Our fluid control products make engines more fuel-efficient, improve chassis aerodynamics and aid driver comfort. We develop solutions that reduce emissions from commercial vehicles, helping our customers to meet increasingly stringent emission regulations. We are also developing solutions for zeroemissions vehicles, including fuel cell and battery thermal management.
Market trends and our response
Global commercial vehicle manufacturers remain under increasing pressure from regulatory measures, including China 6 standards, Euro 7 regulations, and Phase 3 greenhouse gas emissions rules in the US, to reduce emissions from their diesel and natural gas vehicles. Concurrently, the global energy shift compels truck OEMs to invest significantly in innovative technology for zero-emissions vehicles, which are anticipated to increase in volume from 2030. The Transport sector performed strongly in the first half of the year. As expected given the challenging comparator, the second half of the year saw a decline in the global truck market and we finished this year with organic revenue 4% lower than 2023.
Development of zero-emission technologies will continue, although different regions are progressing at different rates. The mix of vehicle technologies and fuel types includes zeroemissions fuel cells and batteries, near-zero hydrogen engines and cleaner diesel and natural gas technology.
With the emergence of numerous new technologies in the sector, our opportunity is to identify the right solutions to help our customers accelerate their developments. We continue to develop and invest in diesel and natural gas products as well as zero-emissions innovations. Our global team collaborates on product design, while maintaining strong regional relationships with truck OEMs to ensure we are meeting the needs of all our global customers. During 2024, we received excellent customer feedback on new product prototypes within our fuel cell and battery thermal management range.
We continue to invest in both our existing and new talent with automotive experience. During 2024, we recruited additional expertise in software development and are implementing new training programmes to ensure our product design engineers fully understand the interactions between software and physical products. We are also investing in training to increase our teams’ knowledge as we develop products that are more sustainable by design.
Revenue
IMI growth target
Creating value in Transport
We’re at the heart of progress in making better vehicles as manufacturers commit to reducing emissions.
2024 highlights
– Winning business with new customers in China and India despite demand stabilisation across the region. Our long-term pipeline remains strong
– Significant improvement in performance from our Mexico factory, following the relocation in 2023 of US manufacturing
– Expansion of additional lines in our China manufacturing facility to accommodate new business and the transfer of manufacturing from Europe, leading to shorter supply chains and an improved customer experience
Priorities for 2025 and beyond
The commercial vehicle market continues to experience ongoing change. This presents opportunities for IMI, including the launch of a very competitive new integrated valve system.
Following the consolidation of our business activities into larger, more efficient facilities, we will continue to actively drive efficiencies in 2025.