The electric vehicle thermal management system market is witnessing robust growth. This is primarily driven by the increasing demand for electric vehicles (EVs) across the world. Additionally, the presence of favorable regulatory initiatives have encouraged the adoption of EVs, which, in turn, has driven the demand for thermal management systems, as they are necessary in controlling the temperature of the battery and other components. Moreover, increasing government subsidies and investments from private and public players have accelerated the growth of this market. Furthermore, advancements in technology and production methods have resulted in the improved performance of thermal management systems. According to a research report by P&S Intelligence, the global electric vehicle thermal management system market is projected to generate revenue of $7,235.6 million by 2026, advancing at a CAGR of 7.7% during the forecast period (2019–2026).
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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