Automotive Thermal System Market to See Incredible Growth During 2020

Transparency Market Research has published a report that presents insights into factors that drive and restrain the global automotive thermal system market. Compiled with the intent of providing a comprehensive overview of the market, the report studies the prevailing market dynamics and provides refined growth forecasts. Based on in-depth surveys, the report pegs the value of the global automotive thermal system market at US$32.2 bn in 2013. Rising at a positive CAGR of 6.0% between 2014 and 2020, the market is expected to reach US$48.5 bn by 2020. The report is titled “Automotive Thermal System Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020” and is available on the company website for sale

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With the rapid expansion of the automotive industry, demand for automotive thermal systems is anticipated to rise. As vehicles become more sophisticated, deploying advanced automotive heating and ventilation systems becomes increasingly important. Impelled by the growing demand for advanced heating, ventilation, and air conditioning (HVAC) systems, the market for automotive thermal systems is likely to exhibit robust growth during the report’s forecast period.

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Despite witnessing a growing demand, the high cost of installations inhibits the global automotive thermal systems market to an extent. Furthermore, higher cost of advanced and improved technology also comprises a challenge in front of the market.

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For the purpose of the study, the report segments the global automotive thermal system market into HVAC systems, compressors, fluid transport, and powertrain cooling. Of these, the HVAC systems segment led the market, accounting for a share of 54.64% in 2014. Stringent emission norms and pollution guidelines implemented across major economies worldwide are further fuelling demand for HVAC systems, thereby giving impetus to the global market for automotive thermal systems. Escalating demand for thermal systems running on alternative fuels such as P-Series, ethanol, bio-alcohols, and liquid hydrogen propane fuels, according to the report, will boost the market during the forecast period.

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