The Business Research Company’s Thermal Systems Global Market Report 2023 is the most detailed report available on the market, including broad forecast periods and multiple geographies. The report covers the historic period – 2010-2021, and the forecast period – 2023-2032. The Thermal Systems Global Market Report 2023 evaluates thermal systems market size, growth rate, drivers, trends, and major companies.

The report provides a global perspective by covering 60 geographies and focusing on major economies in each region – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

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The global thermal systems market size is expected to grow from $45.37 billion in 2022 to $47.72 billion in 2023 at a compound annual growth rate (CAGR) of 5.2%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The market size of the thermal systems is expected to grow to $56.58 billion in 2027 at a CAGR of 4.4%.

The growing electric vehicles demand is expected to propel the growth of the thermal systems market going forward. Electric vehicles also known as battery electric vehicles (BEVs), lack an internal combustion engine in favor of an electric motor. Thermal systems are used to control the ideal temperatures in battery packs, power electronics drives, and electric motors and are applied to external-internal temperature situations in electric vehicles. For instance, according to an article published by International Energy Agency, a France-based international intergovernmental organization ensuring reliable, affordable, and clean energy, in 2021, sales of electric vehicles (including completely electric and plug-in hybrid vehicles) reached 6.6 million, a new high. By the end of 2021, there were around 16.5 million electric vehicles on the road worldwide. Additionally, sales of electric vehicles nearly tripled to 3.3 million in China in 2021, making up about half of the global total. Therefore, the growing electric vehicles demand is driving the growth of thermal systems market.

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The thermal systems market segments in the report are:
1) By Component: Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control, Thermoelectric Generator, Other Components
2) By Vehicle: Internal Combustion Engines (ICE), Electric, Off-Vehicle and ATV
3) By Application: Front and Rear A or C, Powertrain, Seat, Steering, Battery, Motor, Power Electronics, Waste Heat Recovery, Sensor

The table of contents in TBRC’s thermal systems market report includes:
1. Executive Summary
2. Thermal Systems Market Characteristics
3. Thermal Systems Market Trends And Strategies
4. Thermal Systems Market - Macro Economic Scenario
5. Thermal Systems Market Size And Growth
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26. Africa Thermal Systems Market
27. Thermal Systems Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Thermal Systems Market
29. Thermal Systems Market Future Outlook and Potential Analysis
30. Appendix

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