PUBLISHER: The Business Research Company | PRODUCT CODE: 1733568
PUBLISHER: The Business Research Company | PRODUCT CODE: 1733568
An electric vehicle thermal management system (EV TMS) is a crucial component in electric and hybrid vehicles, responsible for maintaining optimal operating temperatures for various vehicle subsystems. This system ensures efficient performance, safety and longevity of key components, including the battery, power electronics, electric motor and cabin climate control.
The electric vehicle thermal management system market consists of sales, by entities (organizations, sole traders, or partnerships), of electric vehicle thermal management system that is used in different vehicle applications, including battery thermal management, electric motor cooling, cabin air conditioning and transmission system cooling. It works by dissipating excess heat generated during vehicle operation, particularly in batteries, electric motors and power electronics. These systems may utilize liquid-based cooling and heating methods, air-based cooling, or hybrid approaches combining multiple technologies.
The global electric vehicle thermal management system market was valued at $1,929.89 million in 2019 which grew till 2024 at a compound annual growth rate (CAGR) of more than 9.00%.
Increasing Charging Infrastructure Expansion
During the forecast period, Increasing charging infrastructure expansion drove the growth of the electric vehicle thermal management system market. Fast-charging stations generate significant heat during operation, putting additional stress on EV batteries and power electronics. Advanced thermal management systems are crucial to regulating battery temperature, preventing overheating and ensuring optimal performance and safety. As governments and private players invest in expanding charging networks, more consumers are encouraged to switch to EVs, further driving the need for effective thermal regulation. For example, in February 2024, DKV Mobility, a Germany-based business to business (B2B) platform specializing in on-the-road payment solutions and services, particularly for electric vehicles, has significantly expanded its electric vehicle (EV) charging network in Czechia by adding 1,800 new charging points. This expansion is facilitated through a partnership with CEZ, a Czech Republic-based operator of public charging stations. Also, according to data from a Chinese state agency, the National Development and Reform Commission and nine other ministries, China plans to build enough charging stations for 20 million electric vehicles by 2025. The government will offer direct financial subsidies and encourage favorable banking policies for companies to build charging facilities. Therefore, increasing charging infrastructure expansion contributed to the growth of the electric vehicle thermal management system market.
Next-Generation Climate Control System Revolutionizes EV Thermal Management
Major companies operating in the electric vehicle thermal management system market are increasing their focus on developing innovative solutions such as Cabin Climate System to gain a competitive edge in the market. The Cabin Climate System is a sophisticated thermal management solution designed specifically for commercial, off-highway and specialty EVs, engineered to ensure optimal passenger comfort with immediate heating and cooling capabilities. For example, in July 2024, Modine Manufacturing, a US-based thermal management company, expanded its EVantage portfolio with the introduction of the Cabin Climate System (CCS). The CCS features a robust 12 kW cooling capacity and 10 kW heating capacity. Its lightweight and modular design allows for seamless integration into vehicle chassis, simplifying the HVAC (Heating, ventilation and air conditioning) system's complexity. The system incorporates advanced components such as a high-voltage electric compressor, a coolant heater and a pump, along with proprietary heat exchangers, all controlled by an integrated master thermal controller.
The global electric vehicle thermal management system market is concentrated, with large players operating in the market. The top ten competitors in the market made up to 48.96% of the total market in 2023.
Electric Vehicle Thermal Management System Global Market Opportunities And Strategies To 2034 from The Business Research Company provides the strategists; marketers and senior management with the critical information they need to assess the global electric vehicle thermal management system market as it emerges from the COVID-19 shut down.
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 history and forecasts market growth by geography. It places the market within the context of the wider electric vehicle thermal management system market; and compares it with other markets.
"