Seattle, WA -- (SBWire) -- 10/30/2019 --Automotive thermal management systems are a crucial part of automobiles as they help to reduce the vehicular emission. These systems can maintain the desired temperature in the internal combustion engine, thereby improving the fuel efficiency of the vehicle. Thermal management is a crucial component in modern vehicle systems. It monitors and regulates the temperature of automotive components such as transmission, passenger cabin area, engine and HVAC components.
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The automotive thermal management system market has experienced a tectonic surge over the past few years due to the growing utilization of advanced HVAC systems in automobiles. The increased propensity to spend on developing nations is propelling the market growth. Thermal management systems perform crucial automotive functions like reduction of the thermal load, transfer of heat, and waste heat recovery. The international automotive standards and regulatory norms have made thermal management systems mandatory.
The installation of automotive thermal management system also helps to improve passenger comfort and powertrain performance to a considerable level. The system is used in electric as well as conventional cars. Such factors are triggering the demand for automotive thermal management system market across the globe. The growing production of passenger cars is also enhancing the growth of automotive thermal management system market. With the increased focus on driver comfort, production of passenger cars, and growing sales of electric vehicles, the market is likely to propel in the foreseeable future.
Market Segmentation:
Market Segment by Type, covers
Gasoline Engine
Diesel Engine
Other
Market Segment by Applications, can be divided into
Passenger Vehicles
Commercial Vehicles
Key Players:
Denso, BorgWarner, Bosch, Gentherm, Mahle, Valeo, DuPont, Hanon Systems, AVID, CapTherm Systems, Dana, VOSS Automotive
Regional Analysis:
Considering the global scenario, the Asia Pacific region is considered to remain a highly attractive regional market and accounts for more than one-third of the share in terms of value. Economies like South Korea, Japan, India, and China are gaining mileage in the automotive manufacturing sector. In this region, China acquires the largest share owing to the surging demand for commercial and passenger vehicles. Being the automotive hub in the world, Asia Pacific generates significant demand for the automotive thermal management system. The increase in sales of commercial as well as passenger cars due to the increasing disposable income in South Korea, China, Japan, and India contributes to the growth of the market. Moreover, the existence of top manufacturers of automotive thermal management systems is highly influencing the growth of the regional market.
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