The global electric vehicle thermal management system market transforms as surging demand and relentless innovation take center stage. With the world increasingly turning to electric vehicles (EVs) for a sustainable future, the need for effective thermal management has never been more vital. This market is witnessing exponential growth, driven by a growing EV fleet and the quest for extended battery life, enhanced performance, and increased energy efficiency. Cutting-edge technologies and smart solutions are revolutionizing the way EVs handle heat, ensuring optimal performance and durability. The global EV thermal management system market is at the forefront of the electric mobility revolution, paving the way for a greener, more sustainable automotive future.
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Data Bridge Market Research analyses that the Global Electric Vehicle Thermal Management System Market is expected to grow at a CAGR of 24.1% during the forecast period of 2022-2029 and is expected to reach a value of USD 14,315.21 million by 2029, from USD 2,544.62 million in 2021. The automotive sector is experiencing significant expansion due to the surging popularity of high-end electric vehicles. Increasing consumer demand for luxurious EVs is driving remarkable growth in the industry, reflecting a shift toward eco-friendly and advanced mobility solutions.
Key Findings of the Study
Technological advancements are expected to drive the market's growth rate
In electric vehicles (EVs), continuous progress in thermal management technologies plays a pivotal role in elevating the efficiency and dependability of these cutting-edge systems. Notably, the integration of advanced cooling mechanisms and the utilization of phase change materials mark significant breakthroughs. These advancements ensure that EVs maintain optimal operating temperatures, preventing overheating and enhancing overall performance. By mitigating thermal challenges through innovation, EV manufacturers are pushing the boundaries of electric mobility, making these eco-friendly vehicles even more compelling and reliable for consumers and the automotive industry at large.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Historic Years
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2020 (Customizable to 2014-2019)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Propulsion Type (BEV, PHEV, HEV, and FCV), Technology (Active and Passive), Battery Type (Conventional and Solid-State), Battery Capacity (30-60 kWh, 60-90 kWh, Below 30 kWh, and Above 90 kWh), Vehicle Type (Passenger and Commercial), System Type (Battery Thermal Management System, HVAC, Powertrain and Others)
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Countries Covered
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U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
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Market Players Covered
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MAHLE GmbH (Germany), Valeo (France), Dana Limited (U.S.), Hanon Systems (South Korea), Marelli Holdings Co., Ltd. (Japan), Robert Bosch GmbH (Germany), BorgWarner Inc. (U.S.), Continental AG (Germany), VOSS Automotive GmbH (Germany), Kendrion N.V. (Netherlands), LG Chem (South Korea), DENSO Corporation (Japan), NORMA Group (Germany), MODINE MANUFACTURING COMPANY (U.S.), GENTHERM (U.S.), A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany), Ymer Technology (Finland).
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Data Points Covered in the Report
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In addition to the market insights such as market value, growth rate, market segments, geographical coverage, market players, and market scenario, the market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
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Segment Analysis:
The global electric vehicle thermal management system market is segmented on the basis of propulsion type, technology, battery type, battery capacity, vehicle type, and system type.
- On the basis of propulsion type, the global electric vehicle thermal management system market is segmented into BEV, PHEV, HEV, and FCV. In 2022, the BEV segment is expected to dominate the global electric vehicle thermal management system market with a 61.56% market share from 2022 to 2029 due to energy efficiency, turning 80% of its energy input into propelling the car.
In 2022, the BEV segment of the propulsion type segment is expected to dominate the global electric vehicle thermal management system market from 2022 to 2029
In 2022, the BEV segment is expected to dominate the global electric vehicle thermal management system market with a 61.56% market share from 2022 to 2029 due to energy efficiency, turning 80% of its energy input into propelling the car. They have a regenerative braking system that collects energy and returns it to the battery when a car stops.
- On the basis of technology, the global electric vehicle thermal management system market is segmented into active and passive. The active segment is expected to dominate the global electric vehicle thermal management system market with a 63.24% market share during the forecast period of 2022 to 2029 due to the function of the electric distribution network to transfer from the bulk power system to the end user.
- On the basis of battery type, the global electric vehicle thermal management system market is segmented into conventional and solid-state. The conventional segment is expected to dominate the global electric vehicle thermal management system market with a 98.41% market share during the forecast period of 2022 to 2029 due to its rechargeable energy storage system and greater energy density.
- On the basis of battery capacity, the global electric vehicle thermal management system market is segmented into 30-60 kWh, 60-90 kWh, Below 30 kWh, and Above 90 kWh. The 30-60 kWh segment is expected to dominate the global electric vehicle thermal management system market with a 54.10% market share during the forecast period of 2022 to 2029 due to energy efficiency, turning most of their energy input into propelling the vehicle, and zero-emission during use and high energy efficiency.
- On the basis of vehicle type, the global electric vehicle thermal management system market is segmented into passenger and commercial. The passenger segment is expected to dominate the global electric vehicle thermal management system market with an 85.74% market share during the forecast period of 2022 to 2029 due to its rechargeable energy storage system, no requirement of gas, low maintenance, and most of all, and it is pollution-free.
- On the basis of system type, the global electric vehicle thermal management system market is segmented into battery thermal management, HVAC, powertrain, and others. In 2022, battery thermal management is expected to dominate the global electric vehicle thermal management system market with a 50.21% market from 2022 to 2029 due to low cost, energy efficiency, and simple structure.
In 2022, the battery thermal management segment of the system type segment is expected to dominate the global electric vehicle thermal management system market during the forecast period of 2022 to 2029
In 2022, the battery thermal management segment is expected to dominate the global electric vehicle thermal management system market with a 50.21% market share during the forecast period of 2022 to 2029 due to low cost and energy efficiency, a simple structure, and high cooling efficiency to keep batteries cool during charging.
Major Players
Data Bridge Market Research recognizes the following companies as the major global electric vehicle thermal management system market players in the global electric vehicle thermal management system market are MAHLE GmbH (Germany), Valeo (France), Dana Limited (U.S.), Hanon Systems (South Korea), A. KAYSER AUTOMOTIVE SYSTEMS GmbH (Germany), Ymer Technology (Finland).
Market Developments
- In February 2022, BorgWarner Inc. revealed its provision of the High-Voltage Coolant Heater (HVCH) to BMW's iX and i4 electric vehicles. This innovation manages battery temperature and cabin heating, extending battery life and driving range, aligning with customer demand for enhanced battery performance.
- In October 2020, DENSO CORPORATION unveiled a groundbreaking battery-monitoring integrated circuit (IC) designed for lithium-ion batteries. This innovation enhances fuel efficiency and extends the range of electric and hybrid vehicles. It enables precise battery voltage monitoring across multiple cells, marking a significant expansion of DENSO's market offerings.
- In March 2023, Tesla Inc. revealed a strategic collaboration with LG Chem to enhance their electric vehicle thermal management systems. Under this partnership, Tesla integrated LG Chem's advanced battery thermal management solutions into their Model 3 and Model Y electric cars. This joint effort aimed to optimize battery performance and extend driving ranges. The alliance showcased a commitment to innovative solutions, addressing the evolving demands of electric vehicle enthusiasts.
Regional Analysis
Geographically, the countries covered in the global electric vehicle thermal management system market report are U.S., Canada, and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America.
As per Data Bridge Market Research analysis:
North America is the dominant region in the global electric vehicle thermal management system market during the forecast period 2022-2029
North America is dominant in the global electric vehicle thermal management system market due to a strong emphasis on sustainability and reducing carbon emissions. Consumers and governments in North America are driving the demand for electric vehicles. The U.S., within the North American region, dominates the global electric vehicle thermal management system market. This prominence is driven by growing environmental awareness and the increasing scarcity of resources, underlining the nation's commitment to sustainable solutions in the automotive industry.
Asia-Pacific region is expected to dominate the global electric vehicle thermal management system market during the forecast period 2022-2029
Asia-Pacific region is expected to dominate the global electric vehicle thermal management system market because the adoption of electric vehicles continues to grow in this region, and efficient thermal management becomes a crucial factor for optimal battery performance and range. China within the Asia-Pacific region is poised to assume a dominant role, driven by the increasing adoption of thermal cooling solutions. In response to the rising demand for electric vehicles and the need for efficient thermal management, China is expected to advance and implement cutting-edge technologies and solutions in the electric vehicle thermal management sector throughout the Asia-Pacific region.
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