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.
The global market for thermal systems for commercial vehicles is projected to expand at a moderate CAGR of 4.33% between 2017 and 2033. From US$ 16.62 billion in 2023 to US$ 25.40 billion in 2033, the market is anticipated to grow.
There are a number of factors that are driving the market for commercial vehicle thermal systems in Europe, including increased vehicle output, stricter emission laws, and a substantial presence of well-known manufacturers.
Manufacturers of thermal systems, notably those for commercial vehicles, in Germany and Britain are always improving their offerings.
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It is possible to reduce CO2 emissions and help European drivers comply with emission regulations by modernising vehicle heating systems. New, improved systems will also improve the efficiency of the vehicle by appropriately managing the cooling and heating system and recycling the waste heat produced by the car.
A few thermal technologies used in high-end cars to reduce CO2 emissions include thermoelectric exhaust heat recovery systems, engine thermal mass reduction, dynamic engine thermal control, and integrated liquid cooled exhaust/EGR. Businesses across Europe are developing this technology for use in commercial vehicles through R&D projects.
The need to reduce greenhouse gas emissions from cars is more important than ever as more vehicles, particularly commercial ones, are sold internationally.
To address this issue, certain environmental organisations in Europe are adopting fuel efficiency criteria. These opportunities will be beneficial for European manufacturers of commercial vehicle thermal systems.
Despite accounting for 42.4% of global sales, there is still a large demand for vehicle thermal systems on the market for light commercial vehicles. As a result, light commercial vehicle sales and production are increasing.
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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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