The recent analysis by Report Ocean on the Automotive Thermal Management System Market Report 2022 revolves around various aspects of the market, including characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends, strategies, etc. It also includes COVID-19 Outbreak Impact, accompanied by traces of the historic events. The study highlights the list of projected opportunities, sales and revenue on the basis of region and segments. Apart from that, it also documents other topics such as manufacturing cost analysis, Industrial Chain, etc. For better demonstration, it throws light on the precisely obtained data with the thoroughly crafted graphs, tables, Bar & Pie Charts, etc.
In terms of value, the global automotive thermal management system market is expected to grow at 4.50% CAGR during the forecast period, 2018-2023. In 2017, the market was led by Asia-Pacific with 36.17% share, followed by Europe and North America with shares of 32.81% and 24.02%, respectively.
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Thermal management is used in vehicles to monitor and regulate the temperature of the various system, such as engine, transmission, passenger cabin area, and HVAC components. The main functions of the automotive thermal management system are heat transfer, reduction in thermal loads, and waste heat recovery.
What is the Automotive Thermal Management System?
The Thermal Management System (TMS) market is a critical component of various industries, including automotive, electronics, aerospace, and more. This market plays a pivotal role in maintaining optimal operating temperatures for various systems and components, ensuring their efficient and reliable performance. Thermal management is crucial to prevent overheating, which can lead to reduced lifespan, decreased performance, and even catastrophic failures in electronic devices, vehicles, and machinery.
In the automotive sector, TMS is integral to electric vehicles (EVs) and internal combustion engine (ICE) vehicles alike. As the automotive industry shifts towards electrification, the demand for efficient thermal management systems has surged. These systems are essential for maintaining the battery’s temperature within an optimal range, ensuring its longevity and performance. Additionally, TMS is used for cooling various components, such as the motor and power electronics, to prevent overheating and optimize energy efficiency. The market for TMS in the automotive industry is experiencing rapid growth due to the increasing adoption of EVs and stringent emission regulations.
In the electronics industry, thermal management systems are crucial for modern electronic devices that are becoming more powerful and compact. These systems dissipate heat generated by microprocessors, graphics cards, and other components to prevent overheating and ensure stable operation. The growing demand for high-performance computing and compact consumer electronics has driven innovation in the TMS sector. Efficient cooling solutions, including heat sinks, heat pipes, and thermal interface materials, are in high demand.
In the aerospace industry, TMS is vital for maintaining the temperature of critical components, such as avionics, propulsion systems, and cabin environments. The reliability and safety of aerospace systems depend on effective thermal management. The market for TMS in aerospace is driven by the continuous advancement of technology and the need to enhance the performance and efficiency of aircraft and spacecraft.
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Major Players
Some of the key players of the market are BorgWarner Inc. (US), Robert Bosch GmbH (Germany), Dana Limited (US), VOSS Automotive GmbH (Germany), Modine Manufacturing Company (US), Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Gentherm (US), and Hanon Systems (South Korea).
Scope of the Report:
This comprehensive analysis delves into the effects of COVID-19 on the worldwide market, offering insights from both a global and regional viewpoint. The financial landscape of the industry saw a valuation of millions in 2022, which surged to its peak in 2023, and is projected to achieve another pinnacle by 2031, demonstrating a remarkable compound annual growth rate (CAGR) for the period between 2023 and 2031. The study places a strong emphasis on a detailed market assessment of the impact of COVID-19, presenting strategic response plans tailored to diverse regions, including North America, Europe, China, and Japan.
Some Important Questions Answered in Market Report:
- What will be the market growth rate, overview, and analysis by type in 2031?
- What are the primary factors influencing market dynamics?
- What are the drivers, challenges, and business risks in the market?
- What are the overall market dynamics? Does the overview include scope analysis and price analysis of key manufacturer profiles?
- What are the opportunities, risks, and driving forces in the market?
- Who are the main manufacturers in the market?
- What factors are driving and limiting this industry?
- What are the conditions for market growth?
- What are the industry opportunities and segment risks faced by major vendors?
- What are the strengths and weaknesses of the main providers?
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