Market Overview:
The Global Electric Vehicle Thermal Management Solutions Market size is expected to grow from USD 3.37 billion in 2022 to USD 24.59 billion by 2030, at a CAGR of 28.2% during the forecast period (2023-2030).
During the electrochemical reactions that take place in cells, the battery thermal management system(BTMS) is utilized to maintain the battery pack of an electric car at an ideal average temperature. High battery temperatures can reduce battery life, impair performance, and raise the possibility of an explosion. All battery modules must therefore have a battery temperature management system. A battery thermal management system's main objective is to control the battery cell's temperature in order to prolong the battery's life. The battery pack should be able to function in a variety of environmental conditions thanks to the battery heat management system, which will also provide ventilation.
Top Key Players for Electric Vehicle Thermal Management Solutions Market:
- Valeo (France)
- MAHLE GmbH (Germany)
- Modine Manufacturing Company (US)
- Denso Corporation (Japan)
- Gentherm (US)
- BorgWarner Inc. (US)
- Hanon Systems (South Korea)
- VOSS Automotive GmbH (Germany)
- Dana Limited (US)
- Robert Bosch GmbH (Germany), and Other Major Players
Market Dynamics and Factors:
As the global shift toward electric vehicles continues to accelerate, the demand for efficient and effective thermal management solutions is growing. EVs require advanced thermal management systems to regulate and maintain optimal temperatures for various components, including batteries, power electronics, electric motors, and charging systems. Battery performance is crucial for the overall range and efficiency of an electric vehicle. Managing the temperature of the battery pack is essential to ensure its optimal performance, safety, and longevity. Effective thermal management solutions help maintain the battery within the desired temperature range, improving its efficiency, charging capabilities, and overall lifespan.
Many companies and organizations are increasingly adopting electric vehicles for their commercial fleets. This includes delivery vans, trucks, buses, and other utility vehicles. The transition to electric fleets creates a substantial demand for thermal management solutions to ensure the efficient operation and longevity of vehicle components. Also, governments worldwide are implementing policies and regulations to promote the adoption of electric vehicles in commercial sectors. These initiatives include incentives, subsidies, and stricter emission standards for commercial vehicles. Such measures create a favorable environment for the growth of the electric vehicle thermal management solutions market.
The Report Will Include A Major Chapter
- Patent Analysis
- Regulatory Framework
- Technology Roadmap
- BCG Matrix
- Heat Map Analysis
- Price Trend Analysis
- Investment Analysis
Key Industry Development:
- In June 2023, Valeo, a global leader in mobility solutions, and Equans, a global leader in the energy and services sector, announced a partnership aimed at collaborating to prepare for an intelligent, safe, and low-carbon city of the future.
- In May 2023, Denso Corporation, a prominent mobility supplier, and United Semiconductor Japan Co. Ltd. a subsidiary of global semiconductor foundry United Microelectronics Corporation announced a joint collaboration to produce insulated gate bipolar transistors. The IGBTs had entered mass production at the 300mm fab of USJC.
Electric Vehicle Thermal Management Solutions Market Report Highlight:
- By Type, the Active segment holds a larger market share. The ability to maintain optimal operating temperatures enhances performance, extends component lifespan, and ensures overall system efficiency, making the Active segment more appealing to EV manufacturers and operators.
- By Technology, the Liquid Cooling and Heating Segment is expected to register the highest growth during the projected period. The increasing demand for electric vehicles with higher power and performance requirements is driving the adoption of liquid cooling and heating systems, leading to their projected growth.
- By Vehicle Type, the Passenger Vehicles segments are set to achieve the highest Growth Rate during the forecasted period. As more consumers choose electric cars as their primary mode of transportation, there is a greater demand for efficient thermal management solutions to optimize the performance and range of these vehicles.
- The Asia Pacific region is expected to have the highest share of the Electric Vehicle Thermal Management Solutions market over the projected period due to factors such as rising environmental concerns, government incentives, and improved charging infrastructure in the region.
Central to our report are the company profiles and competitive analysis, providing insights into market players' overview, market role, and operating business segments. We evaluate their financial performance, production volume, sales volume, and sales margin, while highlighting recent market developments. Our market research offers invaluable intelligence and strategic insights to drive informed decision-making. By capitalizing on emerging opportunities and understanding the competitive landscape, our report empowers businesses to thrive in the Global Electric Vehicle Thermal Management Solutions Market.
Electric Vehicle Thermal Management Solutions Market Segmentation:
By Type
- Active
- Passive
- Hybrid
By Technology
- Liquid Cooling and Heating
- Air Cooling and Heating
- Others
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
For this report, Introspective Market Research has segmented the Electric Vehicle Thermal Management Solutions Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
