Electric Vehicle Thermal Management Systems Market Size, Share, Industry, Forecast and Outlook (2024-2031)

The need for effective thermal management systems to control battery temperature, power electronics and cabin climate is growing as more electric vehicles are on the road. For manufacturers to give passengers of electric vehicles a comfortable ride, thermal management systems are important.The EV thermal management systems market is also fueled by the growth of fast-charging networks and charging infrastructure for electric vehicles. In order to control the temperature rise during quick charging sessions, fast charging creates more heat and requires effective cooling systems.Asia-Pacific is among the growing regions in the global electric vehicle thermal management systems market covering more than 1/3rd of the market and Asia-Pacific has been a significant market for electric vehicles. According to the International Energy Agency (IEA), in 2020, China accounted for around 44% of the global electric car stock, followed by Japan and South Korea. The increasing adoption of electric vehicles in these countries drives the demand for efficient thermal management systems.

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Market Dynamics

The automotive industry has seen significant developments in the last ten years. Owing to the government's strict CO2 pollution standards, the demand for electric and alternative fuel vehicles has increased significantly. Such government actions are motivating automakers to get behind the emerging trend of electric automobiles. In the past, automakers and suppliers used a battery thermal management system to regulate battery temperature.However, as technology advanced and the need to lighten vehicles increased, OEMs and suppliers were forced to integrate the battery thermal management system with other electric thermal management systems of the vehicle. Additionally, The OEMs and developers have been able to achieve the highest efficiency at the lowest cost thanks to this methodology or module. For the reason to improve thermal management, system manufacturers and developers have begun to integrate electronic components.

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Segment Analysis

The active segment holds a major share of around 23.4% in the global electric vehicle thermal management systems market. The electric vehicle thermal management industry is witnessing significant research and development activities aimed at advancing active technologies. Major automotive manufacturers, technology companies and research institutions are investing in the development of innovative cooling solutions, control algorithms and sensor technologies to optimize thermal management in electric vehicles.The rising adoption of electric vehicles globally is a significant driver for active technology in the thermal management systems market. According to the International Energy Agency (IEA), electric vehicle sales reached 3.1 million units in 2020, representing a 41% increase compared to the previous year.

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.

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