Press release
Global Electric Vehicle Thermal Management System Market 2024 Opportunity Assessment, Production Analysis, Growth Rate And Forecast To 2033
Electric Vehicle Thermal Management System Market
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 growth in the forecast period can be attributed to increasing electric vehicles, increasing government initiatives, increasing zero emission regulations, increasing energy-efficient battery-powered devices. Major trends in the forecast period include integration of ai and menaced battery cooling, technological advancements, product innovations, partnerships, and investments.
Market Overview -
An electric vehicle thermal management system (EV TMS) is a critical component in electric vehicles designed to regulate and control the temperature of various vehicle systems, especially those related to the battery and powertrain. The EV TMS is used to manage and dissipate the heat generated during the operation of an electric vehicle.
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Rising Electric Vehicle Adoption Fuels Growth Of Electric Vehicle Thermal Management System Market
The growing number of electric automobiles is expected to propel the growth of the electric vehicle thermal management system market going forward. Electric automobiles are vehicles powered either entirely or partially by electricity stored in rechargeable batteries or another energy storage device. The demand for electric vehicles is due to improved availability of charging infrastructure, increased consumer interest, and various environmental regulations. Electric vehicle thermal management systems optimize electric vehicles' performance, efficiency, and safety, reducing their impact on the overall range of the vehicle. For instance, in January 2022, according to the International Energy Agency, a France-based autonomous intergovernmental organization, sales of electric vehicles almost doubled to 6.6 million in 2021 from 3 million in 2020, representing nearly 9% of total sales. Additionally, the total number of electric vehicles on the road increased to 16 million, indicating a 4% increase in 2021. Therefore, the growing number of electrical automobiles is driving the growth of the electric vehicle thermal management system market.
Competitive Landscape -
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.
Innovative Self-Developed Thermal Management Systems In The Electric Vehicle Market
Major companies operating in the electric vehicle thermal management system market are increasing their focus on developing innovative systems, such as self-developed thermal management systems, to gain a competitive edge in the market. A self-developed thermal management system is a system that is designed, created, and implemented by an entity, such as a company or organization, to regulate and control the temperature of various components within a specific application or device. For instance, in June 2023, ZF Group, a Germany-based engineering company, launched its self-developed thermal management system for electric vehicles (EVs). This system potentially increases the range of EVs in the winter by up to one-third. It includes an optimized electric drivetrain comprising power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide. Automakers can integrate the thermal management system into their vehicles in various ways.
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Key Segments -
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
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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