According to Future Market Insights, total sales of commercial vehicle thermal systems market share 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.
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.
From 2017 to 2033, the global market for thermal systems for commercial vehicles is anticipated to grow at a moderate CAGR of 4.33%. The market is projected to increase from US$ 16.62 billion in 2023 to US$ 25.40 billion in 2033.
The market for commercial vehicle thermal systems in Europe is being driven by a number of factors, including greater vehicle output, higher emission regulations, and a sizable presence of well-known manufacturers.
German and British manufacturers of thermal systems for commercial vehicles in particular are constantly refining their offerings.
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Modernising automobile heating systems can cut CO2 emissions and assist European drivers in meeting emission regulations. By properly controlling the cooling and heating system and recycling the waste heat generated by the car, new, enhanced systems will also increase the efficiency of the vehicle.
Thermoelectric exhaust heat recovery systems, engine thermal mass reduction, dynamic engine thermal control, and integrated liquid cooled exhaust/EGR are a few thermal technologies utilised in high-end cars to lower CO2 emissions. Through R&D initiatives, businesses all around Europe are advancing this technology for use in commercial vehicles.
Limiting greenhouse gas emissions from autos, especially commercial vehicles, is crucial now more than ever as the number of vehicles sold globally climbs.
Some environmental agencies in Europe are implementing fuel efficiency standards to solve this problem. These chances will be profitable for European producers of thermal systems for commercial vehicles.
There is still a considerable need for vehicle thermal systems in the global market for light commercial vehicles, which represents 42.4% of all sales. Sales and production of light commercial vehicles are rising as a result.
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“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.
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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