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Electric Vehicle Thermal Management System Market Demand, Evolving Trends, Future Perspectives, Size, Share And ForecastTo2033
Electric Vehicle Thermal Management System Market Demand
According to The Business Research Company's, The electric vehicle thermal management system market size has grown rapidly in recent years. It will grow from $2.62 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth in the historic period can be attributed to increased environmental regulations, increased safety concerns, increased vehicle production, increased consumer awareness.
The electric vehicle thermal management system market size is expected to see rapid growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The growth in the forecast period can be attributed to increasing electric vehicles, increasing government initiatives, increasing zero emission regulations, increasing energy-efficient battery-powered devices. Major trends in the forecast period include integration of ai and menaced battery cooling, technological advancements, product innovations, partnerships, and investments.
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Market Drivers and Trends:
The growing number of electric automobiles is expected to propel the growth of the electric vehicle thermal management system market going forward. Electric automobiles are vehicles powered either entirely or partially by electricity stored in rechargeable batteries or another energy storage device. The demand for electric vehicles is due to improved availability of charging infrastructure, increased consumer interest, and various environmental regulations. Electric vehicle thermal management systems optimize electric vehicles' performance, efficiency, and safety, reducing their impact on the overall range of the vehicle. For instance, in January 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles almost doubled to 6.6 million in 2021 from 3 million in 2020, representing nearly 9% of total sales. Additionally, the total number of electric vehicles on the road increased to 16 million, indicating a 4% increase in 2021. Therefore, the growing number of electrical automobiles is driving the growth of the electric vehicle thermal management system market.
Major companies operating in the electric vehicle thermal management system market are increasing their focus on developing innovative systems, such as self-developed thermal management systems, to gain a competitive edge in the market. A self-developed thermal management system is a system that is designed, created, and implemented by an entity, such as a company or organization, to regulate and control the temperature of various components within a specific application or device. For instance, in June 2023, ZF Group, a Germany-based engineering company, launched its self-developed thermal management system for electric vehicles (EVs). This system potentially increases the range of EVs in the winter by up to one-third. It includes an optimized electric drivetrain comprising power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide. Automakers can integrate the thermal management system into their vehicles in various ways.
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Major Key Players of the Market:
Volkswagen Group, Ford Motor Company, BMW Group, Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, BYD Company Limited, General Motors Company, Geely Automobile Holdings Limited, NIO Inc., Rivian Automotive Inc., Arrival Ltd., Guangzhou Xiaopeng Motors Technology Co. Ltd., Lucid Motors Inc., Faraday Future, Proterra Inc., Lordstown Motors Corp., Lion Electric Company, Nikola Corporation, Aptera Motors Corp., Rimac Automobili, Bollinger Motors, Workhorse Group Inc., Canoo Inc., Fisker Inc.
Electric Vehicle Thermal Management System Market 2024 Key Insights:
• The Electric Vehicle Thermal Management System Market is expected to grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%.
• Rising Electric Vehicle Adoption Fuels Growth Of Electric Vehicle Thermal Management System Market
• Innovative Self-Developed Thermal Management Systems In The Electric Vehicle Market
• North America was the largest region in the electric vehicle thermal management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
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