EV Thermal Management System Market Research Report, By Application, Region and Forecast to 2031

The EV thermal management system market is expanding consistently, as a large number of players operate in the market. A few of the key players operating in the EV thermal management system market are Robert Bosch GmbH, LG Chem Ltd., Gentherm Incorporated, Valeo, Calsonic Kansei Corporation, Samsung SDI, Dana Incorporated, CapTherm Systems, Hella GmbH & Co. KGaA, BorgWarner Inc., Denso Corporation, Continental AG, MAHLE GmbH, VOSS Automotive GmbH, and Visteon Corporation

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EV thermal management system helps reduce the excessive heat generated during the vehicle running. Battery cells not only generate electricity but also generate excessive heat, which is transferred from the battery pack, and this requires a battery cooling system. Major manufacturers of electric vehicles introducing thermal management systems in their electric vehicles helps increase the vehicle range.

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Key Drivers of EV Thermal Management System Market

Rise in demand for vehicle electrification across the globe, due to enactment of stringent emission norms across the globe to reduce the emission of harmful gases from vehicles, is likely to boost the EV thermal management system market across the globe. Major vehicle manufacturer are trying to increase the vehicle range which requires high voltage batteries and to maintain the excessive heat in power transmission system, thermal management system is necessary, which in turn is likely to boost the EV thermal management system market across the globe

Rise in government investment to boost production of electric vehicles across the globe is likely to fuel the EV thermal management system market across the globe. Rise in penetration of belt starter generator, motor drivers and inverters in electric vehicle is likely to create major opportunities for EV thermal management system market during the forecast period. Rise in demand for light weight electric vehicle owing to increase the vehicle range is anticipated to enhance the EV thermal management system market across the globe

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Europe & Asia Pacific to hold significant share of global EV thermal management system market
Europe is projected to hold for a major share of the global EV thermal management system market due to a rise in the demand for electric vehicle across the region. Rapid expansion of electric vehicle component manufacturers across the region also boosts the EV thermal management system market. Europe has major presence of original equipment manufacturer and tier-1 supplier including Valeo, Robert Bosch and MAHLE GmbH who have advanced research and development facilities regarding the cooling and heating system, which is likely to witness a major growth for EV thermal management system market across the Europe

Followed by Europe, Asia Pacific is projected to hold a significant share of the global EV thermal management system market due to an increase in production of electric vehicles across the region. Rapid expansion manufacturing industries across the region is likely to create a platform for electric vehicle market, which in turn is likely to boost the EV thermal management system market across the region

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