The global commercial vehicle thermal management systems market is expected to grow at a CAGR of more than 2% from 2017-2021, according to a new market research report by Technavio.
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Technavio has published a new market research report on the global commercial vehicle thermal management systems market 2017-2021 under their automotive library. (Photo: Business Wire)
Global commercial vehicle thermal management systems market segmentation by application and geography
Technavio's report on the global commercial vehicle thermal management systems market analyses the business dimensions and presents a comprehensive breakdown in terms of market segmentation by application, including heavy commercial vehicles and light commercial vehicles. As projected in 2016, around 56% of the market share originated from light commercial vehicles. Light commercial vehicles (LCVs), such as minivans and mini-pickup vehicles, are now widely used for business purposes like intercity transportation and mobile canteen outlets, which has fueled their sales and driven the demand for vehicle thermal management systems.
Based on geography, the global commercial vehicle thermal management systems market has been segmented into APAC, EMEA, and the Americas. In 2016, the market was dominated by the Americas, which accounted for a share of more than 53% of the global market.
"The increased penetration of pickup trucks within the American commercial vehicle market is the primary reason that is driving the production of commercial vehicle thermal management systems. Low fuel prices have enabled people to purchase pickup trucks with increased engine power that can be used for commercial as well as personal purposes. Canada, Brazil, Mexico, and the US are the major markets for commercial vehicle thermal management systems in the Americas. Countries in the Americas follow stringent emission regulations that are expected to have a profound effect on the production of commercial vehicle thermal management systems," says Raj Gaurav Singh, a lead analyst at Technavio for automotive components research
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Global commercial vehicle thermal management systems market: competitive vendor landscape
The global commercial vehicle thermal management systems market is moderately fragmented, with the presence of many vendors. The market is characterized by the presence of well-diversified global and regional vendors. However, as global players are into developing technologically advanced systems, regional vendors are finding it difficult to sustain the competition in the market, especially on aspects such as quality, technology, and product features. The competitive environment in this market is anticipated to intensify further with the increased use of fuel injection due to the strict emission and fuel economy norms and growing market for automotive.
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Other topics covered in the report:
Market drivers:
- Implementation of stringent emission testing procedures
- Government mandate for fixing air conditioners in commercial vehicles
Market challenges:
- Increased engine temperatures in modern engines
- Rising complexity of heating, ventilation and air conditioning systems used in modern commercial vehicles
Market trends:
- Development of new heat flux sensors to allow accurate investigation of thermal state of engine
- Development of electronic grille shutters
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