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 such as rising vehicle production, stricter emission rules, and a strong presence of top manufacturers.
Better vehicle systems are constantly being developed by commercial vehicle thermal system manufacturers in Europe, notably Germany and the United Kingdom.
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Modernising car heating systems can reduce CO2 emissions and help consumers in Europe comply with emission standards. New, improved systems will also improve the efficiency of the car by appropriately managing the cooling and heating system and recycling the waste heat from the vehicle.
Some thermal technologies used in luxury 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 situated in Europe are employing R&D initiatives to introduce these technology into the market for commercial vehicles.
In addition, it is now more crucial than ever to control greenhouse gas emissions from cars, especially commercial vehicles, as the number of cars sold worldwide climbs.
Some environmental agencies in Europe are implementing fuel efficiency standards to solve this issue. These chances will provide income for thermal system producers for commercial vehicles across Europe.
Light commercial vehicles, which make up around 42.4% of the global market, continue to have a substantial demand for vehicle thermal systems. The production and sale of light commercial vehicles are rising as a result.
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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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