Global Commercial Vehicle Automotive Thermal System Market is valued at approximately USD 15.27 billion in 2021 and is anticipated to grow with a healthy growth rate of more than 4.83% over the forecast period 2022-2029. A commercial vehicle's automotive thermal system uses technology to regulate temperature so that all components are kept within their respective ideal temperature ranges. The concepts of thermodynamics and heat transport are the foundation of this technology. The word "thermal management" refers to a broad category of operations involving several types of heat transmission, including convection, conduction, and radiation. Engine cooling and air conditioning systems make for the modern thermal management system. The key factor driving the market growth is rising stringency in emission regulations to surge demand for the product. Advancements in thermal systems can reduce Carbon dioxide emissions due to adhesion to emission standards. Additionally, it increases vehicle efficiency by carefully controlling the heating and cooling systems and reusing any surplus heat. Engine thermal mass reduction, thermal electric exhaust heat recovery systems, integrated liquid-cooled exhaust/EGR, and dynamic engine thermal control are just a few of the thermal systems available in luxury vehicles that help them achieve their lower CO2 emission targets. OEMs are investing in R&D initiatives to introduce these technologies to the commercial vehicle industry, including Mahle and Continental. Also, another factor that supports the market growth is increasing demand for electric vehicles which accelerates the demand for thermal systems.
The rising demand for EVs is projected to reduce the cost of batteries. Therefore, it is also important that auxiliary loads like cabin cooling and heating and electric vehicle parts do not reduce the car's range. BEVs have insufficient waste heat energy, so their auxiliary systems must be more effective. BEVs need to have effective thermal motor control, battery thermal management, cabin air conditioning, electric motor cooling, and power electronics. By using waste heat efficiently, these systems significantly increase driving range and performance. As a result, it is projected that throughout the forecast period, the need for thermal systems would rise along with the demand for commercial EVs, pushing the global market. For instance, according to Statista, in 2021, the market size of global electric commercial vehicles was 182 thousand units and the number is anticipated to reach 2026 thousand units by 2018. Additionally, the integration of advanced thermal management solutions is anticipated to create a lucrative opportunity for the market during the forecast period. However, the high cost of thermal systems stifles market growth throughout the forecast period of 2022-2029.
The key regions considered for the Global Commercial Vehicle Automotive Thermal System Market study include Asia Pacific, North America, Europe, Latin America, and Rest of the World. North America is the dominating region across the world in terms of market share, owing to the rising demand for EVs and stringent emission regulations in the region. Whereas, Asia Pacific is also anticipated to exhibit the highest growth rate over the forecast period, owing to factors such as rising demand for commercial vehicles in the region would create lucrative growth prospects for the Commercial Vehicle Automotive Thermal System market across Asia Pacific region.
Major market players included in this report are:
- BorgWarner
- Dana Incorporated
- Grayson Thermal Systems
- Hanon Systems
- Eberspacher
- Valeo SA
- Continental AG
- Denso Corporation
- Robert Bosch GmbH.
- Mahle GmbH
Recent Developments in the Market:
- In 2022, Modine introduced its new EVantage Series of Thermoelectric Management Systems for commercial Electrical vehicles. The performance, battery life, range, and safety of commercial EVs are the key points of this series. For all loads, the system maintains the cooling of the traction motor and power electronics.
Global Commercial Vehicle Automotive Thermal System Market Report Scope:
- Historical Data: 2019-2020-2021
- Base Year for Estimation: 2021
- Forecast period: 2022-2029
- Report Coverage: Revenue forecast, Company Ranking, Competitive Landscape, Growth factors, and Trends
- Segments Covered: Application, Vehicle Type, Propulsion Type, Component, Region
- Regional Scope: North America; Europe; Asia Pacific; Latin America; Rest of the World
- Customization Scope: Free report customization (equivalent up to 8 analyst's working hours) with purchase. Addition or alteration to country, regional & segment scope*
The objective of the study is to define market sizes of different segments & countries in recent years and to forecast the values to the coming years. The report is designed to incorporate both qualitative and quantitative aspects of the industry within countries involved in the study.
The report also caters detailed information about the crucial aspects such as driving factors & challenges which will define the future growth of the market. Additionally, it also incorporates potential opportunities in micro markets for stakeholders to invest along with the detailed analysis of competitive landscape and product offerings of key players. The detailed segments and sub-segment of the market are explained below:
By Application:
- Front & Rear A/C
- Engine & Transmission
- Seat
- Battery
- Waste Heat Recovery
- Power Electronics
- Motor
By Vehicle Type:
- Light Commercial Vehicle (LCV)
- Medium Commercial Vehicle (MCV)
- Heavy Commercial Vehicle (HCV)
By Propulsion Type:
By Component:
- HVAC
- Powertrain Cooling
- Fluid Transport
- Others
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- RoLA
- Rest of the World
Table of Contents
Chapter 1. Executive Summary
- 1.1. Market Snapshot
- 1.2. Global & Segmental Market Estimates & Forecasts, 2019-2029 (USD Billion)
- 1.2.1. Commercial Vehicle Automotive Thermal System Market, by Region, 2019-2029 (USD Billion)
- 1.2.2. Commercial Vehicle Automotive Thermal System Market, by Application, 2019-2029 (USD Billion)
- 1.2.3. Commercial Vehicle Automotive Thermal System Market, by Vehicle Type, 2019-2029 (USD Billion)
- 1.2.4. Commercial Vehicle Automotive Thermal System Market, by Propulsion Type, 2019-2029 (USD Billion)
- 1.2.5. Commercial Vehicle Automotive Thermal System Market, by Component, 2019-2029 (USD Billion)
- 1.3. Key Trends
- 1.4. Estimation Methodology
- 1.5. Research Assumption
Chapter 2. Global Commercial Vehicle Automotive Thermal System Market Definition and Scope
- 2.1. Objective of the Study
- 2.2. Market Definition & Scope
- 2.2.1. Scope of the Study
- 2.2.2. Industry Evolution
- 2.3. Years Considered for the Study
- 2.4. Currency Conversion Rates
Chapter 3. Global Commercial Vehicle Automotive Thermal System Market Dynamics
- 3.1. Commercial Vehicle Automotive Thermal System Market Impact Analysis (2019-2029)
- 3.1.1. Market Drivers
- 3.1.1.1. Rising stringency in emission regulations
- 3.1.1.2. Increasing demand for electric vehicles
- 3.1.2. Market Challenges
- 3.1.2.1. High Cost of Commercial Vehicle Automotive Thermal System
- 3.1.3. Market Opportunities
- 3.1.3.1. Integration of advanced thermal management system
Chapter 4. Global Commercial Vehicle Automotive Thermal System Market Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.2. Futuristic Approach to Porter's 5 Force Model (2019-2029)
- 4.3. PEST Analysis
- 4.3.1. Political
- 4.3.2. Economical
- 4.3.3. Social
- 4.3.4. Technological
- 4.4. Top investment opportunity
- 4.5. Top winning strategies
- 4.6. Industry Experts Prospective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Risk Assessment: COVID-19 Impact
- 5.1. Assessment of the overall impact of COVID-19 on the industry
- 5.2. Pre COVID-19 and post COVID-19 Market scenario
Chapter 6. Global Commercial Vehicle Automotive Thermal System Market, by Application
- 6.1. Market Snapshot
- 6.2. Global Commercial Vehicle Automotive Thermal System Market by Application, Performance - Potential Analysis
- 6.3. Global Commercial Vehicle Automotive Thermal System Market Estimates & Forecasts by Application 2019-2029 (USD Billion)
- 6.4. Commercial Vehicle Automotive Thermal System Market, Sub Segment Analysis
- 6.4.1. Front & Rear A/C
- 6.4.2. Engine & Transmission
- 6.4.3. Seat
- 6.4.4. Battery
- 6.4.5. Waste Heat Recovery
- 6.4.6. Power Electronics
- 6.4.7. Motor
Chapter 7. Global Commercial Vehicle Automotive Thermal System Market, by Vehicle Type
- 7.1. Market Snapshot
- 7.2. Global Commercial Vehicle Automotive Thermal System Market by Vehicle Type, Performance - Potential Analysis
- 7.3. Global Commercial Vehicle Automotive Thermal System Market Estimates & Forecasts by Vehicle Type 2019-2029 (USD Billion)
- 7.4. Commercial Vehicle Automotive Thermal System Market, Sub Segment Analysis
- 7.4.1. Light Commercial Vehicle (LCV)
- 7.4.2. Medium Commercial Vehicle (MCV)
- 7.4.3. Heavy Commercial Vehicle (HCV)
Chapter 8. Global Commercial Vehicle Automotive Thermal System Market, by Propulsion Type
- 8.1. Market Snapshot
- 8.2. Global Commercial Vehicle Automotive Thermal System Market by Propulsion Type, Performance - Potential Analysis
- 8.3. Global Commercial Vehicle Automotive Thermal System Market Estimates & Forecasts by Propulsion Type 2019-2029 (USD Billion)
- 8.4. Commercial Vehicle Automotive Thermal System Market, Sub Segment Analysis
- 8.4.1. ICE
- 8.4.2. BEV
- 8.4.3. PHEV
- 8.4.4. FCEV
Chapter 9. Global Commercial Vehicle Automotive Thermal System Market, by Component
- 9.1. Market Snapshot
- 9.2. Global Commercial Vehicle Automotive Thermal System Market by Component, Performance - Potential Analysis
- 9.3. Global Commercial Vehicle Automotive Thermal System Market Estimates & Forecasts by Component 2019-2029 (USD Billion)
- 9.4. Commercial Vehicle Automotive Thermal System Market, Sub Segment Analysis
- 9.4.1. HVAC
- 9.4.2. Powertrain Cooling
- 9.4.3. Fluid Transport
- 9.4.4. Others
Chapter 10. Global Commercial Vehicle Automotive Thermal System Market, Regional Analysis
- 10.1. Commercial Vehicle Automotive Thermal System Market, Regional Market Snapshot
- 10.2. North America Commercial Vehicle Automotive Thermal System Market
- 10.2.1. U.S. Commercial Vehicle Automotive Thermal System Market
- 10.2.1.1. Application breakdown estimates & forecasts, 2019-2029
- 10.2.1.2. Vehicle Type breakdown estimates & forecasts, 2019-2029
- 10.2.1.3. Propulsion Type breakdown estimates & forecasts, 2019-2029
- 10.2.1.4. Component breakdown estimates & forecasts, 2019-2029
- 10.2.2. Canada Commercial Vehicle Automotive Thermal System Market
- 10.3. Europe Commercial Vehicle Automotive Thermal System Market Snapshot
- 10.3.1. U.K. Commercial Vehicle Automotive Thermal System Market
- 10.3.2. Germany Commercial Vehicle Automotive Thermal System Market
- 10.3.3. France Commercial Vehicle Automotive Thermal System Market
- 10.3.4. Spain Commercial Vehicle Automotive Thermal System Market
- 10.3.5. Italy Commercial Vehicle Automotive Thermal System Market
- 10.3.6. Rest of Europe Commercial Vehicle Automotive Thermal System Market
- 10.4. Asia-Pacific Commercial Vehicle Automotive Thermal System Market Snapshot
- 10.4.1. China Commercial Vehicle Automotive Thermal System Market
- 10.4.2. India Commercial Vehicle Automotive Thermal System Market
- 10.4.3. Japan Commercial Vehicle Automotive Thermal System Market
- 10.4.4. Australia Commercial Vehicle Automotive Thermal System Market
- 10.4.5. South Korea Commercial Vehicle Automotive Thermal System Market
- 10.4.6. Rest of Asia Pacific Commercial Vehicle Automotive Thermal System Market
- 10.5. Latin America Commercial Vehicle Automotive Thermal System Market Snapshot
- 10.5.1. Brazil Commercial Vehicle Automotive Thermal System Market
- 10.5.2. Mexico Commercial Vehicle Automotive Thermal System Market
- 10.5.3. Rest of Latin America Commercial Vehicle Automotive Thermal System Market
- 10.6. Rest of The World Commercial Vehicle Automotive Thermal System Market
Chapter 11. Competitive Intelligence
- 11.1. Top Market Strategies
- 11.2. Company Profiles
- 11.2.1. BorgWarner
- 11.2.1.1. Key Information
- 11.2.1.2. Overview
- 11.2.1.3. Financial (Subject to Data Availability)
- 11.2.1.4. Product Summary
- 11.2.1.5. Recent Developments
- 11.2.2. Dana Incorporated
- 11.2.3. Grayson Thermal Systems
- 11.2.4. Hanon Systems
- 11.2.5. Eberspacher
- 11.2.6. Valeo SA
- 11.2.7. Continental AG
- 11.2.8. Denso Corporation
- 11.2.9. Robert Bosch GmbH.
- 11.2.10. Mahle GmbH
Chapter 12. Research Process
- 12.1. Research Process
- 12.1.1. Data Mining
- 12.1.2. Analysis
- 12.1.3. Market Estimation
- 12.1.4. Validation
- 12.1.5. Publishing
- 12.2. Research Attributes
- 12.3. Research Assumption