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 market for thermal systems for commercial vehicles is projected to expand at a moderate CAGR of 4.33% from 2017 to 2033. It is anticipated that the market would grow from US$ 16.62 billion in 2023 to US$ 25.40 billion in 2033.
A few reasons driving the commercial vehicle thermal system market in Europe include increased vehicle output, stricter emission rules, and a significant presence of prominent manufacturers.
European producers of thermal systems for commercial vehicles, especially those in Germany and the United Kingdom, are continually improving their products.
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Modernising car heating systems can reduce CO2 emissions and help European drivers comply with 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 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 promoting this technology for usage in commercial vehicles through R&D programmes.
As the number of vehicles sold globally rises, it is also more important than ever to limit greenhouse gas emissions from automobiles, particularly commercial vehicles.
To address this issue, certain environmental organisations in Europe are adopting fuel efficiency criteria. The European manufacturers of commercial vehicle thermal systems will profit from these opportunities.
The global market for light commercial vehicles, which accounts for 42.4% of all sales, continues to have a significant demand for vehicle thermal systems. Light commercial vehicle manufacturing and sales are increasing 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.
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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