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3. Denso Corporation (Japan), Hanon Systems (South Korea) and Valeo (France) are leading players in Thermal Systems Market

The thermal systems market is projected to reach USD 41.7 billion by 2027 from USD 37.6 billion in 2022, at a CAGR of 2.1%. With increased demand for in-vehicle comfort applications such as heated/ventilated seats, heated steering, and rear air conditioning, the use of thermal systems has increased in different vehicle segments. Further, rising stringency in vehicular emissions and fuel economy parameters has led manufacturers to develop fuel efficient engines of reduced size and enhanced performance. Rising growth of electric and commercial vehicles is also expected to drive the thermal systems market.

The thermal systems market is led by globally established players such as Denso Corporation (Japan), MAHLE GmbH (Germany), Hanon Systems (South Korea), Valeo (France), and BorgWarner Inc. (US). New product development, expansion, acquisition, and partnership strategy have been the most dominating strategy adopted by major players from 2018 to 2022, which helped them to innovate on their offerings and broaden their customer base.

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Denso Corporation is a leading global player in the automotive thermal system market The company offers a wide variety of thermal management systems that include air conditioning systems for cars and buses, truck refrigeration units, radiators, and cooling systems. The company has adopted the strategies of new product launches, partnership and collaboration in for thermal systems market. For instance, In October 2020, it developed new-generation battery-monitoring integrated circuit (IC) for lithium-ion batteries. In June 2020, Denso opened Electrification Innovation Center at its plant in Anjo, Aichi, Japan. The move supports the company’s aggressive development and production of electrified automotive products, systems, and technologies.

Valeo is a key player in the automotive thermal system market with an innovative product offering. Valeo provide extensive portfolio of thermal climate control, thermal powertrain, thermal compressor, thermal front end, and thermal bus systems. The R&D capabilities of the company and its strong focus on innovation help it maintain technological expertise in most of the product segments.

Hanon Systems is another leading player in this market. It focuses on building solutions and expansion in the automotive thermal system market. For instance, In March 2022, Hanon Systems inaugurated a new plant in Hubei, China, as part of the companys growing support for automakers in the electrified vehicle category. The new plant will manufacture HVAC modules for electrified vehicles. In March 2021, it began construction on its fifth plant in Korea. The facility will produce a range of solutions, including heat pump modules and coolant valve assemblies, to support electric vehicles

Mahle GmbH is also an important player in thermal systems market. The companys strong focus on R&D helps it developing new and innovative products. It focuses on developing intelligent thermal management systems. In 2021, it developed an innovative internal coating for fuel cell coolers that combine maximum operational safety with high cooling performance and enables long fuel cell service life. As a part of expansion, it signed an agreement with Keihin Corporation (now known as Hitachi Astemo, Ltd.) to acquire its thermal management business activities in Japan, Thailand, and the US.

Related Reports:

Thermal Systems Market by Application (Front & Rear A/C, Powertrain, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery, Sensor), Technology, Components, Vehicle (ICE, Electric, Off-Vehicle & ATV) and Region - Global Forecast to 2027

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