April 2025
Senior Research Analyst
Reviewed By
The automotive thermal system market is forecast to grow from USD 47.79 billion in 2025 to USD 70.17 billion by 2034, driven by a CAGR of 4.36% from 2025 to 2034.
The automotive thermal system market is an integral sector of the automotive component industry. This market deals in manufacturing and distribution of thermal systems for the automotive sector. These systems are used for regulating the temperature of several automotive parts. There are several components of these systems comprising of compressor, heating ventilation air conditioning (HVAC), powertrain cooling, fluid transport and some others. It finds application in various automotive parts such as front and rear A/C, engine and transmission, seat, battery, motor, power electronics and some others. The growing application of thermal systems in commercial vehicles is driving the market expansion. This market is predicted to grow significantly with the rise of the electric vehicle industry around the globe.
Metric | Details |
Market Size in 2024 | USD 45.79 Billion |
Projected Market Size in 2034 | USD 70.17 Billion |
CAGR (2025 - 2034) | 4.36% |
Leading Region | Asia Pacific |
Market Segmentation | By Component, By Vehicle Type, By Application and By Region |
Top Key Players | Borgwarner Inc., General Motors Company, Lennox International Inc., Modine Manufacturing Company Inc., Denso Corporation, Mahle GmbH |
Key Growth Drivers |
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In December 2024, David Redfearn, the Chief Sales Officer of Kongsberg made an announcement stating that,” KA is proud to announce this award for our strategically important TMS assemblies from a brand-new customer, As we transition towards E-mobility, it is very rewarding to see the market acceptance of our TMS assemblies. That coupled with our local engineering support ensured that we were selected for this contract.”
Asia Pacific held the largest share of the automotive thermal system market. The rising production of commercial vehicles in China and India has boosted the market growth. Also, the growing demand for advanced cooling systems in automotives along with technological advancements in automotive sector is crucial for the industrial expansion. Moreover, the rapid investment by market players in automotive components sector coupled with increasing adoption of EVs is driving the industrial growth in this region.
The automotive thermal system market is a highly fragmented industry with the presence of various dominating players. Some of the crucial players in this industry consists Borgwarner Inc., General Motors Company, Lennox International Inc., Modine Manufacturing Company Inc., Denso Corporation, Mahle GmbH, Gentherm Inc., Valeo, Grayson Thermal Systems and some others. These companies are constantly engaged in developing thermal systems for automotives and adopting different strategies to maintain their dominance in this industry.
By Component
By Vehicle Type
By Application
By Region
April 2025
March 2025
March 2025
March 2025
Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.
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