japan is higher compared to other regions, making them prominent markets. At the same time, the demand for luxury cars has increased considerably. With the increasing demand for vehicles, especially premium passenger cars, cabin comfort and luxury, the demand for the automotive thermal system would experience continued growth in this region. The huge vehicle production in the region offers a tremendous growth opportunity for the automotive thermal system market. Favourable investment policies coupled with the availability of cheap labour have made Asia Pacific an ideal market for automotive OEMs.
The Thermal System Market for Automotive is dominated by globally established players such as Denso Corporation (Japan), Hanon Systems (South Korea), MAHLE GmbH (Germany), Valeo (France) and BorgWarner (USA) among others.
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