PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336666
PUBLISHER: DataM Intelligence | PRODUCT CODE: 1336666
Global Electric Vehicle Thermal Management Systems Market reached US$ 3.2 billion in 2022 and is expected to reach US$ 14.4 billion by 2030, growing with a CAGR of 20.6% during the forecast period 2023-2030.
Technological advancements play a significant role in driving the growth and development of the electric vehicle thermal management systems market. As the electric vehicle industry continues to evolve, new technologies and innovations in thermal management systems contribute to improved performance, efficiency and safety. Advancements in thermal management technologies enable more effective control and regulation of temperature within electric vehicles.
The passenger vehicles segment holds more than 2/3rd share in the market and the increasing demand for electric and hybrid vehicles in the passenger vehicle segment is a major driver for the electric vehicle thermal management systems market. Because passenger EVs are readily available everywhere. Additionally, several governments are launching programs to promote the use of EVs, which is further promoting the expansion of this market.
Increasing Electric Vehicle Adoption
Electric vehicle thermal management systems are primarily driven by the rising popularity of EVs. The need for effective thermal management systems grows as more customers and organizations switch from conventional internal combustion engine vehicles to electric vehicles. Electric cars need sophisticated thermal management to control the temperature of numerous parts, including the battery, power electronics and cabin climate control.
Environmental concerns, governmental laws, advances in the battery and charging infrastructure, as well as other considerations, have all influenced the adoption of electric cars. As the market for electric vehicles grows, there is an increasing demand for powerful thermal management systems to handle the particular difficulties associated with operating an electric vehicle.
Additionally, Effective cabin climate control, in addition to battery thermal management, is crucial for a comfortable driving experience. By offering heating, ventilation and air conditioning (HVAC) capabilities, thermal management systems enable drivers and passengers to maintain preferred cabin temperatures.
Advancements In Battery Technology of EV Thermal Management Systems
The market for electric vehicle thermal management systems is expanding as a result of advancements in battery technology. Electric cars may now be made that are more powerful and efficient thanks to advancements in battery technology. Modern thermal management systems that can efficiently control the temperature of these modern batteries are needed as a result of the advancement of battery technology.
Furthermore, advanced battery technologies are made to last longer, improving the overall toughness and endurance of the batteries used in electric vehicles. In order to keep the battery's temperature stable, which helps maintain its capacity and lengthen its operating life, proper thermal management is essential.
Additionally, the significant factor in the design of electric vehicles is battery safety. Safety features like improved thermal stability and a lower danger of thermal runaway are among the safety elements that have been added to battery technology. However, to guarantee safe operating temperatures and guard against any safety risks, reliable thermal management systems are still required.
High Capital and Research and Development Costs
The average vehicle in the automobile industry is conceptualized five years before it is built on an assembly line. To guarantee that the vehicle is outfitted with the necessary functionality systems, the automotive battery thermal management system must be included either during the conception phase or 1-2 years afterward. Furthermore, the automobile system's production development cycle lasts for close to or longer than two years.
In the addition of many safety and security aspects of the vehicle are included in automotive systems, which adds to the complexity and length of time required for product development. However, because consumer electronics have a product development cycle of less than a year and these battery thermal management technologies are quite similar, there is a mismatch between the two businesses.
Additionally, they want the same characteristics in a car, which an automobile OEM finds extremely challenging to deliver. As more cutting-edge technical systems are released onto the market each year, these OEMs are constantly faced with obstacles.
A pandemic was brought on by COVID-19, especially for the manufacturing sector. The market was harmed by all of the restrictions placed on travel and transportation. further alterations to the logistics, storage and warehousing portions of the supply chain. The demand for sulfuric acid has significantly decreased as a result of the suspension of manufacturing activities in several businesses throughout the world
Electric vehicle thermal management systems saw a large decline in demand as a result of COVID-19's widespread decision to close all factories save from those that manufacture necessities. The government has implemented a variety of stringent measures, such as stopping the production and sale of non-essential goods and restricting international commerce, to stop the spread of COVID-19.
The global electric vehicle thermal management systems market is segmented based on system, components, technology, propulsion, battery capacity, battery, vehicle and region.
Rising Demand for Battery Electric Vehicles (BEVs) Because of falling Battery Prices
The Battery Electric Vehicles (BEVs) segment holds more than 25.9% share of the global electric vehicle thermal management systems market. The most popular and successful BEV vehicles in 2016 were the Nissan Leaf and Tesla Model S. Because of falling battery prices, rising customer concern for the environment and slashed charge times, the BEV category is expected to continue to rise throughout the projection period.
Electric vehicles may theoretically be fully charged in under an hour thanks to the development of ultra-rapid chargers. In addition to HEVs, FCVs and PHEVs, zero-emission vehicles, or BEVs, are expected to have the biggest market share in the electric vehicle class due to the availability of government incentives and assistance. For instance, in nations like China, BEVs, which emit no emissions, receive more subsidies than PHEVs and HEVs.
North America Growing Quick Development of Infrastructure Facilities
The availability of significant market participants and the quick development of infrastructure facilities in growing economies in North America is predicted to increase throughout the projected period covering more than 35.4% gloally. In addition, rising per-capita income and private and governmental investment in the infrastructure of the chemicals sector in developing and underdeveloped nations are anticipated to drive the market's growth rate in North America.
Another crucial factor influencing market expansion is the advantages of these goods, such as increased efficiency and extended battery life, as well as the expanding presence of prominent manufacturers in this industry. The expansion of the market for Electric Vehicle Thermal Management Systems in North America has been significantly fueled by government assistance and incentives.
For instance, the federal government of U.S. provides tax credits of up to US$ 7,500 for the purchase of eligible electric cars. In addition, several states offer further incentives like grants, refunds and exemptions from sales tax or registration costs. These incentives encourage people to choose cleaner, more environmentally friendly modes of transportation while also lowering the initial cost of electric automobiles.
The major global players include: BorgWarner Inc., Mahle GmbH, Valeo SA, Hanon Systems, Denso Corporation, Gentherm Incorporated, LG Electronics Inc., Continental AG, Dana Incorporated and Modine Manufacturing Company.
The global electric vehicle thermal management systems market report would provide approximately 94 tables, 100 figures and 181 pages.
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