Electric Vehicle Thermal Management System Market Research Report - Global Forecast till 2030

Electric Vehicle Thermal Management System Market By System (Heating, Ventilation and Air Conditioning (HVAC), Powertrain Cooling, Fluid Transport, and Others), By Component Type (Motor, Battery, and Cabin Area), By Technology (Active Transmission Warmup, Exhaust Gas Recirculation (EGR), 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 (BEV), Hybrid EV, and Plug-In H

ID: MRFR/AM/6679-HCR | February 2023 | Region: Bric | 150 Pages         

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Electric Vehicle Thermal Management System Market

Electric Vehicle Thermal Management System Market Size is expected to Grow at a CAGR of 9% during the forecast period 2022-2030

Segmentation
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
Key Players
Companies Profiled   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)   Hanon Systems (South Korea)
Drivers
Market Driving Forces   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   Increasing investments by public and private players to develop   Increased government backing and support
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From 2022 to 2030, the electric vehicle thermal management system market share is anticipated to grow at a 9% CAGR. 


Global Electric Vehicle Thermal Management System Market (MRFR Insights)


Electric vehicles tend to heat up quickly when driving or charging, which could cause equipment failure. To dissipate the heat produced, thermal management is incorporated with electric vehicles. The thermal management system uses the cabinet area, battery, steering, motor, and other components. The electric vehicle thermal management system market size is expected to reach approximately USD Significant value by 2030. The key market drivers are the increasing demand for electric vehicles, strict emission laws, efficient fuel use, and technical advancements.


COVID-19 Impact Analysis


The worldwide coronavirus illness outbreak has severely impacted the total automotive sector. Players in the value and supply chains have both been severely disrupted. The industry is now extremely uncertain as a result of this pandemic. Several automakers must close their factories for a predetermined amount of time. Additionally, a lack of available parts, ineffective production in quarantine, a smaller workforce, falling liquidity, and numerous other problems have forced OEMs to close their manufacturing plants. The automobile sector is likely to benefit from the recent news that the COVID-19 vaccines have been available in early 2021, even if it is difficult to predict how long the pandemic has lasted. Additionally, many businesses are now resuming their public transportation services, enacting numerous safety regulations & standards that have benefited the market.


Electric Vehicle Thermal Management System Market Dynamics


The automotive industry emphasizes the growing requirement for greater ride quality and heat insulation for cabin comfort, which has increased demand for thermal management systems. Additionally, the need for automotive better thermal management systems is driven by the ever-growing quantity of electrical and electronic components within cars due to heat dissipation. Thermal management technologies for IC engines are anticipated to become completely obsolete as the automotive industry transitions to electric mobility.


Market Key Drivers



  • The growing use of lithium-ion batteries


The market is growing due to consumers' increasing preference for modern technology-based automobiles, including lightweight models. Customers and business executives strongly favor lithium-ion battery technology in automobiles for various uses. This is brought on by its greater energy density, longer battery life cycle, and improved robustness. To ensure appropriate operation and safety, businesses actively use such batteries in thermal battery management systems.


Market Key Restraints:



  • Increasing system cost and design complexity to curb the market growth


The thermal battery management system varies depending on the battery capacity and vehicle type. As a result, installing and creating new units for automobiles is more expensive. The complexity of the model and flow, the battery-specific coolant system, the lowering of power requirements, creating the best flow channels, reducing total vehicle weight and cost, and other challenges affect the thermal components.


Market Key Opportunities: 



  • Increasing penetration of electric vehicles


Growth vehicles that run on gasoline run out of fuel eventually. Norway, the UK, and the Netherlands are among the European nations that have already announced plans to phase out conventional automobiles. Recently increased prices for gasoline and diesel have raised the demand for fuel-efficient vehicles. The firms are also engaged in efforts to reduce the overall weight of the electric car, which is heavier than ICE vehicles due to its battery. Additionally, the US and Canada are vigorously enforcing the requirement for electric vehicles to be in use within the next few years. Due to these significant improvements and government backing, there is a demand for the thermal battery management system within the EV.


Electric Vehicle Thermal Management System Market Segmentation


System Insights


The electric vehicle thermal management system market segmentation, based on system, is ventilation and air conditioning (HVAC), heating, powertrain cooling, fluid transport, and others. The electric vehicle thermal management system market growth was prominently high under the heating, ventilation, and air conditioning (HVAC) category in 2021. This air cooling and heating system is straightforward and primarily used by inexpensive electric vehicles. In addition, liquid coolants work very well and have higher heat conductivity and capacity than air. However, due to rising fuel efficiency, powertrain cooling has been the fastest-growing segment.


Component Type Insights


Based on component type, the electric vehicle thermal management system market segmentation is motor, battery, and cabin area. In 2021, motor batteries had a major share of the market due to end consumers' choice for zero-emission hybrid and electric vehicles, which has increased due to lowering battery prices, declining crude oil reserves, and conventional cars' negative environmental consequences. However, the cabin area is estimated to have the highest growth rate due to the growing need for comfortable seating arrangements.


Technology Insights


Based on technology, the market is divided into exhaust gas recirculation (EGR), active transmission warmup, reduced HVAC system loading, and others. The reduced HVAC system loading category dominated the market in 2021. Reduced outside air requirements allow for the downsizing of modern HVAC systems, which saves energy, lowers carbon emissions, and increases equipment longevity. Over the forecast period, the active transmission warming category would experience a significant increase.


Application Insights


By application, the market has been divided into engine cooling, heated steering, air conditioning, transmission system, heated/ventilated seats, waste heat recovery, and others. In 2021 the air conditioning category had a major share in the market because a car's compressor makes it possible for the air conditioning system to function well, permitting an unhindered cooling process within the vehicle. However, the engine cooling category fuels the market due to the growing need to reduce the engine's extra heat.


Vehicle Type Insights


The market has been divided by vehicle type: battery electric vehicles (BEV), hybrid electric vehicles, and plug-in hybrid electric vehicles. In 2021, the hybrid electric vehicle category was anticipated to hold a prominent market share. The HEV has dual transmission, i.e., ranges on both conventional fuel and electricity, which is especially useful in areas with inadequate charging infrastructure. However, the plug-in hybrid electric vehicle category is the fastest growth during the forecast period; government actions and declining battery and overall vehicle prices support the positive EV policy.


Global Electric Vehicle Thermal Management System Market Share, by Region, 2021 (%)


Electric Vehicle Thermal Management System Market Share, by Region, 2021


Electric vehicle thermal management system Market Overview, by Region


By region, the electric vehicle thermal management system market has been divided into Europe, Asia-Pacific, North America, and the Rest of the World. Asia-Pacific accounted for the major market share. Europe will exhibit the highest CAGR during the forecast period.


Asia-Pacific Market Revenue Estimates


Asia-Pacific dominated the market share in 2021. Due to the presence of an automotive center and the rising annual production of vehicles, the region is projected to dominate the market for automotive battery thermal management systems. This expansion is linked to growing urbanization, rising disposable income, and rising standard of life, which have all led to changes in people's preferences. 


Europe Market Revenue Estimates


Europe had the largest market share in 2021 due to the rising demand for electric cars in nations like Norway and the Netherlands. Germany leads this regional market with significant sales of all types of vehicles and a greater acceptance rate of technologically upgraded automobiles. 


Electric vehicle thermal management system Market Competitive Landscape


To increase vehicle efficiency, businesses have started investing in developing more complex thermal management systems and satisfying the rising demand for vehicle electrification systems in the automotive industry due to the growing trend toward lightweight and fuel-efficient vehicles. For instance, in February 2022, Toyota also submitted a patent for the manual transmission it created for electrified automobiles. The business successfully integrated an H-pattern manual transmission with a three-pedal arrangement and a battery electric motor. 


Prominent players in the electric vehicle thermal management system market research include Robert Bosch GmbH, Dana Limited, BorgWarner Inc., VOSS Automotive GmbH, Modine Manufacturing Company, Denso, MAHLE GmbH, Valeo, Gentherm, and Hanon Systems, among others.


Scope of the Electric vehicle thermal management system Market Report


System Outlook



  • Heating ventilation and air conditioning

  • Power train cooling

  • Fluid transport

  • Others


Component Type Outlook



  • Motor

  • Battery

  • Cabin area


Technology Outlook



  • Active transmission warmup

  • Exhaust gas recirculation

  • Reduced HVAC system loading

  • Others


Application Outlook



  • Engine cooling

  • Air conditioning

  • Heated steering

  • Waste heat recovery

  • Transmission system

  • Heated/ventilated seats

  • Others


Vehicle Type Outlook



  • Battery electric vehicle

  • Hybrid electric vehicle

  • Plug-in hybrid electric vehicle


Region Outlook



  • North America


    • US

    • Canada

    • Mexico


  • Europe


    • UK

    • Germany

    • France

    • Italy

    • Spain

    • Rest of Europe


  • Asia-Pacific


    • China

    • India

    • Japan

    • Australia and New Zealand

    • Rest of Asia-Pacific


  • Rest of the World


    • South America

    • Middle East

    • Africa



Objectives of the Study


The objectives of the study are summarized in 5 stages. They are as mentioned below:


Electric vehicle thermal management system Market Forecast & Size:


To identify and estimate the market size for the electric vehicle thermal management system market report segmented by system, component, technology, application, and vehicle type by value (in US dollars). Also, to understand the consumption/ demand created by consumers in the electric vehicle thermal management system market forecast between 2022 and 2030


Market Landscape and Trends:


To identify and infer the drivers, restraints, opportunities, and challenges in the electric vehicle thermal management system market growth (Profitability, Benchmarking, Volume, Value, Macro-Economic Factors, Y-o-Y Growth Analysis)


Market Influencing Factors:


To find out the factors which are affecting the electric vehicle thermal management system market size among consumers (Gross Margin, Sales Footprint, Strategy, Channels, Economic Outlook, Growth Projections)


Impact of COVID-19:


To identify and understand the various factors involved in the market affected by the pandemic


Company Profiling:


To provide a detailed insight into the major companies operating in the market. The profiling will include the financial health of the company in the past 2-3 years with segmental and regional revenue breakup, product offering, recent developments, SWOT analysis, and key strategies.


Intended Audience



  • Producers of thermal management system in EVs

  • Raw material suppliers

  • Retailers, wholesalers, and distributors

  • Governments, associations, and industrial bodies



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, Technology, Application, and Vehicle Type
  Geographies Covered   North America, Europe, Asia-Pacific, and the Rest of the World (RoW)
  Key Vendors   Robert Bosch GmbH, Dana Limited, BorgWarner Inc., VOSS Automotive GmbH, Modine Manufacturing Company, Denso, MAHLE GmbH, Valeo, Gentherm, and Hanon Systems
  Key Market Opportunities   Increasing penetration of electric vehicles
  Key Market Drivers   The growing use of lithium-ion batteries


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Frequently Asked Questions (FAQ) :

The electric vehicle thermal management system market forecast period is 2022 - 2030

The market is expected to register a CAGR of ~9% over the next 10 years, according to the electric vehicle thermal management system market research.

Europe is expected to register the highest higher CAGR during for electric vehicle thermal management system market in 2022 - 2030

The thermal management system in Evs market size is expected to be USD Significant value by 2030.

Robert Bosch GmbH, Dana Limited, BorgWarner Inc., VOSS Automotive GmbH, and Modine Manufacturing Company are the major companies operating in the market.