The Asia Pacific Automotive Thermal System Market would witness market growth of 5.5% CAGR during the forecast period (2022-2028).
The demand for heavy-duty electrical components, like heavy-duty batteries and high-current motors, is projected to increase in the coming years. With growing powertrain and automation electrification, the need for electronics components has surged in the automobile sector in both commercial and passenger vehicles.
For the approaching battery electric vehicles, companies are investing in more efficient battery systems. Various market players are increasing their expenditures on the research and development activities in order to introduce advancements in the automotive thermal systems sector. These advancements would aid manufacturers and suppliers to meet the continuously evolving the demands of their customers. Due to this, the automotive thermal market is estimated to expand during the forecasting years.
Growing government laws encouraging the adoption of electric vehicles, as well as rapid expansion by original equipment manufacturers (OEMs) in the area to meet expanding demand from China's automotive industry, are likely to boost the market growth over the forecast period. The Indian automobile sector is the one of the biggest automotive sectors of the world and have a major automotive output. Over the past few years, the country's car component business has also grown dramatically. For instance, Matter, an Ahmedabad-based technology innovation start-up focused on creating futuristic sustainable solutions, announced the formation of a new high-speed mid-torque electric motor in March 2022.
Due to the countries, like China, Japan, India, and South Korea, the Asia-Pacific region is a significant market for automotive components. Due to the increasing passenger cars and light commercial vehicle usage, the Indian automotive sector contributes to a significant proportion of the regional automotive sector.
The China market dominated the Asia Pacific Automotive Thermal System Market by Country in 2021, and would continue to be a dominant market till 2028; thereby, achieving a market value of $6,011.8 Million by 2028. The Japan market is estimated to grow at a CAGR of 4.8% during (2022 - 2028). Additionally, The India market would witness a CAGR of 6.1% during (2022 - 2028).
Based on Propulsion, the market is segmented into ICE Vehicles and Electric & Hybrid Vehicles. Based on Application, the market is segmented into HVAC, Powertrain Cooling, Fluid Transport, and Others. Based on Vehicle Type, the market is segmented into Passenger Cars, Light Commercial Vehicles, and Heavy Commercial Vehicles. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
Free Valuable Insights: The Worldwide Automotive Thermal System Market is Projected to reach USD 59.7 Billion by 2028, at a CAGR of 5%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include BorgWarner, Inc., Robert Bosch GmbH, Continental AG, Denso Corporation, Dana Incorporated, Valeo SA, Hanon Systems, Mahle GmbH, Gentherm Incorporated, and Grayson Automotive Services Limited.
By Propulsion
By Application
By Vehicle Type
By Country
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