Electric Vehicle Thermal Management Systems Market Size Analysis, Trends, Demand, Growth by 2032

Electric Vehicle Thermal Management Systems Market Overview:

The global electric vehicle thermal management system market is expected to exhibit a strong 9% CAGR over the forecast period from 2023 to 2032, according to the latest research report from Market Research Future (MRFR). The global electric vehicle thermal management system market is primarily driven by the growing demand for electric vehicles, according to the report.

Electric vehicle thermal management systems market perform various tasks in electric vehicles, including heat transfer and waste heat recovery. Thermal management systems monitor and regulate the temperature in the cabin, batteries, and HVAC components, among others. These systems thus provide an enhanced user experience for drivers by making the cabin more comfortable, with regard to temperature.

The excess heat from batteries is also redirected by electric vehicle thermal management systems, making the performance smoother and more effective. In electric vehicles, the waste heat recovery systems also play an important role, as they can enhance the range of the vehicle considerably by diverting the heat towards the batteries and storing it as electrical energy.

The growing demand for electric vehicles is the primary driver for the global electric vehicle thermal management system market. Electric vehicles have become ever more popular among consumers all over the world due to the fact that they present no threat of toxic vehicular emissions. Since they present no risk to the environment, electric vehicles have become the vanguard of the environmental movement sweeping the world.

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The report provides readers with a complete overview of the global electric vehicle thermal management system market, including an assessment of the major drivers and restraints affecting the global market. The major players operating in the global electric vehicle thermal management system market are also assessed in the report. The impact of the COVID-19 pandemic on the global electric vehicle thermal management system market is also assessed in the report.

Regional Analysis:

The global electric vehicle thermal management system market is dominated by Asia Pacific as of 2018. The Asia Pacific market is majorly dominated by China, which has enacted several policies supporting the growth of the electric vehicles market in recent years. The high volume of the China market is likely to remain a major driver for the global electric vehicle thermal management system market over the forecast period. India is also likely to support the growth of the electric vehicle market over the coming years, leading to growing demand for electric vehicle thermal management systems in Asia Pacific. Europe and North America are also important regional markets.

The following are some of the key players in the global Electric vehicle thermal management systems market:

Denso Corporation

Valeo

Hanon Systems

LG Chem

Robert Bosch GmbH

BorgWarner

Mahle GmbH

Modine Manufacturing Company

Gentherm

VOSS Automotive GmbH

Cummins Inc.

Huayu Automotive Systems

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These companies offer a wide range of EV thermal management systems products and solutions, including:

Air conditioning systems

Battery cooling systems

Power electronics cooling systems

Cabin heating systems

Integrated thermal management systems

These companies are also investing heavily in research and development to develop new and more efficient EV thermal management systems.

In addition to the major players listed above, there are a number of smaller companies and startups that are also developing and producing EV thermal management systems. These companies are often focused on developing innovative new technologies or targeting specific niche markets.

The Electric vehicle thermal management systems market is expected to grow significantly in the coming years, driven by the increasing demand for electric vehicles. The key players in this market are well-positioned to benefit from this growth, thanks to their strong product portfolios, global reach, and commitment to innovation.

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Segmentation:

The global electric vehicle thermal management system market is segmented on the basis of system, component type, technology, application, vehicle type, and region.

By system, the global electric vehicle thermal management system market is segmented into heating, ventilation, and air conditioning (HVAC), powertrain cooling, fluid transport, and others.

By component type, the global electric vehicle thermal management system market is segmented into motor, battery, and cabin area.

By technology, the global electric vehicle thermal management system market is segmented into active transmission warmup, exhaust gas recirculation, reduced HVAC system loading, and others.

By application, the global electric vehicle thermal management system market is segmented into engine cooling, air conditioning, heated steering, waste heat recovery, transmission system, heated/ventilated seats, and others.

By vehicle type, the global electric vehicle thermal management system market is segmented into battery electric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles (PHEV).

Read more:

Car Manufacturing Market, https://www.openpr.com/news/3432039/car-manufacturing-market-key-product-segments-application

Motor Insurance Market, https://www.openpr.com/news/3432058/motor-insurance-market-comprehensive-insight-by-growth-rate

Advanced Driver Assistance Systems Market, https://www.openpr.com/news/3438055/advanced-driver-assistance-systems-adas-market-is-estimated

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