According to Future Market Insights, total sales of commercial vehicle thermal systems market 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 4.33% between 2023 and 2033.
The global commercial vehicle thermal systems market is predicted to achieve a moderate CAGR of 4.33% through 2033. According to projections, the market will grow from US$ 16.62 billion in 2023 to US$ 25.40 billion in 2033.
The commercial vehicle thermal system market in Europe is being driven by factors including increased vehicle production, stricter emission rules, and a sizable presence of top manufacturers.
European manufacturers of commercial vehicle thermal systems, particularly those in Germany and the United Kingdom, are constantly improving vehicle systems.
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Modernising car heating systems can reduce CO2 emissions and help European drivers fulfil emission standards. New, improved systems will also improve the efficiency of the vehicle by appropriately managing the cooling and heating system and recycling the waste heat from the car.
A few thermal technologies used in high-end vehicles to reduce CO2 emissions include thermoelectric exhaust heat recovery systems, engine thermal mass reduction, dynamic engine thermal control, and integrated liquid cooled exhaust/EGR. Companies in Europe are using R&D initiatives to bring this technology to the market for commercial vehicles.
Additionally, it is more crucial than ever to keep greenhouse gas emissions from cars, especially commercial vehicles, as the number of vehicles sold globally climbs.
Some environmental agencies in Europe are establishing fuel efficiency standards to solve this problem. These chances will provide financial rewards to European producers of thermal systems for commercial vehicles.
Light commercial vehicles, which make up around 42.4% of the market globally, continue to have a major need for vehicle thermal systems. As a result, production and sales of light commercial vehicles are rising.
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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% CAGRby 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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Market Segmentation by Category
By Application:
- Front & Rear AC
- Engine & Transmission
- Seat
- Battery
- Waste Heat Recovery
- Power Electronics
- Motor
By Vehicle Type:
- Light Commercial Vehicles
- Medium Commercial Vehicle
- Heavy Commercial Vehicle
By Propulsion Type:
- ICE
- BEV
- PHEV
- FCEV
By Component:
- HVAC
- Powertrain Cooling
- Fluid Transport
- Others
By Region:
- North America
- Latin America
- Europe
- The Middle East and Africa
- East Asia
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.
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