High Demand for Lightweight and Environment-Friendly Vehicles Boosts Global Automotive Thermal System Market
Growth of the automotive industry is spearheaded by latest technological advances. While the market for automobiles has been exhibiting steady growth in the last decade or so, new technologies for vehicles are emerging at a blistering pace. It’s interesting to note that when Jack Kilby invented the first integrated circuit, he was driven in part by the ardor of discovering a replacement for the heat-generating vacuum tube in use back in the time. Now that we have ventured into the new era of pervasive automotive electronics, our focus has once again turned to resolving the fundamental problem of heat generation in vehicles. The only difference is that this time, engineers are seeking ways to protect the very electronic systems and ICs that Kilby had propagated.
With the technological landscape of the automotive industry advancing at a pace faster than ever, the most prominent names in the vehicle industry are striving to keep up with the latest innovations. This is certainly a key factor driving both the automotive industry and the global automotive thermal system market.
An automotive thermal system is an umbrella term that that refers to heat ventilation systems, air conditioning, powertrain device cooling, battery thermal management, and waste heat recovery. These components comprise the heating and ventilation systems in a vehicle. Globally, the automotive thermal system market stood at US$32.20 billion in 2013 and, according to leading market intelligence firms, the market is poised to grow to US$48.48 billion by 2020. If the market figures hold true, the global automotive thermal systems market will exhibit a steady 6.0% CAGR between 2014 and 2020.
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Stringent Environmental Regulations Will Give an Impetus to the Automotive Thermal System Market
Proliferation of the latest technologies and heightened concerns related to eco-depletion triggered by rising carbon emissions have led to a paradigm shift in consumer preference. Considering the changing landscape of the automotive industry, adopting the latest innovations is touted as the way forward for key vendors. By integrating advanced automotive thermal systems in their vehicles, manufacturers are seeking ways to expand their businesses amidst the dynamic market trends.
When investing in vehicles, consumers seek better comfort. The latest automotive thermal technology ensures enhanced comfort to consumers while travelling. Their intrinsic features enable these systems to effectively manage the temperature within the vehicle, which is a key component that consumers expect to have in their cars. For instance, powertrain cooling systems prevent overheating of the vehicle’s powertrain, ensuring optimum performance across a wider temperature range. These benefits provided by automotive thermal systems are a major driver for the global automotive thermal system market.
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Owing to mounting regulatory pressure, companies in the automotive thermal system market have started focusing more on the efficient reduction of carbon emissions. Hence, stringent emission compliances and increased usage of eco-friendly coolants are the major factors driving the global automotive thermal system market. Lately, Europe and Asia Pacific have exhibited increasing demand for luxury cars, which is expected to give a significant boost to the automotive thermal market. Additionally, the global automotive thermal system market is also gaining momentum from the increasing demand for lightweight and environment-friendly HVAC systems.