According to Future Market Insights, total sales of commercial vehicle thermal systems across Germany generated a revenue of US$ 727.5 million in 2022. Subsequently, commercial vehicle thermal system sales in the United Kingdom are anticipated to accelerate at 4.9% between 2023 and 2033.
The global commercial vehicle thermal systems market is forecast to register a moderate CAGR of 5.4% through 2033. The total market size is projected to rise from US$ 16,393.3 million in 2023 to US$ 27,737.9 million by 2033.
Increasing vehicle production, implementation of stringent emission regulations, and strong presence of leading manufacturers are few of the key factors driving commercial vehicle thermal system market across Europe.
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Commercial vehicle thermal system manufacturers across European countries such as Germany and the United Kingdom are constantly focusing on developing improved vehicle systems.
Advancement in vehicle thermal systems can reduce CO2 emissions and help people across Europe meet emission standards. New improved systems will also enhance vehicle proficiency by optimally managing the cooling and heating system and reusing the vehicle’s residual heat.
Several thermal systems installed in luxury vehicles to meet reduced CO2 emission reduction targets comprise thermoelectric exhaust heat recovery systems, engine thermal mass reduction, dynamic engine thermal control, and combined liquid cooled exhaust/EGR. Companies based in Europe are capitalizing on research and development activities to bring these technologies into the commercial vehicle segment.
Further, as the number of automobiles sold worldwide increases, the control of greenhouse gas emissions from automobiles, especially commercial vehicles, has become a key issue.
Several environmental agencies in Europe are implementing fuel efficiency standards to address this issue. This will create lucrative opportunities for commercial vehicle thermal system manufacturers across Europe.
Demand for vehicle thermal systems remains particularly high in light commercial vehicles, with the target segment holding around 42.4% share of the global market. This is due to rising production and sales of light commercial vehicles.
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Key Takeaways from the Commercial Vehicle Thermal System market
- The United Kingdom commercial vehicle thermal system market is set to progress at 9% CAGR by 2033.
- Europe’s global market share is expected to increase at a moderate pace through 2033.
- The global commercial vehicle thermal system market is projected to reach US$ 27,737.9 million in 2033.
- Development of new and improved vehicle thermal systems to reduce carbon emission levels is expected to boost market in Europe.
“Demand for commercial vehicle thermal systems is expected to increase steadily across Europe as electric vehicle (EV) adoption continues to escalate. Both battery EVs and hybrid EVs require cabin air conditioning, effective motor thermal control, battery thermal management, and electric motor cooling. Hence, rise in their sales will create growth prospects for the market in Europe,” says an FMI Analyst.
Competition Landscape in the Commercial Vehicle Thermal System Market
Leading manufacturers are introducing novel commercial vehicle thermal systems to fulfill their commitment to providing their customers with advanced and low-emission products. They are also relying on mergers and acquisitions to improve their market share.
Grayson Thermal System, Eberspacher, Continental AG, Denso Corporation, Robert Bosch GmbH, Valeo, and Mahle GmbH are the prominent players in Europe commercial vehicle thermal system market.
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Recent Developments
- In June 2020, ‘Mahindra Electric’ was able to deliver a newly advanced thermal system for electric vehicles. The firm uses a liquid cooling heat system in its vehicles, which it claims helps reduce vehicle costs.
- In 2022, Valeo signed a contract with Stellantis under which it will provide thermal systems to the company.
Key Segments of the Commercial Vehicle Thermal System Market
By Vehicle Type:
- Light Commercial Vehicle (LCV)
- Medium Commercial Vehicle (MCV)
- Heavy Commercial Vehicle (HCV)
By Application:
- Front & Rear A/C
- Engine and Transmission
- Seat
- Battery
- Waste Heat Recovery
- Power Electronics
- Motor
- Others
By Propulsion Type:
- Internal Combustion Engine Vehicle (ICEV)
- Petrol Engine Vehicle
- Diesel Engine Vehicle
- CNG Engine Vehicle
- LPG Engine Vehicle
- Others
- Electric Commercial Vehicle
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and the Pacific
- The Middle East and Africa (MEA)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
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