Press release
Electric Vehicle Thermal Management System Industry Growth Outlook: 15% CAGR and $6.15 Billion by 2029
Electric Vehicle Thermal Management System
What Is the Long-Term Growth Forecast for the Electric Vehicle Thermal Management System Market Size 2025?
The market for thermal management systems in electric vehicles has seen significant expansion in the past few years. The market value is projected to increase from $3.07 billion in 2024 to $3.52 billion in 2025, with a compound annual growth rate (CAGR) of 14.4%. This robust growth in the previous years is due to factors such as enhanced environmental regulation enforcement, rising safety considerations, growing vehicle production, and heightened consumer consciousness.
What CAGR is Forecasted for the Electric Vehicle Thermal Management System Market Through 2029?
In the coming years, the market for thermal management systems for electric vehicles is set to experience considerable expansion. It is projected to surge to $6.15 billion by 2029, displaying a compound annual growth rate (CAGR) of 15.0%. This growth in the predicted period can be ascribed to the rise in electric vehicles, escalating government initiatives, stronger zero-emission regulations, and enhanced battery-powered devices. Key trends for the projected period incorporate AI integration and improved battery cooling, advancements in technology, product innovation, partnerships, and investments.
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What Are the Critical Factors Driving Electric Vehicle Thermal Management System Market Development?
The expansion of the electric vehicle thermal management system market is predicted to be driven by the rising number of electric cars. These vehicles are fueled either entirely or partially by electricity, which is stored in rechargeable batteries or other energy storage devices. The popularity of electric cars is rising due to increased charging infrastructures, consumer interest, and various environmental regulations. Electric vehicle thermal management systems enhance the performance, efficiency, and safety of electric vehicles, thereby reducing their overall range impact. As per the World Economic Forum, a non-governmental organization based in Switzerland, the total electronic vehicle sales in 2022 reached 10.5 million, a 55% increase from the 6.7 million sales in 2021. Additionally, the total EV market share escalated from 8.3% in 2021 to 13% in 2022. Hence, the escalating number of electric cars is fueling the expansion of the electric vehicle thermal management system market.
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How Does the Electric Vehicle Thermal Management System Market Break Down Across Major Segments?
The electric vehicle thermal management system market covered in this report is segmented -
1) By Type: Active, Passive, Hybrid
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Two Wheeler And Three Wheeler
3) By Technology: Liquid Cooling And Heating, Air Cooling And Heating, Other Technologies
4) By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
5) By Application: Engine Cooling, Air Conditioning System, Electric Vehicle Battery Thermal System, Transmission System
Subsegments:
1) By Active: Liquid Cooling, Air Cooling, Refrigerant-based Cooling
2) By Passive: Phase Change Materials (PCMs), Thermal Insulation, Heat Pipes
3) By Hybrid: Combination Of Liquid Cooling And Air Cooling, Combination Of Phase Change Materials And Air Cooling
What Are the Major Trends Transforming the Electric Vehicle Thermal Management System Industry?
Leading corporations in the electric vehicle thermal management system market are shifting their focus towards developing inventive systems, like self-engineered thermal management systems, in order to achieve a competitive advantage in the industry. A self-engineered thermal management system is a specially designed system by an entity, such as a corporation or institution, responsible for maintaining and managing the temperature of different parts in a particular application or gadget. For example, in June 2023, ZF Group, an engineering firm based in Germany, introduced its personally engineered thermal management system for electric vehicles (EVs). This system can potentially expand the range of EVs in winter by one-third. This includes an optimized electric drivetrain that encompasses power electronics, a motor, and a reduction gearbox built on an 800-volt silicon carbide basis. Car manufacturers have the ability to incorporate the thermal management system into their vehicles in several methods.
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Which Players Are Driving Innovation in the Electric Vehicle Thermal Management System Market?
Major companies operating in the electric vehicle thermal management system market are 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.
Which Regions Are Driving Global Electric Vehicle Thermal Management System Market Expansion?
North America was the largest region in the electric vehicle thermal management system market in 2024. 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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