Automotive Thermal System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020
Albany, NY -- (SBWIRE) -- 12/09/2015 -- Automotive thermal systems are a necessary part of modern cars. Thermal systems are naturally a crucial part of the air conditioning systems, but modern automotive thermal systems manage much more than that. The dissipation of heat generated in the powertrain and batteries of the vehicle is a crucial part of the function of the modern automotive thermal system, since these components are often electronically connected in modern vehicles and overheating can lead to not just malfunction of the particular component but can also damage its electrical network. Some vehicles also have heat energy recovery systems, which redirect heat generated as byproduct to electricity generation to be used as a reserve power source. Such systems are also controlled by an automotive thermal system.
Browse Full Global Automotive Thermal System Market Research Report With Complete TOC @ http://www.transparencymarketresearch.com/automotive-thermal-system-market.html
The advent of the more sophisticated applications of automotive thermal systems and the contemporaneous rise of the global automotive industry means that the automotive thermal system market has no way to go but up. The market was valued at more than US$32 billion in 2013 and is expected to rise to almost US$48.5 billion by 2020 at a CAGR of 6%.
HVAC Systems Lead Global Automotive Thermal System Market
The global automotive thermal system market can be categorized into HVAC systems, powertrain cooling, fluid transport, and compressors on the basis of the distinct components. Of these, the heating, ventilation, and air conditioning (HVAC) systems led the market with a share of more than 54%.
The global automotive thermal system is broken down into the regional segments of North America, Europe, Asia Pacific, and Rest of the World. Despite the strong presence of the American, German, and Italian automotive industries, Asia Pacific led the global market for automotive thermal systems in 2013 with a share of 34.40% in the global market. This was due to the emerging automotive sectors in China and India and was led by the demand for air conditioning units in commercial vehicles. Increasing purchasing power of consumers in Asia Pacific is providing sizeable domestic demand for the automotive industry in the region, indirectly driving the sales of automotive thermal systems.
High Costs of Automotive Thermal Systems to Pose Challenge to Market Expansion
In times when the competitiveness in the automotive market, particularly in the voluminous passenger car segment, is forcing carmakers to cut down on costs whichever way possible, the high cost of automotive thermal systems sticks out like a sore thumb, checking its adoption. As with any technological advancement, the significant benefits offered by automotive thermal systems come at a high price. However, the development of automatic thermal sensing and management systems is expected to alleviate this problem to some extent, as is the development and widespread incorporation of the all-inclusive HVAC systems.
Another factor driving the automotive thermal systems market is the growing prevalence of strict pollution norms around the world. These are forcing automakers to incorporate heat management and electricity regeneration systems in their vehicles. This will help the automotive thermal system market.
Development of Alternative Fuel Automotive Thermal Systems to Shape Market
Environmental regulations have also presented the automotive thermal system market another opportunity in the form of the encouragement given to the production of vehicles running on alternative fuels. Thermal systems are currently predominantly on conventional fossil fuels, but cars running on hydrogen fuel cells, ethanol, propane, and bio-alcohols are being produced increasingly frequently. This presents a growth opportunity for key players in the automotive thermal system market, by developing thermal systems than can run on these fuels. The increasingly favorable public opinion about alternative fuel cars means that this will likely emerge as a determinant factor for the automotive thermal system market in the next few years.
The major players in the global automotive thermal system market are Delphi Automotive Plc, Gentherm, Valeo, Denso Corporation, Visteon Corp, etc.
Request A Sample Of This Report: http://www.transparencymarketresearch.com/sample/sample.php?flag=S&rep_id=4400
About Transparency Market Research (TMR)
Transparency Market Research (TMR) is a global market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR's experienced team of Analysts, Researchers, and Consultants, use proprietary data sources and various tools and techniques to gather and analyze information.
Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.