The thermal management systems market is expected to grow from USD 12,274.9 million in 2018, to USD 24,755.6 million by 2025
China to be the Fastest Growing Market for Thermal Management Systems
The thermal management systems market was estimated at USD 11,150 million in 2017, and is anticipated to grow at a CAGR of over 10.5% from 2018 to 2025. The major factors influencing the growth of the global thermal management systems market are advancements in electronics, increasing industrial automation, growing electrical vehicle market, and rising aerospace activities.
Based on the data, the market for thermal management systems is expected to witness continued growth over the forecast period. North America is the largest market for thermal management systems, followed by Asia-Pacific. Asia-Pacific is the fastest market which is expected to grow at a CAGR of 12.4% by 2025. China and India are among the largest markets for thermal management systems and are expected to contribute towards the growth.
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Consumer Electronics Sector Held Largest Market Share