The global electric vehicle thermal management system market is
expected to exhibit a strong 9% CAGR over the forecast period from 2022 to
2030, 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. 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.
Electric vehicle thermal management systems
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.
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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.
Several countries, including leading global economic heavyweights such as the
U.S. and China, have favored electric vehicles over conventional vehicles in
recent years. The strong government support provided to electric vehicles in
these and other countries has led to a growing demand for electric vehicles all
over the world. This is likely to remain the major driver for the global
electric vehicle thermal management system market over the forecast period.
Competitive Leaderboard:
Leading players in the global electric vehicle
thermal management system market include Hanon Systems, Gentherm, Valeo, MAHLE
GmbH, Denso Corporation, Modine Manufacturing Company, VOSS Automotive GmbH,
Dana Ltd., Robert Bosch GmbH, and BorgWarner Inc.
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).
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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.
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