It is expected that the commercial vehicle automotive thermal system market may increase from US$ 16.62 billion in 2023 to around US$ 25.40 billion by 2033, at a CAGR of 4.33%.
In a commercial vehicle, the automotive temperature control system uses technology to maintain a temperature that is optimal for all components. This technology relies on thermodynamics and heat transfer principles.
Thermal management encompasses various forms of heat transfer, such as convection, conduction, and radiation, involving different processes. The modern thermal management system includes cooling and air-conditioning systems. Vehicle scrappage programs, aggressive infrastructure development, and rural development are all expected to fuel the industry’s growth.
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Regulatory standards may also be imposed on the industry to ensure that vehicles meet stringent weight and length requirements. Growth is also expected due to mining activities resuming in some parts of the world, which are driving demand for tippers.
“The market is likely to grow due to the increase in construction and e-commerce activities that have increased the demand for material transportation. Furthermore, the transition to electric vehicles is expected to provide opportunities for the market to grow.” says a lead analyst at Future Market Insights.
Key Takeaways from Market Study
- The commercial vehicle automotive thermal system market is expected to record a CAGR of 4.33% over the forecast period.
- According to estimates, the commercial vehicle automotive thermal system market in North America may remain strong.
- The United States may have the leading share of the North American market with 58% of the market.
- The battery segment is expected to register at a CAGR of 5.74%.
Competitive Landscape:
Several prominent companies dominate this market including BorgWarner (United States), Dana Incorporated (United States), Grayson Thermal Systems (United Kingdom), Hanon Systems (South Korea), Eberspacher (Germany), Valeo SA (France), Continental AG (Germany), Denso Corporation (Japan), Robert Bosch GmbH. (Germany), Mahle GmbH (Germany)
Companies in emerging and economically advantageous regions are collaborating with governments to gain bulk orders and boost sales. Key manufacturers are strengthening their presence in the market and staying ahead of the competition through facility expansion, new product launches, and approvals.
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Recent Developments:
- New Jeeto Plus CNG, CharSau, introduced by Mahindra and Mahindra in August 2022, offers the maximum mileage, maneuverability, and payload in the segment, resulting in higher profit margins for both inter-city and intra-city applications. Due to its several standout features, small and medium-sized businesses and traders in India may benefit from this last-mile transportation solution.
- Modine launched a comprehensive series of Thermal Management Systems for commercial EVs in May 2022. In commercial EVs, this series improves performance, range, battery life, and safety. It keeps the traction motors and power electronics cool at all times.
- Eberspaecher launched the H2-ICE exhaust system for hydrogen engines in May 2022. This system demonstrates that the exhaust system of a hydrogen engine is functioning correctly, considering the requirements of the fuel. Nitrogen oxides, small particles, and unburned hydrocarbons can all be monitored by this exhaust system.
- The Better Plants initiative has been launched by Denso, a leading Japan-based mobility supplier, in partnership with the Department of Energy (DOE). Denso plans to invest in fuel-efficient thermal systems as part of this initiative. Denso’s commitment to reduce energy consumption by 40% by 2035, aligns with the company’s energy reduction goal.
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Market Segmentation by Category
By Application:
- Front & Rear AC
- Engine & Transmission
- Seat
- Battery
- Waste Heat Recovery
- Power Electronics
- Motor
By Vehicle Type:
- Light Commercial Vehicles
- Medium Commercial Vehicle
- Heavy Commercial Vehicle
By Propulsion Type:
- ICE
- BEV
- PHEV
- FCEV
By Component:
- HVAC
- Powertrain Cooling
- Fluid Transport
- Others
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
Author
Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.
His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.
Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.
About Future Market Insights (FMI)
Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer, Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of over 5000 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.
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