Press release
Automotive Thermal Systems Running On Alternative Fuels to be In Demand, Says TMR
Established players in the automotive thermal system market can afford to invest huge sums of money on research and development activities, enabling innovation. Expanding the product catalog is another leading growth strategy implemented by automotive giants. A case in point would be Denso Corporation, which expanded its operation in Silicon Valley, California, in 2014 to focus on R&D activities in different areas.
Rising Consumer Preference for Electric Vehicles to Boost Demand for Automotive Thermal Systems
The heightened demand for luxury cars in Europe and Asia Pacific is fueling the demand for automotive thermal systems. Another factor driving the demand for thermal systems is the inclusion of newer HVAC systems. The rising implementation of new technologies and upgrades in existing ones are becoming the key drivers behind the growth of the global automotive thermal system market.
The shift in the preference of customers towards lightweight automobiles has also led to the growth of the automotive thermal system market. Other factors such as stringent emission norms, the rising demand for electric vehicles, and increased usage of eco-friendly refrigerants are also boosting the demand for automotive thermal system market.
Concerns over Depleting Ozone Layer to Dampen Automotive Thermal System Market
The factors restraining the growth of the global automotive thermal systems market include high costs and strict government norms. The high cost of these systems is due to the implementation of improved and advanced technologies. Meanwhile, the growing concerns regarding the adverse effect of automotive emissions on the ozone layer are causing governments of various countries to impose strict environmental regulations. This is expected to dampen the demand for automotive thermal systems in the coming years.
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Automatic Thermal Sensors to Play Major Role in Automotive Thermal Systems
Automatic thermal sensors are anticipated to be used in all automobiles and are thus expected to play a major role in automotive thermal management systems. These sensors are expected to serve as a growth opportunity in the automotive thermal systems market.
The heightened demand for thermal systems that run on alternative fuels will also open new growth avenues in the market. The demand for systems that run on fuels such as liquid hydrogen, bio-alcohols, P-Series fuels, ethanol, and propane is expected to rise.
According to the report, the global automotive thermal system market is expected to be worth US$48.5 bn by 2020. By component, the HVAC segment has led the market in the recent past and is expected to remain in the lead in the coming years as well. The segment is expected to account for 54.2% of the global automotive thermal system market by 2020. On the basis of geography, Asia Pacific is expected to account for a dominant 35.1% of the market by 2020. The region’s growth in the market is marked by a rise in the demand for construction vehicles. Additionally, the rising disposable income is enabling consumers to purchase automobiles, thus driving the automotive thermal system market in Asia Pacific.
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Transparency Market Research (TMR) is a market intelligence company, providing global business information reports and services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants, use proprietary data sources and various tools and techniques to gather, and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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