Electric Vehicle Thermal Management System (EVTMS) Market to Hit at a Highest CAGR of 24.9% by 2030, Overview, Share, Size, Growth, Industry Trends and Competitive Analysis

Delvens published an exclusive report, titled, "Electric Vehicle Thermal Management System (EVTMS) Market to Hit at a Highest CAGR of 24.9% by 2030, Overview, Share, Size, Growth, Industry Trends and Competitive Analysis". Electric Vehicle Thermal Management System (EVTMS) Market by System (Air Cooling, Liquid Cooling, Refrigerant Cooling), Vehicle Type (Passenger, Commercial), Battery Type (Solid State, Conventional), Application (EV, PHEV), and Region (North America, Europe, Asia-Pacific, Middle East and Africa and South America)

The prominent players in Electric Vehicle Thermal Management System (EVTMS) Market are Dana Inc., DOBER, Infineon Technologies AG, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, Texas Instruments Inc., Valeo SA

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An Electric Vehicle Thermal Management System (EVTMS) is a crucial component in electric vehicles (EVs) that helps regulate and manage the temperature of various vehicle systems, including the battery pack, power electronics, and passenger cabin. Since efficient temperature control is essential for optimal performance, safety, and longevity of EV components, EVTMS plays a vital role in ensuring the overall efficiency and reliability of electric vehicles. For instance, the EVTMS utilizes cooling mechanisms, such as heat sinks or liquid cooling, to dissipate this heat, preventing overheating and ensuring efficient power conversion and control, and plays a significant role in enabling fast charging capabilities in electric vehicles.

Market need for EVTM System:

Governments across the globe are implementing stringent regulations to reduce carbon emissions and combat climate change, which causes the increasing adoption of electric vehicles. Further, the government encourages this adoption through various incentives such as tax credits, subsidies, and rebates. These policies drive the demand for EVs and subsequently increase the demand for EVTMS. Moreover, the fear of running out of battery charge while driving has been a significant barrier to EV adoption. It could be overcome by efficient EVTMS that involved managing battery temperature and optimizing energy consumption. As EVTMS technology advances and provides improved range and battery life, consumer confidence in electric vehicles increases. The rising production of electric vehicles worldwide and the introduction of new models into the market. Thereby, the rising production volumes create a greater demand for EVTMS components and systems, which eventually contribute to the growth of the EVTMS market in the coming years.

Electric Vehicle Thermal Management System (EVTMS) Market Trend:

The Global Electric Vehicle Thermal Management System (EVTMS) Market has reached a value of $3.2 billion in 2022. This market is projected to grow with a CAGR of 24.9% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are propulsion types including BEV, PHEV, HEV, and FCV), by technology such as Active and Passive, battery types including Conventional and Solid-State, battery capacity such as 30-60 kWh, 60-90 kWh, Below 30 kWh, and Above 90 kWh, vehicle types such as Passenger and Commercial, and system types including Battery Thermal Management System, HVAC, Powertrain and Others. Leading companies such as Dana Limited, Robert Bosch GmbH, Marelli Holdings Co., Ltd., LG Chem, DENSO Corporation, NORMA Group, Modine Manufacturing Company, Ymer Technology, and Continental AG.

The Electric Vehicle Thermal Management System (EVTMS) market is primarily driven by the increasing adoption of electric vehicles (EVs) as a whole. The conventional battery which refers to lithium-ion batteries and other established battery technologies currently used in electric vehicles (EVs), does indeed drive the EVTMS. The conventional segment is projected to maintain its dominant position in the global electric vehicle thermal management system market in 2022, accounting for approximately 98.41% of the market share. Overcome overheating or extreme temperature conditions can lead to thermal runaway, which can cause battery failure, fire, or even explosion. It is recommended adopting to EVTMS systems that could actively monitor and regulate the temperature of the battery pack to prevent safety hazards, providing peace of mind to EV owners and manufacturers. Thus, the demand for these advanced systems continues to drive the Electric Vehicle Thermal Management System (EVTMS) market in the upcoming years.

Electric Vehicle Thermal Management System (EVTMS) Market Regional Analysis:

Asia-Pacific holds a significant market share for the Electric Vehicle Thermal Management System (EVTMS) market in the forecast period. Since this region has emerged as a global leader in electric vehicle adoption. Countries like China, Japan, and South Korea have made significant investments in promoting electric vehicles and have established robust manufacturing capabilities. The high penetration of electric vehicles in the region directly drives the demand for EVTMS solutions. For instance, DENSO CORPORATION, a Japan-based company announced in October 2020 the development of an innovative battery-monitoring integrated circuit (IC) designed specifically for lithium-ion batteries. This cutting-edge IC enhances fuel efficiency and significantly extends the driving range of electric and hybrid vehicles. Moreover, the Asia-Pacific region has witnessed rapid advancements in EV technology, including battery systems and thermal management solutions. Companies in this region have been at the forefront of developing innovative EVTMS technologies, offering superior performance and efficiency, which contribute to the strong presence of the EVTMS market in the Asia-Pacific region in the coming years as predicted.

There is a growing need to manage the thermal system of batteries to enhance their efficiency and longevity. Hence, it is recommended that the companies should collaborate with EV manufacturers, battery suppliers, and other relevant stakeholders to develop integrated EVTMS solutions. Building strong partnerships can help in co-development, customization, and ensuring compatibility with various electric vehicle models. Collaborative efforts contribute to accessing new markets and expanding customer segments eventually leading to improving the market of Electric Vehicle Thermal Management Systems in the coming years as predicted in the forecast period.

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