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North America has established itself as the dominant region in the global automotive thermal management market. The region is expected to account for 39.4% of the market share in 2024. The presence of automotive giants like General Motors, Ford and Fiat-Chrysler has made the U.S. the largest automotive producer in the world. With an emphasis on research and development of innovative thermal management technologies, these companies have created supply chains centered around North America. Several auto component majors have also established their base in the region to cater to the OEM needs. This has led to North America having the most sophisticated thermal management systems embedded across a wide range of vehicles. With rising consumer demand for larger and more powerful engines in trucks and SUVs, thermal management remains a critical factor in North American auto designs.
One of the fastest growing regions is Asia Pacific with China and India as the growth engines. While China is already the largest automotive market globally, India is experiencing exponential increases in production and sales figures year-on-year. Both countries are witnessing massive infrastructural developments that require commercial vehicles in large numbers. This has pushed their local OEMs to rapidly ramp up capabilities. However, the thermal management requirements of vehicles in the hot and humid Asian climates pose unique challenges. To gain market share and reduce costs, local manufacturers are cooperating with international component suppliers to deploy advanced thermal technologies. They are also lifting imports and setting-up local facilities to build expertise. Governments are supportive with initiatives to strengthen domestic auto manufacturing sectors and associated industries. These factors are expected to catapult Asia Pacific into a leading position.
Automotive Thermal Management Market Report Snapshots
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