Commercial Vehicle Automotive Thermal System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of Commercial Vehicle Automotive Thermal System Market
The commercial vehicle automotive thermal system market size was valued at USD 15.27 billion in 2021, and the market is now projected to grow from USD 15.09 billion in 2022 to USD 20.99 billion by 2029, exhibiting a CAGR of 4.83% during the forecast period of 2023-2030.
COVID-19 has harmed the automotive industry and consequently the commercial vehicle automotive thermal system market growth in production and demand. For instance, in the U.S., freight shifting other than automobiles in April 2020 contracted by 5.8% resulting in joblessness surpassing 88,000 employees. Government restrictions disrupted their supply chain, stopping production dependent on materials from Asia. The end-consumer demand patterns were still problematic when markets started reopening in mid-2021. Even more challenging was the issue of new regulatory models, meaning there was a double revenue squeeze on the manufacturers. In conclusion, the pandemic put great pressure on the industry during the recovery outcomes.
The increasing need for electric cars is expected to provide incentives to the commercial vehicle automotive thermal system market share. These components are required to reduce thermal losses and enhance battery efficiency to preserve range. They include cabin pre-conditioning and waste heat reuse technologies that promise to improve efficiency and cut some costs. Since they are responsible for battery cooling and electric motors, such systems are crucial in achieving the highest driving range possible. Thus, the demand for thermal systems is expected to grow with the growth of commercial EVs in the forecast period.
Furthermore, implementing smart thermal management solutions in the commercial vehicle automotive thermal system market also propels market growth. Companies such as Mahindra Electric have developed liquid-cooled thermal systems to lower vehicle costs. Delta introduced smart green solutions at the MEE 2019 event, including complete HVAC systems and inverters. Kendrion showcased an innovative thermal management solution that enhances coolant control and engine cooling efficiency. These advancements significantly improve engine service life, reduce fuel consumption and lower CO2 emissions contributing to market expansion.
Comprehensive Analysis of Commercial Vehicle Automotive Thermal System Market
The commercial vehicle automotive thermal system market and automotives industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessments considering the dominant supply and demand forces that impact the automotives industry. These segmentations are methodically segregated by application, by vehicle type, by propulsion type and by component. The application includes, Front & Rear AC, Engine & Transmission, Seat, Battery, Waste Heat Recovery, Power Electronics and Motor. The vehicle type includes, Light Commercial Vehicle, Medium Commercial Vehicle and Heavy Commercial Vehicle. The propulsion type includes, ICE, BEV, PHEV and FCEV. The component includes, HVAC, Powertrain Cooling, Fluid Transport and Others.
North America is expected to retain its position of continued market leadership in the future commercial vehicle automotive thermal system market. Legal requirements related to emissions, concerns about the thermal management of electric cars and climate controls within electric vehicles are compelling drivers for market growth. Increased sales of new commercial cars post-2022 contribute to this trend. Also, expanding freight trucking, commercial vehicle rentals and last-mile delivery services will further propel market growth in the region. Overall, these factors position North America as a leader in thermal system adoption for commercial vehicles.
The top players in the market play a crucial role in the automotives industry assuring industrial prospectus growth and setting market standards. These players include, BorgWarner (U.S.), Dana Incorporated (U.S.), Grayson Thermal Systems (U.K.), Hanon Systems (South Korea), Eberspacher (Germany), Valeo SA (France), Continental AG (Germany), Denso Corporation (Japan), Robert Bosch GmbH (Germany) and Mahle GmbH (Germany). These market players provide a level-playing competitive landscape.
In May 2022, Modine released its new EVantage Series of Thermal Management Systems targeting commercial EVs. This series aims to enhance commercial electric vehicle efficiency, range, power storage and protection. For all loads, the system controls the temperature of the traction motor and power electronics.
Segmentation Table
Global Commercial Vehicle Automotive Thermal System Market Scope
Study Period
2018-2029
Base Year
2021
Forecast Period
2022-2029
Growth Rate
CAGR of 4.83% from 2022 to 2029
Historical Period
2018-2020
Unit
Value (USD Billion)
Segmentation
By Application, Vehicle Type, Propulsion Type, Component and Geography
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
ICE
BEV
PHEV
FCEV
By Component
HVAC
Powertrain Cooling
Fluid Transport
Others
By Geography
North America (By Application, By Vehicle Type, By Propulsion Type, By Component)
- U.S.
- Canada
- Mexico
- Germany
- France
- U.K.
- Rest of Europe
- China
- Japan
- India
- South Korea
- Rest of Asia Pacific
- 1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
- 1.4. Definitions and Assumptions
- 2. Executive Summary
- 3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 4. Key Insights
- 4.1. Key Industry Developments – Mergers, Acquisitions and Partnerships
- 4.2. Porter’s Five Forces Analysis
- 4.3. PEST Analysis
- 4.4. Technological Developments
- 4.5. Impact of COVID-19
- 5. Global Commercial Vehicle Automotive Thermal System Market Analysis, Insights and Forecast, 2018-2029
- 5.1. Key Findings / Summary
- 5.2. Market Analysis, Insights and Forecast – By Application
- 5.2.1. Front & Rear A/C
- 5.2.2. Engine & Transmission
- 5.2.3. Seat
- 5.2.4. Battery
- 5.2.5. Waste Heat Recovery
- 5.2.6. Power Electronics
- 5.2.7. Motor
- 5.3. Market Analysis, Insights and Forecast – By Vehicle Type
- 5.3.1. Light CV
- 5.3.2. Medium CV
- 5.3.3. Heavy CV
- 5.4. Market Analysis, Insights and Forecast – By Propulsion Type
- 5.4.1. ICE
- 5.4.2. BEV
- 5.4.3. PHEV
- 5.4.4. FCEV
- 5.5. Market Analysis, Insights and Forecast – By Component
- 5.5.1. HVAC
- 5.5.2. Powertrain Cooling
- 5.5.3. Fluid Transport
- 5.5.4. Others
- 5.6. Market Analysis, Insights and Forecast – By Region
- 5.6.1. North America
- 5.6.2. Europe
- 5.6.3. Asia Pacific
- 5.6.4. Rest of the World
- 6. North America Commercial Vehicle Automotive Thermal System Market Analysis, Insights and Forecast, 2018-2029
- 6.1. Key Findings / Summary
- 6.2. Market Analysis – By Application
- 6.2.1. Front & Rear A/C
- 6.2.2. Engine & Transmission
- 6.2.3. Seat
- 6.2.4. Battery
- 6.2.5. Waste Heat Recovery
- 6.2.6. Power Electronics
- 6.2.7. Motor
- 6.3. Market Analysis – By Vehicle Type
- 6.3.1. Light CV
- 6.3.2. Medium CV
- 6.3.3. Heavy CV
- 6.4. Market Analysis – By Propulsion Type
- 6.4.1. ICE
- 6.4.2. BEV
- 6.4.3. PHEV
- 6.4.4. FCEV
- 6.5. Market Analysis, Insights and Forecast – By Component
- 6.5.1. HVAC
- 6.5.2. Powertrain Cooling
- 6.5.3. Fluid Transport
- 6.5.4. Others
- 6.6. Market Analysis, Insights and Forecast – By Country
- 6.6.1. U.S.
- 6.6.2. Canada
- 6.6.3. Mexico
- 7. Europe Commercial Vehicle Automotive Thermal System Market Analysis, Insights and Forecast, 2018-2029
- 7.1. Key Findings / Summary
- 7.2. Market Analysis – By Application
- 7.2.1. Front & Rear A/C
- 7.2.2. Engine & Transmission
- 7.2.3. Seat
- 7.2.4. Battery
- 7.2.5. Waste Heat Recovery
- 7.2.6. Power Electronics
- 7.2.7. Motor
- 7.3. Market Analysis – By Vehicle Type
- 7.3.1. Light CV
- 7.3.2. Medium CV
- 7.3.3. Heavy CV
- 7.4. Market Analysis, Insights and Forecast – By Propulsion Type
- 7.4.1. ICE
- 7.4.2. BEV
- 7.4.3. PHEV
- 7.4.4. FCEV
- 7.5. Market Analysis, Insights and Forecast – By Component
- 7.5.1. HVAC
- 7.5.2. Powertrain Cooling
- 7.5.3. Fluid Transport
- 7.5.4. Others
- 7.6. Market Analysis – By Country (Value)
- 7.6.1. U.K.
- 7.6.2. Germany
- 7.6.3. France
- 7.6.4. Rest of Europe
- 8. Asia Pacific Commercial Vehicle Automotive Thermal System Market Analysis, Insights and Forecast, 2018-2029
- 8.1. Key Findings / Summary
- 8.2. Market Analysis – By Application
- 8.2.1. Front & Rear A/C
- 8.2.2. Engine & Transmission
- 8.2.3. Seat
- 8.2.4. Battery
- 8.2.5. Waste Heat Recovery
- 8.2.6. Power Electronics
- 8.2.7. Motor
- 8.3. Market Analysis – By Vehicle Type
- 8.3.1. Light CV
- 8.3.2. Medium CV
- 8.3.3. Heavy CV
- 8.4. Market Analysis, Insights and Forecast – By Propulsion Type
- 8.4.1. ICE
- 8.4.2. BEV
- 8.4.3. PHEV
- 8.4.4. FCEV
- 8.5. Market Analysis, Insights and Forecast – By Component
- 8.5.1. HVAC
- 8.5.2. Powertrain Cooling
- 8.5.3. Fluid Transport
- 8.5.4. Others
- 8.6. Market Analysis – By Country (Value)
- 8.6.1. China
- 8.6.2. India
- 8.6.3. Japan
- 8.6.4. Rest of Asia-Pacific
- 9. Rest of the World Commercial Vehicle Automotive Thermal System Market Analysis, Insights and Forecast, 2018-2029
- 9.1. Key Findings / Summary
- 9.2. Market Analysis – By Application
- 9.2.1. Front & Rear A/C
- 9.2.2. Engine & Transmission
- 9.2.3. Seat
- 9.2.4. Battery
- 9.2.5. Waste Heat Recovery
- 9.2.6. Power Electronics
- 9.2.7. Motor
- 9.3. Market Analysis – By Vehicle Type
- 9.3.1. Light CV
- 9.3.2. Medium CV
- 9.3.3. Heavy CV
- 9.4. Market Analysis, Insights and Forecast – By Propulsion Type
- 9.4.1. ICE
- 9.4.2. BEV
- 9.4.3. PHEV
- 9.4.4. FCEV
- 9.5. Market Analysis, Insights and Forecast – By Component
- 9.5.1. HVAC
- 9.5.2. Powertrain Cooling
- 9.5.3. Fluid Transport
- 9.5.4. Others
- 10. Competitive Analysis
- 10.1. Key Industry Developments
- 10.2. Global Market Ranking Analysis (2021)
- 10.3. Competition Dashboard
- 10.4. Comparative Analysis – Major Players
- 10.5. Company Profiles (Overview, Products & services, SWOT analysis, Recent developments, strategies, financials (based on availability)
- 10.5.1. BorgWarner Inc.
- 10.5.1.1. Overview,
- 10.5.1.2. Products & services,
- 10.5.1.3. SWOT analysis,
- 10.5.1.4. Recent developments,
- 10.5.1.5. strategies,
- 10.5.1.6. financials (based on availability)
- 10.5.2. Continental AG
- 10.5.2.1. Overview,
- 10.5.2.2. Products & services,
- 10.5.2.3. SWOT analysis,
- 10.5.2.4. Recent developments,
- 10.5.2.5. strategies,
- 10.5.2.6. financials (based on availability)
- 10.5.3. Dana Incorporated
- 10.5.3.1. Overview,
- 10.5.3.2. Products & services,
- 10.5.3.3. SWOT analysis,
- 10.5.3.4. Recent developments,
- 10.5.3.5. strategies,
- 10.5.3.6. financials (based on availability)
- 10.5.4. Grayson Thermal System
- 10.5.4.1. Overview,
- 10.5.4.2. Products & services,
- 10.5.4.3. SWOT analysis,
- 10.5.4.4. Recent developments,
- 10.5.4.5. strategies,
- 10.5.4.6. financials (based on availability)
- 10.5.5. Hanon System
- 10.5.5.1. Overview,
- 10.5.5.2. Products & services,
- 10.5.5.3. SWOT analysis,
- 10.5.5.4. Recent developments,
- 10.5.5.5. strategies,
- 10.5.5.6. financials (based on availability)
- 10.5.6. Denso Corporation
- 10.5.6.1. Overview,
- 10.5.6.2. Products & services,
- 10.5.6.3. SWOT analysis,
- 10.5.6.4. Recent developments,
- 10.5.6.5. strategies,
- 10.5.6.6. financials (based on availability)
- 10.5.7. Gentherm Incorporated
- 10.5.7.1. Overview,
- 10.5.7.2. Products & services,
- 10.5.7.3. SWOT analysis,
- 10.5.7.4. Recent developments,
- 10.5.7.5. strategies,
- 10.5.7.6. financials (based on availability)
- 10.5.8. Mahle GmbH
- 10.5.8.1. Overview,
- 10.5.8.2. Products & services,
- 10.5.8.3. SWOT analysis,
- 10.5.8.4. Recent developments,
- 10.5.8.5. strategies,
- 10.5.8.6. financials (based on availability)
- 10.5.9. Robert Bosch GmbH
- 10.5.9.1. Overview,
- 10.5.9.2. Products & services,
- 10.5.9.3. SWOT analysis,
- 10.5.9.4. Recent developments,
- 10.5.9.5. strategies,
- 10.5.9.6. financials (based on availability)
- 10.5.10. Valeo
- 10.5.10.1. Overview,
- 10.5.10.2. Products & services,
- 10.5.10.3. SWOT analysis,
- 10.5.10.4. Recent developments,
- 10.5.10.5. strategies,
- 10.5.10.6. financials (based on availability)
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