Global Electric Vehicle Thermal Management System Market – Industry Trends and Forecast to 2029

Global Electric Vehicle Thermal Management System Market Analysis and Size

Electric vehicles are a promising renewable substitute to gasoline power-based vehicles to protect the environment. Many governments are taking initiatives to promote electric vehicles and are providing tax rebates and redemption. The rise in the electric vehicles market is because the technology is upgrading at a fast rate, making the demand for electric vehicle thermal management systems in the market. The Asia-Pacific electric vehicle thermal management system market is growing rapidly due to the rise in demand for electric vehicles. The companies are even launching new products to gain a larger market share.

Data Bridge Market Research analyses that the electric vehicle thermal management system market is expected to reach the value of USD 14,315.21 million by 2029, at a CAGR of 24.1% during the forecast period. "BEV" accounts for the largest propulsion type segment in the global electric vehicle thermal management system market BEV provides 80% of the energy input into vehicle movement. On the other hand, gas-powered cars are only approximately 20% efficient; exhaust emissions and heat squander the remaining 80% of the energy intake. The global electric vehicle thermal management system market report also covers pricing analysis, patent analysis, and technological advancements in depth.     

Global Electric Vehicle Thermal Management System Market Definition

The thermal management system in an electric vehicle is the solution that helps in managing the heat generated during the electrochemical processes occurring in cells, allowing the battery to operate safely and efficiently. Effective thermal management systems are required in electric vehicles to keep battery temperatures in the correct range and prevent the temperature from fluctuating inside the battery pack. Thus, thermal management systems play a vital role in the control of the battery thermal behavior.

The adoption of electric vehicles is rising globally due to their zero-emission and high tank-to-wheels efficiency. This has necessitated a proper battery management system to reach maximum performance when operating under various conditions. In addition, the rising trend towards increasing charging rates, which would allow faster charging and longer trips, has raised the demand for more efficient thermal management in EVs.  

Global Electric Vehicle Thermal Management System Market Dynamics

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:

• Increasing Demand for Electric Vehicles

The automotive industry has been showing enormous growth over the years owing to the rising demand for luxurious electric vehicles. Some of the factors driving the sales of electric vehicles include stringent government regulations towards vehicles emissions, increasing demand for fuel-efficient, high performance, and low emission vehicles.       

• Incentives and Subsidies by the Government for Electric Vehicles

An increase in pollution and scarcity of resources, particularly in the automotive sector, has enabled the government to take environmental protection actions, leading the shift of trends in the automotive industry from normal motorized vehicles to electric hybrid vehicles for environmental protection. Many national governments have taken action for providing incentives over the adoption of electric vehicles rather than normal vehicles, such as providing purchase rebates, tax exemptions, tax credits, and a few others. 

• Requirement of High Initial Investment

The machine control system offers the industries with safety precautions and various methods such as GNSS, GIS, laser scanning, and robots, among others. The companies operating with industries need machine control systems to transfer raw materials from one pla

ce to another. High cost is required for the effective implementation of control systems equipment, which ultimately increases the total cost of installation as this is necessary to ensure a safe plant. These instruments involve the handling of higher risks and critical operational environments. But, the initial cost of the system is considerably high, and the indirect costs such as licenses, certification, installation, maintenance energy costs, and costs related to technical labor.   

• Rising Demand for a Thermal Cooling Solution

The rise in the demand for electric vehicles has led to the advancement in battery making to deliver more power and require less frequent charges, but with this, there is also a need for an effective cooling system to keep the battery safe from overheating. Discharging of the battery generates heat; the faster the battery is discharged, the more heat is generated. This heat might lead to the failure of devices. So to keep the battery and vehicle safe, the need for a proper thermal management system has become necessary to raise its demand in the market.

• Adoption of New Technologies in Lithium-Ion Batteries

Lithium-ion batteries have higher energy densities than lead-acid or nickel-metal hydride batteries. The size of the battery can be reduced while maintaining the same storage capacity. The materials used in lithium-ion battery technology allow for a higher density of lithium ions to be stored, leading to an increase in travel distance. All these things have raised the demand for lithium-ion batteries in the market. New technologies are adopted to manufacture lithium-ion batteries to make the battery more compact and safe.

Post COVID-19 Impact on Global Electric Vehicle Thermal Management System Market

COVID-19 created a major impact on the electric vehicle thermal management system market as almost every country has opted for the shutdown for every production facility except the ones dealing in producing the essential goods. The government has taken some strict actions such as the shutdown of production and sale of non-essential goods, blocked international trade, and many more to prevent the spread of COVID-19. The only business which is dealing in this pandemic situation is the essential services that are allowed to open and run the processes.

The growth of the global electric vehicle thermal management system market is rising due to the government policies designed to support EV growth. Also, increased concerns about sustainability and environmental issues are raising the demand for electric vehicles. Thus the government regulations and incentives will likely propel the market growth. However, factors such as the high initial cost of the electric vehicle and complexity in designing the thermal management solution are restraining the market growth. The shutdown of production facilities during the pandemic has had a significant impact on the market.

Manufacturers are making various strategic decisions to bounce back post-COVID-19. The players are conducting multiple research and development activities to improve the technology involved in the electric vehicle thermal management system. With this, the companies will bring advanced and accurate controllers to the market. In addition, the government initiatives for the adoption of electric vehicle has led to the market's growth

Recent Developments

• In October 2020, DENSO CORPORATION announced that they had developed a new battery-monitoring integrated circuit (IC) for lithium-ion batteries. The new IC helps in improving fuel efficiency and extends the driving range of electric and hybrid vehicles. Also, it helps to detect battery voltage while monitoring multiple cells. Thus with this, the company is expanding its portfolio in the market
• In February 2022, BorgWarner Inc. announced that they had provided its innovative High-Voltage Coolant Heater (HVCH) for the BMW Group's iX and i4 fully electric architecture. The solution helps to control the battery's thermal management and cabin heating, thus enhancing the driving range and durability of the battery. Thus, the company is catering to the customer's need for an advanced battery.

Global Electric Vehicle Thermal Management System Market Scope

The global electric vehicle thermal management system market is segmented on the basis of propulsion type, technology, battery type, battery capacity, vehicle type, and system type. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

By Propulsion Type

• BEV
• PHEV
• HEV
• FCV

On the basis of propulsion type, the global electric vehicle thermal management system market is segmented into BEV, PHEV, HEV, and FCV.

By Technology

• Active
• Passive

On the basis of technology, the global electric vehicle thermal management system market has been segmented into active and passive.

By Battery Type

• Conventional
• Solid-State

On the basis of battery type, the global electric vehicle thermal management system market has been segmented into conventional and solid-state.

By Battery Capacity

• 30-60 kWh
• 60-90 kWh
• Below 30 kWh
• Above 90 kWh

On the basis of battery capacity, the global electric vehicle thermal management system market has been segmented into 30-60 kWh, 60-90 kWh, below 30 kWh, and above 90 kWh.

By System Type 

• Battery Thermal Management System
• HVAC
• Powertrain
• Others

On the basis of system type, the global electric vehicle thermal management system market has been segmented into battery thermal management system, HVAC, powertrain, and others.

Global Electric Vehicle Thermal Management System Market Regional Analysis/Insights

The global electric vehicle thermal management system market is analysed, and market size insights and trends are provided by country, propulsion type, technology, battery type, battery capacity, vehicle type, and system type as referenced above.

Some of the countries covered in the global electric vehicle thermal management system market report are U.S., Canada, Mexico, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa.

The U.S. of the North American region is expected to dominate the global electric vehicle thermal management system market as there is a rising concern for the environment and its depleting resources. China is expected to dominate in the Asia-Pacific region due to the rising thermal cooling solutions. Germany is expected to dominate the European region due to the rising trend of EVs.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Global Electric Vehicle Thermal Management System Market Share Analysis

The global electric vehicle thermal management system market competitive landscape provides details by the competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points are only related to the companies' focus on the global electric vehicle thermal management system market.

Some of the Major Players Operating in the Global Electric Vehicle Thermal Management System Market are:

• MAHLE GmbH
• Valeo
• Dana Limited
• Hanon Systems
• Marelli Holdings Co., Ltd.
• Robert Bosch GmbH
• BorgWarner Inc.
• Continental AG
• VOSS Automotive GmbH
• Kendrion N.V.
• LG Chem
• DENSO Corporation
• NORMA Group
• MODINE MANUFACTURING COMPANY
• GENTHERM
• A. KAYSER AUTOMOTIVE SYSTEMS GmbH
• Ymer Technology
• Grayson

Research Methodology: Global Electric Vehicle Thermal Management System Market

Data collection and base year analysis is done using data collection modules with large sample sizes. The stage includes the obtainment of market information or related data through various sources and strategies. It includes examining and planning all the data acquired from the past in advance. It likewise envelops the examination of information inconsistencies seen across different information sources. The market data is analyzed and estimated using market statistical and coherent models. Also, market share analysis and key trend analysis are the major success factors in the market report. To know more, please request an analyst call or drop down your inquiry.

The key research methodology used by the DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Patent Analysis, Pricing Analysis, Company Market Share Analysis, Standards of Measurement, Global versus Regional and Vendor Share Analysis. To know more about the research methodology, drop an inquiry to speak to our industry experts.

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