Japan Commercial Vehicle Thermal System Market Size worth US$ 1,497 million by 2033

Japan is a leading country in terms of the production of commercial vehicle thermal systems. The Japan commercial vehicle thermal system market size is projected to develop from US$ 885.2 million in 2023 to US$ 1,497 million in 2033.

The global commercial vehicle thermal systems market is expected to register a CAGR of 5.4% through 2033. Market size is expected to rise from US$ 16,393.3 million by 2023 to US$ 27,737.9 million by 2033.

Increased demand for recreational vehicles (RVs) is anticipated to drive down battery costs in Japan. Though, it is likewise important that the vehicle’s range is not compromised by ancillary consumers such as cooling or heating the cabin or electric vehicle gears.

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Heating can significantly drain the battery in cold weather, thereby hampering the vehicle’s traction performance. Battery electric vehicle (BEV) architecture has demonstrated that a combination of technologies such as cabin preconditioning, air cooling, cryogen-cooled batteries, heat pumps, and collection can improve vehicle efficiency.

Battery thermal administration, cabin air conditioning, power electronics, electric motor cooling, and motor thermal management are very important in a battery electric vehicle. These systems suggestively improve performance and range by reusing waste heat in a fuel-efficient manner. Hence, demand for thermal systems is expected to increase along with the need for commercial vehicles during the estimated period, thereby driving the Japan market.

Based on application, the engine and transmission segment is projected to remain at the forefront in the forecast period. It contains an exhaust gas recirculation system that would contribute to improved fuel combustion from the heated exhaust. Japan-based automakers are coming up with several luxury and low-temperature vehicles equipped with a steering wheel heater function for drivers’ comfort.

Air conditioning is a key source of heat loss in vehicles. Increasing adoption of automatic and multi-polar climate control features in midsize to luxury vehicles would drive sales of air conditioning heat exchangers. Mounting interest in heat recovery by thermoelectric generators is projected to provide an advanced potential for the Japan commercial vehicle thermal system market.

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Key Takeaways from the Commercial Vehicle Thermal System market

  • The Japan market for commercial vehicle thermal systems is estimated to rise at US$ 1,497 million by 2033.
  • By 2023, the global commercial vehicle thermal system market is expected to be worth US$ 16,393.3 million.
  • From 2023 to 2033, with a healthy 4% CAGR, the global commercial vehicle thermal system market value is projected to reach US$ 27,737.9 million by 2033.
  • Japan commercial vehicle thermal system market is anticipated to rise to US$ 885.2 million by 2023.

“Improving economic conditions have increased sales of commercial vehicles in recent years across Japan. It is hence indirectly dividing the automotive thermal system market. Government spending on refining the country’s automotive sector in recent years is also boosting domestic players in the country,” says a lead analyst at Future Market Insights.

Competition Landscape in the Commercial Vehicle Thermal System Market

Rising competition would force market participants to innovate, launch, and invent new products. The commercial vehicle thermal system market is highly competitive, with key companies investing profoundly in product development. They are constantly stepping up their research and development determinations over the long term.

With rising income levels and increasing information about automotive and advancement, the industry is meeting a dynamic need for commercial vehicle thermal systems from people around the world. Strategic partnerships and agreements with provincial players are a preferred way for manufacturers to surge sales and expand their geographic footprint. Manufacturers are also focusing on new product developments and mergers to expand their market presence.

Denso Corporation, JTEKT Thermo Systems Co., Ltd., and Takasago Thermal Engineering Co., Ltd. are a few key players in the Japan commercial vehicle thermal system market.

Recent Developments

  • In October 2022, NTT Communications Corporation and DENSO Corporation, a global mobility component manufacturer, declared that they are set to provide Security Vehicle Operations Center (VSOC1). Both companies aim to respond to the increasingly sophisticated threat of cyber-attacks on vehicles with this partnership.

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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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