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3. Denso Corporation (Japan) and Valeo (France) are the Major Players in the Automotive Thermal Systems Market

The automotive thermal system market is projected to reach USD 49.1 billion by 2026 from USD 40.9 billion in 2021, at a CAGR of 3.7%. 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. The increasing stringency of emission standards and fuel economy parameters has led manufacturers to try new and enhanced ways to meet the revised standards. Rising demand for heating and ventilation systems in electric and commercial vehicles is also expected to drive the automotive thermal system market.

The automotive thermal system 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 2017 to 2021, 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 provides thermal systems for passenger cars and thermal management in thermal control and heat/cool generation segments. The company has adopted the strategies of partnership, collaboration, and new product development for thermal system solutions.

Valeo is a key player in the automotive thermal system market with an innovative product offering. Valeo is a leading provider 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 leadership in most of the product segments. It also helps the company develop innovative products.

Hanon Systems is another leading player in this market. It focuses on building solutions and expansion in the automotive thermal system market. For instance, Hanon Systems expanded its operation in Central Mexico to support its growing business with automakers in the region. The expanded business will increase the company’s ability to support automakers by adding powertrain cooling and fluid transport products to its production.

Related Reports:

Automotive Thermal Systems Market by Application (Front & rear A/C, Engine & Transmission, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery), Technology, Components, Vehicle Type and Region - Global Forecast to 2026

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