PUBLISHER: The Business Research Company | PRODUCT CODE: 1465756
PUBLISHER: The Business Research Company | PRODUCT CODE: 1465756
An electric vehicle thermal management system (EV TMS) is a crucial component within electric vehicles, tasked with regulating and controlling the temperature of various vehicle systems, particularly those associated with the battery and powertrain. Its primary function is to effectively manage and dissipate the heat generated during the operation of an electric vehicle, ensuring optimal performance and longevity of critical components.
Electric vehicle thermal management systems come in three main types, active, passive, and hybrid. Active thermal management systems are designed to actively regulate and control the temperature of various components within an electric vehicle. They are utilized across a wide range of vehicles, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers, employing various technologies such as liquid cooling and heating, air cooling and heating, among others. These systems cater to different propulsion types, including battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. Additionally, they find application in various functions such as engine cooling, air conditioning, electric vehicle battery thermal management, and transmission systems.
The electric vehicle thermal management system market research report is one of a series of new reports from The Business Research Company that provides electric vehicle thermal management system market statistics, including electric vehicle thermal management system industry global market size, regional shares, competitors with a electric vehicle thermal management system market share, detailed electric vehicle thermal management system market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle thermal management system industry. This electric vehicle thermal management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The electric vehicle thermal management system market size has grown rapidly in recent years. It will grow from $2.62 billion in 2023 to $3.07 billion in 2024 at a compound annual growth rate (CAGR) of 17.4%. The growth observed in the historic period can be attributed to several factors, including heightened environmental regulations, growing safety concerns, increased vehicle production rates, and a rising level of consumer awareness regarding environmental issues and safety standards. These factors collectively contributed to the expansion and advancement of the electric vehicle market during this period.
The electric vehicle thermal management system market size is expected to see rapid growth in the next few years. It will grow to $5.46 billion in 2028 at a compound annual growth rate (CAGR) of 15.5%. The anticipated growth in the forecast period is expected to be driven by several factors, including the increasing adoption of electric vehicles, growing government initiatives promoting sustainability, rising implementation of zero-emission regulations, and the increasing popularity of energy-efficient battery-powered devices. Major trends projected for the forecast period include the integration of AI and enhanced battery cooling mechanisms, ongoing technological advancements, continuous product innovations, collaborative partnerships, and increased investments in the electric vehicle sector. These trends collectively indicate a significant evolution and expansion of the electric vehicle market in the coming years.
The increasing prevalence of electric automobiles is poised to propel the growth of the electric vehicle thermal management system market. Electric automobiles, powered either entirely or partially by electricity stored in rechargeable batteries, are gaining traction due to factors such as enhanced charging infrastructure, rising consumer interest, and stringent environmental regulations. Electric vehicle thermal management systems play a vital role in optimizing performance, efficiency, and safety, thereby minimizing their impact on overall vehicle range. For example, in January 2022, the International Energy Agency reported a significant surge in electric vehicle sales, nearly doubling to 6.6 million in 2021 from 3 million in 2020, accounting for nearly 9% of total sales. Moreover, the total number of electric vehicles on the road reached 16 million, indicating a 4% increase in 2021. Consequently, the growing prevalence of electric automobiles is driving the expansion of the electric vehicle thermal management system market.
In the electric vehicle thermal management system market, major companies are intensifying their focus on developing innovative solutions, such as self-developed thermal management systems, to gain a competitive advantage. A self-developed thermal management system is designed, created, and implemented by an entity to regulate and control component temperatures within a specific application or device. For instance, in June 2023, ZF Group introduced its self-developed thermal management system for electric vehicles, potentially increasing EV range by up to one-third during winter conditions. This system features an optimized electric drivetrain comprising power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide technology, offering automakers versatile integration options.
In May 2023, Carrar, an Israel-based developer of thermal management solutions for electric vehicles, partnered with Gentherm Incorporated to deliver two-phase thermal management for electric vehicles and manufacture thermal products and precision valves for the automotive industry. These innovative modules will meet sustainability and safety standards for electric vehicles set by European and American regulatory bodies. By preventing micro-heat spikes and resultant damage caused by charging and acceleration, the combined battery modules are expected to triple the lifetime of EV batteries. Gentherm Incorporated, a US-based automotive company, specializes in providing cutting-edge thermal management and pneumatic comfort technologies for the automotive industry, further solidifying the partnership's capabilities in delivering advanced thermal solutions for electric vehicles.
Major companies operating in the electric vehicle thermal management system market are Volkswagen Group, Ford Motor Company, BMW Group, Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, BYD Company Limited, General Motors Company, Geely Automobile Holdings Limited, NIO Inc., Rivian Automotive Inc., Arrival Ltd., Guangzhou Xiaopeng Motors Technology Co. Ltd., Lucid Motors Inc., Faraday Future, Proterra Inc., Lordstown Motors Corp., Lion Electric Company, Nikola Corporation, Aptera Motors Corp., Rimac Automobili, Bollinger Motors, Workhorse Group Inc., Canoo Inc., Fisker Inc.
North America was the largest region in the electric vehicle thermal management system market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the electric vehicle thermal management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric vehicle thermal management system market consists of sales of battery packs, electric motors, power electronics, and auxiliary systems. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Vehicle Thermal Management System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric vehicle thermal management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric vehicle thermal management system ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric vehicle thermal management system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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