Electric Vehicle Thermal Management System Market Overview:
The global electric vehiclethermal management system market is expected to exhibit a strong 9% CAGR overthe forecast period from 2019 to 2025, according to the latest research reportfrom Market Research Future (MRFR). The global electric vehicle thermalmanagement system market is primarily driven by the growing demand for electricvehicles, according to the report. The report provides readers with a completeoverview of the global electric vehicle thermal management system market,including an assessment of the major drivers and restraints affecting theglobal market. The major players operating in the global electric vehiclethermal management system market are also assessed in the report. The impact ofthe COVID-19 pandemic on the global electric vehicle thermal management systemmarket is also assessed in the report.
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Electric vehicle thermalmanagement systems perform various tasks in electric vehicles, including heattransfer and waste heat recovery. Thermal management systems monitor andregulate the temperature in the cabin, batteries, and HVAC components, among others.These systems thus provide an enhanced user experience for drivers by makingthe cabin more comfortable, with regard to temperature. The excess heat frombatteries is also redirected by electric vehicle thermal management systems,making the performance smoother and more effective. In electric vehicles, thewaste heat recovery systems also play an important role, as they can enhancethe range of the vehicle considerably by diverting the heat towards thebatteries and storing it as electrical energy.
The growing demand for electricvehicles is the primary driver for the global electric vehicle thermalmanagement system market. Electric vehicles have become ever more popular amongconsumers all over the world due to the fact that they present no threat oftoxic vehicular emissions. Since they present no risk to the environment,electric vehicles have become the vanguard of the environmental movementsweeping the world. Several countries, including leading global economicheavyweights such as the U.S. and China, have favored electric vehicles overconventional vehicles in recent years. The strong government support providedto electric vehicles in these and other countries has led to a growing demandfor electric vehicles all over the world. This is likely to remain the majordriver for the global electric vehicle thermal management system market overthe forecast period.
Electric Vehicle Thermal Management SystemMarket Competitive Leader board:
Leading players in the globalelectric 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 vehiclethermal management system market is segmented on the basis of system, componenttype, technology, application, vehicle type, and region.
By system, the global electricvehicle thermal management system market is segmented into heating,ventilation, and air conditioning (HVAC), powertrain cooling, fluid transport,and others.
By component type, the globalelectric vehicle thermal management system market is segmented into motor,battery, and cabin area.
By technology, the globalelectric vehicle thermal management system market is segmented into activetransmission warmup, exhaust gas recirculation, reduced HVAC system loading,and others.
By application, the globalelectric vehicle thermal management system market is segmented into enginecooling, air conditioning, heated steering, waste heat recovery, transmissionsystem, heated/ventilated seats, and others.
By vehicle type, the globalelectric vehicle thermal management system market is segmented into batteryelectric vehicles (BEV), hybrid electric vehicles (HEV), and plug-in hybridelectric vehicles (PHEV).
Regional Analysis:
The global electric vehiclethermal management system market is dominated by Asia Pacific as of 2018. TheAsia Pacific market is majorly dominated by China, which has enacted severalpolicies 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 theglobal electric vehicle thermal management system market over the forecastperiod. India is also likely to support the growth of the electric vehiclemarket over the coming years, leading to growing demand for electric vehiclethermal management systems in Asia Pacific. Europe and North America are alsoimportant regional markets.
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