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Electric Vehicle Thermal Management System Market Research Report - Global Forecast till 2027

Electric Vehicle Thermal Management System Market Research Report: Information, by System (Heating, Ventilation and Air Conditioning (HVAC), Powertrain Cooling, Fluid Transport and others), Component Type (Motor, Battery and Cabin Area), Technology (Active Transmission Warmup, Exhaust Gas Recirculation (EGR), Reduced HVAC System Loading and others), Application (Engine Cooling, Air Conditioning, Heated Steering, Waste Heat Recovery, Transmission System, Heated/Ventilated Seats and others), Vehicle Type (Battery Electric Vehicle (BEV), H...

ID: MRFR/AM/6679-HCR | February 2021 | Region: Bric | 150 pages

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Electric Vehicle Thermal Management System Market Overview:

Electric vehicles during the drive or charging tend to heat quickly that might lead to the failure of devices. Thermal management is integrated with electric vehicles to dissipate the heat generated. The thermal management system is utilized in various components like cabinet area, battery, steering, motor, and others. To obtain the wasted heat and utilizing them for other purposes is the key factor in the Electric Vehicle Thermal Management System.

Efficient consumption of fuel, increasing demand for electric cars, stringent regulations on emissions, technological advances are some of the major factors that propel the Electric Vehicle Thermal Management System market growth. Currently, the trends of integrating the wasted heat recovery system with the electric vehicle are augmenting the Electric Vehicle Thermal Management System Market size.

COVID 19 Analysis:

The COVID-19 outbreak has augmented the necessity of lowering the global temperature and carbon footprint in every industrial sector. Hence the key market players have funded the development of lithium-ion batteries to combat the battery issues like thermal performance, discharge rate which are crucial parameters in ensuring the long life of the electric vehicle.

The reduced workforce to perform simulation tests and manufacturing units has reduced the Electric Vehicle Thermal Management System Market value. Difficulty in sourcing the raw materials due to restrictions in several countries due to the severity of coronavirus cases. The majority of electric vehicle thermal management system manufacturers have shut down their production and other essential operations throughout the pandemic.

Market Dynamics:

Market Drivers:

The primary functions of the thermal management system are heat transfer, decreasing the thermal loads, recovering the wasted heat energy. This process helps in improving the passenger comfort while driving and enhanced the travel experience; additionally, this will protect the vehicle components from overheating issues and damages.

As there is a growing trend towards energy-efficient and battery-powered devices integrated with intelligent power modules, automotive thermal management systems are gaining popularity. Also, manufacturers are integrating the automotive thermal management systems with the existing electric thermal management system to acquire efficiency. Such factors are key drivers of the electric vehicle thermal management system industry.

Market Opportunities:

The leading vehicle manufacturers are focusing on boosting the value of their vehicles by integrating the waste heat recovering system. The primary reason for integrating the thermal management system is to increase the fuel economy of the vehicle. The system would raise the fuel efficiency by 3-4%. This aspect has increased the electric vehicle thermal management system market value.

Developed countries have showcased increased demand for luxury and comfort features concerning the automotive industry. The lifestyle change has stimulated the growth of electric vehicles across the globe. There are over 10 million electric cars on road in the year 2020 where china has the most number of cars over other countries accounting for over 4.5 million. This factor has propelled the Electric Vehicle Thermal Management System Market growth. Additionally, the strict emission norms imposed by governments of several counties and enhanced subsidies that support the electric vehicle infrastructure have gained momentum in recent years.

Market Restraints:

The requirement of high capital investment is restraining the growth of the thermal management system industries. The lack of protocols and lack of immersed coolants in electric vehicles have reduced the overall growth of the Electric Vehicle Thermal Management System Industry.

The safety factor is the most important one while choosing the electric vehicle. There are a few cases of Electric vehicles catching fire due to the usage of liquid electrolytes in the batteries. As these batteries produce hydrogen fluoride gas in the combustion process, such cases tend to occur in the rare scenario. This has reduced the market value of Electric cars which in turn affects the electric vehicle thermal management system market value.

Market Challenges:

In some situations, the battery of the Electric vehicle must expose to warmth and in some situations, it requires a reduction in temperature, the external temperature variation highly affects the internal system's temperature of the vehicle. Protecting the battery of the electric vehicle from thermal shock is considered a huge challenge for the manufacturers of Electric vehicle Thermal Management Systems. Currently, to combat the challenge, Insulating silicone layers are used to cover the battery packs.

The faster charging ability of the Electric Vehicles and there are emerging technologies to increase the charging speed, even more, to offer convenience to the drivers in the recent years. The amount of power fed to the battery during the fast-charging process is risking the thermal management system integrated with the battery.

Cumulative growth analysis:

The advancements in technology integrated with the electric vehicle and increased awareness in reducing environmental pollution due to conventional transportation have significantly impacted the overall growth of Electric Vehicles globally. Factors like fuel efficiency, higher performance, lower emission, and stringent norms imposed by the government have propelled the growth of the Electric vehicle market. This has therefore impacted the electric vehicle thermal management system market outlook.

The electric vehicle thermal management system market value was USD 49.3 billion in the year 2019 and is estimated to surpass the overall value of USD 75 billion by 2029 registering a CAGR of 18.9% The huge transporters owing to frequent and long-distance travels look for fuel-efficient vehicles. An electric vehicle converts over 50% of electric energy from the grid to power the wheels but only requires 17-20% energy from gasoline. The integration of the existing battery thermal management system with an electric thermal management system offers higher efficiency at lower cost, the advancements have led to a reduction of the size of electric vehicles which helps the integration.

Value Chain Analysis:

The automotive industry is currently looking for solutions to integrate waste heat recovery systems with heavy commercial vehicles and to reduce greenhouse emissions. As there is a growing demand for energy with the increasing population, energy efficiency is the primary concern in several automotive industries.  Moreover, the increasing emission of CO2 associated with transportation imposes serious environmental hazards. A recent study conducted by the International Energy Agency states that the number of automotive will be doubled by 2040. The alarming study reports have made governments impose stringent regulations in the reduction of Greenhouse gases.

The recent development by the Indian company has incorporated thermoelectric waste heat recovery systems which promise to offer over 5% increment in fuel economy. Growing environmental concerns and depletion of nonrenewable sources have propelled the automotive industry to promote fuel efficiency in their production. The role of thermoelectric generators possesses greater potential in converting the wasted energy to run auxiliaries like air-conditioning, lightings, and others. The overall popularity of automated systems in the automotive industry also has a greater impact on electric vehicle thermal management system market size.

Competitive landscape:

  • Robert Bosch GmbH (Germany)

  • BorgWarner Inc. (US)

  • Dana Limited (US)

  • VOSS Automotive GmbH (Germany)

  • Modine Manufacturing Company (US)

  • Denso Corporation (Japan)

  • MAHLE GmbH (Germany)

  • Valeo (France)

  • Gentherm (US), and

  • Hanon Systems (South Korea)

Regional Analysis:

The electric vehicle thermal management system is highly influenced by the electric vehicle market. In that case, Asia Pacific is the highest revenue holder account over USD 88 billion currently and is projected to cross over USD 360 billion by 2027. The rapid growth and increasing investment in the market have stimulated the necessity of Electric car cooling systems. The increased investment aids the development of power inventors and dual chargers are also accompanied by safety equipment.

Europe is constantly facilitating the importance of environmental friendly in every industrial sector. Hence the region offers lucrative opportunities for the electric vehicle thermal management system market growth. Additionally, the presence of major market players like BMW, Volkswagen, Daimler fueled the Electric Vehicle Thermal Management System Market growth. The industry utilizes equipment like cold plates, thermal interface materials to ensure minimal heat loss during heat transfer has augmented the overall growth of the market.

Recent developments:

A Taiwan-based company has introduced a modular battery system that has an immersion coolant in which the battery pack is immersed. The coolant is a non-conducting liquid but has a high boiling point which makes it compatible with power train solutions.

Thermoelectric cooling:

Another advanced technology in the thermal management system is Thermoelectric cooling (TEC). This technology enables the user to control the temperature by adjusting the voltage supply. The design incorporates the liquid cooling material to remove heat from the batteries and is known to be most successful in the simulated trials.

Report Overview:

This report has covered:

  • Market overview

  • COVID 19 Analysis

  • Market dynamics

  • Cumulative growth analysis

  • Value chain analysis

  • Segment overview

  • Regional analysis

  • Competitive landscape

  • Recent developments

Segmentation Table:

By System:

  • Heating ventilation and air conditioning

  • Power train cooling

  • Fluid transport

  • Others

By component type:

  • Motor

  • Battery

  • Cabin area

By technology:

  • Active transmission warmup

  • Exhaust gas recirculation

  • Reduced HVAC system loading

  • Others

By application:

  • Engine cooling

  • Air conditioning

  • Heated steering

  • Waste heat recovery

  • Transmission system

  • Heated/ventilated seats

  • Others

By vehicle type:

  • Battery electric vehicle

  • Hybrid electric vehicle

  • Plug-in hybrid electric vehicle

Report Scope:
Report Attribute/Metric Details
  Market Size   2030: Significant Value
  CAGR   9% CAGR (2022-2030)
  Base Year   2021
  Forecast Period   2022-2030
  Historical Data   2019 & 2020
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   System, Component type, Technology, Application, Vehicle type, Region
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   BorgWarner Inc. (US), Robert Bosch GmbH (Germany), Dana Limited (US), VOSS Automotive GmbH (Germany), Modine Manufacturing Company (US), Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Gentherm (US), and Hanon Systems (South Korea)
  Key Market Opportunities

  • Increasing production and sales of electric cars globally
  • Increase in the production of e-vehicles and electric car battery cooling system
  • Increasing investments by public and private players to develop
  • Increased government backing and support
  •   Key Market Drivers

  • Growing demand for energy-efficient battery-powered devices
  • Growing adoption of power modules including intelligent power module (IPM)
  • Growing population, and improving economies of developing countries

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    Frequently Asked Questions (FAQ) :

    They do not cause spontaneous fire, however, any physical damage or in the case of the operating temperature of batteries has exceeded the limit could lead to fire hazards.

    The accidental fire hazard due to the usage of liquid electrolytes is considered as the major restraining factor in the Electric Vehicle industry.

    Thermal Interface Materials and mounting hardware, liquid coolants, and cold plates are the key components that ensure safety and helps in the reduction of heat wastage.

    Lithium-ion, molten salt, zinc-air, and nickel-based batteries are commonly utilized in an electric vehicle.