DUBLIN, October 19, 2021--(BUSINESS WIRE)--The "Automotive Thermal System Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global automotive thermal system market reached a value of US $51 Billion in 2020.
Looking forward, the market is expected to grow at a CAGR of 3.7% during 2021-2026. Keeping in mind the uncertainties of COVID-19, the analyst is continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.
An automotive thermal system helps to maintain and regulate the desired temperature level of different vehicle components, such as the motor, battery and cabinet area. It reduces temperature fluctuations, increases efficiency and prevents breakdown. It also reduces fuel consumption and improves powertrain efficacy, which aids in lowering carbon emissions.
Consequently, it is extensively utilized in the manufacturing of heavy vehicles used in the construction and transportation sectors. At present, the escalating demand for vehicle electrification is increasing the utilization of these systems to enhance user comfort without impacting vehicle range and keeping battery temperature at ideal operating conditions.
The increasing need for reducing carbon emissions produced by internal combustion engines (ICEs) in automobiles, along with the stringent emission regulations imposed by governing agencies of several countries, represents one of the key factors impelling the market growth.
Apart from this, the rising utilization of advanced heating, ventilation and air conditioning (HVAC) systems that are environment-friendly and lightweight is bolstering the market growth. Moreover, the increasing sales of hybrid electric vehicles (HEVs), along with the integration of thermal sensors with automotive thermal systems that sense the temperature in real-time and provide necessary solutions to the user is further contributing to the market growth.
Furthermore, the rising number of construction activities is escalating the demand for heavy vehicles, which, in turn, is strengthening the market growth. However, the mass outbreak of the coronavirus disease (COVID-19) and consequent lockdowns imposed by governments of several countries have disrupted the supply chains. The market is expected to experience growth once normalcy is regained.
Key Questions Answered in This Report
How has the global automotive thermal system market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global automotive thermal system market?
What are the key regional markets?
What is the breakup of the market based on the component?
What is the breakup of the market based on the vehicle type?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global automotive thermal system market and who are the key players?
What is the degree of competition in the industry?
The report has also analysed the competitive landscape of the market with some of the key players
General Motors Company
Grayson Automotive Services Limited
Lennox International Inc.
Modine Manufacturing Company Inc.
Key Market Segmentation
Breakup by Component
Breakup by Vehicle Type
Light Commercial Vehicles
Heavy Commercial Vehicles
Breakup by Region
Middle East and Africa
For more information about this report visit https://www.researchandmarkets.com/r/ke76n2
View source version on businesswire.com: https://www.businesswire.com/news/home/20211019005893/en/
Laura Wood, Senior Press Manager
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