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Electric Vehicle Thermal Management Systems Market is expected to reach USD 14.4 billion by 2030, growing with a CAGR of 20.6%.

11-23-2023 08:22 AM CET | Logistics & Transport

Press release from: DataM Intelligence 4Market Research

Electric Vehicle Thermal Management Systems Market - DataM Intelligence 4Market Research

Electric Vehicle Thermal Management Systems Market - DataM Intelligence 4Market Research

Electric Vehicle Thermal Management Systems Market Overview

The market for EV thermal management systems is primarily driven by the global trend toward electric vehicles.

The need for sophisticated thermal management systems to regulate battery temperature, power electronics, and cabin climate grows as more electric vehicles hit the road. Thermal management systems are critical for manufacturers to provide pleasant rides for electric car passengers.

The expansion of fast-charging networks and charging infrastructure for electric vehicles is also driving the EV thermal management systems industry. Fast charging generates more heat and necessitates excellent cooling mechanisms in order to minimize the temperature increase during rapid charging sessions.

Asia-Pacific is one of the fastest expanding areas in the global electric vehicle thermal management systems market, accounting for more than one-third of the total, and Asia-Pacific has historically been a prominent market for electric vehicles. According to the International Energy Agency (IEA), China will account for around 44% of global electric vehicle stock in 2020, followed by Japan and South Korea. The growing use of electric vehicles in these nations increases the necessity for effective thermal management systems.

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Market Dynamics

Increasing Demand for Electric and Alternative Fuel Vehicles

The automobile sector has experienced considerable advancements in the last 10 years. The government's tough CO2 emission rules have raised demand for electric and alternative fuel vehicles drastically. Such government efforts are encouraging manufacturers to support the increasing trend of electric vehicles. To control battery temperature in the past, automakers and suppliers employed a battery thermal management system.

As technology evolved and the demand to lighten vehicles grew, OEMs and suppliers were pushed to integrate the battery thermal management system with the vehicle's other electric thermal management systems. Furthermore, owing to this approach or module, OEMs and developers have been able to attain the best efficiency at the lowest cost. System designers and manufacturers have started to incorporate electronic components in order to improve heat management.

Power electronics components found in belt starter generators (BSG), electric drives (motor, generator, inverter), and inverter-converter modules are examples of these components. Because of the integration of technologies with common TMS for battery and other applications, developers and OEMs have been able to decrease vehicle weight and increase efficiency.

Market Segmentation

The global Electric Vehicle Thermal Management Systems Market is segmented by System, components, technology, propulsion, battery capacity, battery, and by vehicle.

By System

• Heating
• Ventilation
• Air Conditioning
• Powertrain Cooling
• Fluid Transport
• Others

By Components

• Battery
• Power Generation
• Cabin
• Motor

By Technology

• Active
• Passive

By Propulsion

• Battery Electric Vehicle (BEV)
• Market Size Analysis and Y-o-Y Growth Analysis (%)
• Hybrid Electric Vehicle (HEV)
• Plug-in Hybrid Electric Vehicle (PHEV)
• Fuel Cell Electric Vehicle (FCEV)

By Battery Capacity

• Below 30 kWh
• 30 - 60 kWh
• 60 - 100 kWh
• Above 100 kWh

By Battery

• Conventional
• Solid - State

By Vehicle

• Passenger Vehicles
• Commercial Vehicles

Key Developments

• On March 16, 2022, Hanon Systems inaugurated a new plant located in Huchai, China, to manufacture heating, ventilation and air conditioning (HVAC) modules for electrified vehicles. Hanon Systems continues to grow its global business by investing in the design of innovative eco-friendly automotive solutions and supporting automakers in the electrified vehicle segment.
• On October 20, 2022, TotalEnergies merged with Valeo to develop an innovative way of cooling electric vehicle batteries using a new, very high-performance dielectric1 fluid. Not only would this innovation improve the way electric vehicles are used, but it would also reduce their carbon footprint.

Competitive Landscape

The major global players include BorgWarner Inc., Mahle GmbH, Valeo SA, Hanon Systems, Denso Corporation, Gentherm Incorporated, LG Electronics Inc., Continental AG, Dana Incorporated and Modine Manufacturing Company.

Trending Topics

Electric Vehicle Battery Swapping Market - https://www.datamintelligence.com/research-report/electric-vehicle-battery-swapping-market
Electric Vehicle Components Market - https://www.datamintelligence.com/research-report/electric-vehicle-components-market
Automotive Thermal Systems Market - https://www.datamintelligence.com/research-report/automotive-thermal-systems-market
Automotive Thermal Management Systems Market - https://www.datamintelligence.com/research-report/automotive-thermal-management-systems-market

Contact Us:
Company Name: DataM Intelligence
Email: info@datamintelligence.com
Phone: +1 877 441 4866
Website: https://www.datamintelligence.com

About DataM Intelligence:
DataM Intelligence 4Market Research is a Market Research and Consulting firm that provides end-to-end business solutions to organizations from Research to Consulting. We, at DataM Intelligence, leverage our top trademark trends, insights and developments to emancipate swift and astute solutions to clients like you. We encompass a multitude of syndicate reports and customized reports with a robust methodology.
Our research database features countless statistics and in-depth analyses across a wide range of 6300+ reports in 40+ domains creating business solutions for more than 200+ companies across 50+ countries; catering to the key business research needs that influence the growth trajectory of our vast clientele.

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