The automotive thermal systems market was valued at USD 102.2 Billion in 2023 and is expected to reach a market size of USD 175.4 Billion by 2032 at a CAGR of 6.2%.
Fort Collins, Colorado, April 27, 2024 (GLOBE NEWSWIRE) --
Rise in EV sales to boost the automotive thermal systems market growth.
The automotive industry's persistent drive for enhanced fuel efficiency and decreased emissions has spurred the demand for advanced thermal management systems. According to the U.S. Department of Energy, optimizing engine thermal control can yield a notable improvement in fuel efficiency, potentially up to 5%. Furthermore, the escalating adoption of electric vehicles (EVs) underscores the imperative for effective thermal management to optimize battery performance and extend vehicle range. The International Energy Agency highlights that global EV sales surged to 6.6 million units in 2021, intensifying the call for innovative thermal solutions tailored to meet the evolving needs of the automotive sector.
The automotive thermal systems market offers lucrative prospects for key players specializing in waste heat recovery and electrification. According to the U.S. Department of Energy, as much as 60% of the energy generated by an internal combustion engine is dissipated as waste heat. Developing efficient waste heat recovery systems holds immense potential for substantially enhancing overall vehicle efficiency. Furthermore, the global transition towards vehicle electrification has created avenues for pioneering thermal management solutions to maximize battery performance and lifespan. As the automotive industry continues to prioritize sustainability and efficiency, investments and innovations in waste heat recovery and electrification technologies are poised to play a pivotal role in shaping the future of automotive thermal systems.
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Segmentation Overview:
The automotive thermal systems market has been segmented into component, vehicle type, application, and region.
HVAC components dominate the segment growth in 2023.
The passenger car segment dominates the vehicle type in 2023.
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Automotive Thermal Systems Market Report Highlights:
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