What Is The Current and Historic Market Size Analysis Of The Electric Vehicle Thermal Management System Market?
The electric vehicle thermal management system market has seen considerable growth due to a variety of factors.
• The market for thermal management systems in electric vehicles has seen robust expansion in the recent past. It is projected to surge from $3.07 billion in 2024 to $3.61 billion in 2025, registering a compound annual growth rate (CAGR) of 17.6%.
This historic growth can be credited to factors such as enhanced environmental regulations, heightened safety considerations, a rise in vehicle production, and growing consumer cognition.
What Are The Predictions for The Electric Vehicle Thermal Management System Market in the Coming Years?
The electric vehicle thermal management system market is expected to maintain its strong growth trajectory in upcoming years.
• In the coming years, the market for electric vehicle thermal management systems is projected to expand rapidly, reaching a value of $6.22 billion in 2029 at a compound annual growth rate (CAGR) of 14.6%.
This growth during the forecast period can be ascribed to a rise in the number of electric vehicles, escalating government initiatives, stringent zero-emission regulations, and an increase in energy-efficient battery-operated devices. The forecast period will witness major trends such as the incorporation of artificial intelligence and advanced battery cooling, technological progress, product innovation, partnerships, and investments.
Which Drivers Are Accelerating Growth In The Electric Vehicle Thermal Management System Market?
The surge in the number of electric cars is anticipated to fuel the expansion of the electric vehicle thermal management system market in the future. Electric cars, which are vehicles powered either completely or partially by electricity preserved in rechargeable batteries or another energy storage gadget, are becoming increasingly popular. The reasons behind the rising demand for electric vehicles include enhanced charging infrastructure accessibility, heightened consumer interest, and a range of environmental norms. Electric vehicle thermal management systems are critical for enhancing electric vehicle performance, efficiency, and safety, and minimizing their impact on the vehicle's overall range. For instance, the World Economic Forum, a non-governmental organization based in Switzerland, reported that total electronic vehicle sales in 2022 hit 10.5 million, up by 55% from 6.7 million in 2021. Additionally, the overall EV market share rose from 8.3% in 2021 to 13% in 2022. Consequently, the rising number of electric cars is stimulating the expansion of the electric vehicle thermal management system market.
What Are The Core Segments Of The Global Electric Vehicle Thermal Management System Market?
The electric vehicle thermal management system market covered in this report is segmented –
1) By Type: Active, Passive, Hybrid
2) By Vehicle Type: Passenger Vehicles, Commercial Vehicles, Two Wheeler And Three Wheeler
3) By Technology: Liquid Cooling And Heating, Air Cooling And Heating, Other Technologies
4) By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle
5) By Application: Engine Cooling, Air Conditioning System, Electric Vehicle Battery Thermal System, Transmission System
Subsegments:
1) By Active: Liquid Cooling, Air Cooling, Refrigerant-based Cooling
2) By Passive: Phase Change Materials (PCMs), Thermal Insulation, Heat Pipes
3) By Hybrid: Combination Of Liquid Cooling And Air Cooling, Combination Of Phase Change Materials And Air Cooling
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What New Trends Are Influencing The Electric Vehicle Thermal Management System Market?
Leading enterprises within the electric vehicle thermal management system industry are concentrating their efforts on the invention of novel systems such as self-developed thermal management mechanisms to carve out a niche for themselves in the market. A self-constructed thermal management system is a unique temperature regulation and control system, specifically tailored, developed, and initiated by particular organizations or enterprises for varied components in a particular application or gadget. A case in point is the ZF Group, an engineering firm headquartered in Germany, which ushered in their distinctively developed thermal management system for electric vehicles in June 2023. This system has the capability to augment the EV's range by around one-third during winters. It integrates an optimized electric drivetrain that incorporates power electronics, a motor, and a reduction gearbox rooted in 800-volt silicon carbide. Automotive manufacturers have the flexibility to include this thermal management system into their vehicles using diverse techniques.
Who Are the Key Players In The Electric Vehicle Thermal Management System Market?
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.
What Are The Regional Insights Into The Electric Vehicle Thermal Management System Market?
North America was the largest region in the electric vehicle thermal management system market in 2024. 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.
