Increasing global warming along with
stringent pollution guidelines and emission norms are expected to remain key
factors for the automotive thermal system market growth over the forecast
period.
Automotive thermal system offer enhanced
vehicular comfort along with fuel economy which is expected to amplify market
growth. Rise in demand for ventilation systems and automotive heating along
with thermal systems that run on alternative fuels such as bio-alcohols,
propane, ethanol, P-series fuels and liquid hydrogen is anticipated to drive
the industry demand.
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Increasing usage of eco-friendly
refrigerants combined with electrification of automobiles is estimated to
positively elevate the industry demand. Additionally, rising demand for luxury
cars and air conditioning in commercial vehicles is projected to trigger the
automotive thermal system market growth over the next six years.
Adoption of green initiatives by several
countries across the globe for promoting clean and effective distribution of
energy along with quantum shift towards smart solutions is estimated to offer prominent
opportunities for the automotive thermal system market by 2022.
Changing consumer preferences are
anticipated to propel manufacturers for developing smart solutions that are
integrated in new equipments, making them efficient to consumer requirements that
are expected to replace inefficient equipments over the next six years, further
elevating market growth.
However, potential leakage problems
combined with high cost of thermal systems is projected to hamper industry
growth. Increase in the thermal system cost has led to undertaking of several
cost cutting measures by the manufacturers which can act as a restraint for the
industry growth.
The automotive thermal system market can
be classified on account of components into fluid transport, compressor, HVAC
and power cooling. HVAC equipments optimize productivity, cost effective and
environment friendly which is further projected to augment the industry in the
near future.
North America is expected to dominate
the industry owing to significant infrastructural developments driving the
heavy vehicles and construction equipment market in this region. Production of
colossal number of vehicles in India and China is driving growth in the Asia
Pacific region. Additionally, change in customer preferences towards compact
and advanced HVAC systems is expected to accelerate the European industry
demand.
Key vendors in the automotive thermal
system market are Grayson Thermal Systems, Modine Manufacturing Co, Denso
Corporation, United Technologies Corporation, Lennox International. Inc, Gentherm
Inc., Visteon Corp, Behr GmbH & Co, Calsonic Kansei Corp, Mahle GmbH, Sanden
Corp and Diakin Industries Ltd.
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