The Global Thermal System market is expected to reach $67.28 billion by 2026 growing at a CAGR of 4.4% from 2018 to 2026.
The thermal system monitors and regulates the working temperature of various automobile components such as battery, motor, cabinet area, and others, growing their efficiency and preventing breakdown.
In addition, this system maintains the preferred temperature level in automobile, therefore enhancing user comfort level.
Factors such as increasing focus on fuel efficiency, growing demand for electric vehicles globally and rigidity in emission norms to cut down vehicular emissions are driving the market growth.
Though, high cost of thermal system technology is restraining the market growth.
Moreover, the huge vehicle production in the region offers a tremendous growth opportunity for the thermal system market.
Based on application, the waste heat recovery segment is going to have a lucrative growth during the forecast period, due to the strict emission regulations globally.
Currently, the penetration of a waste heat recovery system is significant in heavy commercial vehicles.
The high emission of CO2 associated with automobiles raises serious concerns out environmental sustainability.
The automotive industry is developing cost-efficient methods to utilize waste heat and reduce greenhouse gas emissions.
The key vendors mentioned are Borgwarner Inc., Boyd Corporation, Continental AG, Dana Limited, Delphi Automotive PLC, Denso Corporation, Dupont, Gentherm , Hanon Systems, Hyundai Motor Company, Johnson Electric Holdings Ltd., Magma International Inc., MAHLE GmbH, Robert Bosch GmbH and Schaeffler AG.
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