Global Electric Vehicle Thermal Management System Market is valued approximately at USD 3 billion in 2023 and is anticipated to grow with a healthy growth rate of more than 24% over the forecast period 2024-2032. The Electric Vehicle Thermal Management System is a critical component that regulates and manages the temperature of numerous vehicle components, including the battery pack, electric motor, power electronics, and cabin comfort. These systems assist in maintaining appropriate operating temperatures for the battery pack, ensuring its efficiency, longevity, and safety. Furthermore, increasing focus on ride quality for cabin comfort are gaining attention towards Global Electric Vehicle Thermal Management System Market. Electric vehicles often rely on advanced cooling systems to manage the heat generated by electric motors, power electronics, and charging systems. These cooling systems can also be utilized to provide cabin heating and cooling, contributing to overall cabin comfort. Manufacturers are investing in innovative thermal management solutions that not only improve vehicle performance but also enhance passenger comfort.
The Global Electric Vehicle Thermal Management System Market is driven by rising integration of electrical components in vehicles and growing demand for fuel-efficient vehicles on a global forefront. Modern vehicles, especially electric and hybrid vehicles, feature a higher number of electrical components compared to traditional internal combustion engine vehicles. These electrical components, including battery packs, electric motors, inverters, and charging systems, generate heat during operation. Efficient thermal management is essential to dissipate this heat and ensure the optimal performance and longevity of these components. In addition, electric vehicle thermal management system manufacturers are continuously innovating to develop more efficient and reliable thermal management solutions that can further enhance the fuel efficiency and performance of electric vehicles. However, high cost of electric vehicle thermal management system and lack of technical expertise is expected to hinder the overall demand for the market during the forecast period 2024-2032.
The key regions considered for the Global Electric Vehicle Thermal Management System market study includes Asia Pacific, North America, Europe, Latin America, and Rest of the World. In 2023, North America was the largest regional market in terms of revenue owing to factors such as increasing demand of hybrid electric vehicles across the region. Efficient thermal management can also contribute to enhancing the performance of hybrid electric vehicles. By maintaining optimal operating temperatures for powertrain components, EV-TMS helps ensure consistent performance and responsiveness, particularly during demanding driving conditions. Furthermore, the market in Asia Pacific is expected to grow at the fastest rate over the forecast period.
Major market player included in this report are:
- Hanon Systems Company
- Modine Manufacturing Company
- BorgWarner Inc
- Robert Bosch GmbH
- Dana Limited
- Denso Corporation
- Mahle GmbH
- Valeo S.A.
- VOSS Automotive GmbH
- Rivian Automotive Inc
The detailed segments and sub-segment of the market are explained below:
By Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
- Two Wheeler And Three Wheeler
By Technology
- Liquid Cooling And Heating
- Air Cooling And Heating
- Other Technologies
By Propulsion Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug in Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
By Application
- Engine Cooling
- Air Conditioning System
- Electric Vehicle Battery Thermal System
- Transmission System
By Region:
- North America
- U.S.
- Canada
- Europe
- UK
- Germany
- France
- Spain
- Italy
- ROE
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- Saudi Arabia
- South Africa
- RoMEA
Years considered for the study are as follows:
- Historical year - 2022
- Base year - 2023
- Forecast period - 2024 to 2032
Key Takeaways:
- Market Estimates & Forecast for 10 years from 2022 to 2032.
- Annualized revenues and regional level analysis for each market segment.
- Detailed analysis of geographical landscape with Country level analysis of major regions.
- Competitive landscape with information on major players in the market.
- Analysis of key business strategies and recommendations on future market approach.
- Analysis of competitive structure of the market.
- Demand side and supply side analysis of the market
Table of Contents
Chapter 1. Global Electric Vehicle Thermal Management System Market Definition and Research Assumptions
- 1.1. Research Objective
- 1.2. Market Definition
- 1.3. Research Assumptions
- 1.3.1. Inclusion & Exclusion
- 1.3.2. Limitations
- 1.3.3. Supply Side Analysis
- 1.3.3.1. Availability
- 1.3.3.2. Infrastructure
- 1.3.3.3. Regulatory Environment
- 1.3.3.4. Market Competition
- 1.3.3.5. Economic Viability (Consumer's Perspective)
- 1.3.4. Demand Side Analysis
- 1.3.4.1. Regulatory frameworks
- 1.3.4.2. Technological Advancements
- 1.3.4.3. Environmental Considerations
- 1.3.4.4. Consumer Awareness & Acceptance
- 1.4. Estimation Methodology
- 1.5. Years Considered for the Study
- 1.6. Currency Conversion Rates
Chapter 2. Executive Summary
- 2.1. Global Electric Vehicle Thermal Management System Market Size & Forecast (2022- 2032)
- 2.2. Regional Summary
- 2.3. Segmental Summary
- 2.3.1. By Vehicle Type
- 2.3.2. By Technology
- 2.3.3. By Propulsion Type
- 2.3.4. By Application
- 2.4. Key Trends
- 2.5. Recession Impact
- 2.6. Analyst Recommendation & Conclusion
Chapter 3. Global Electric Vehicle Thermal Management System Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Challenges
- 3.3. Market Opportunities
Chapter 4. Global Electric Vehicle Thermal Management System Market: Industry Analysis
- 4.1. Porter's 5 Force Model
- 4.1.1. Bargaining Power of Suppliers
- 4.1.2. Bargaining Power of Buyers
- 4.1.3. Threat of New Entrants
- 4.1.4. Threat of Substitutes
- 4.1.5. Competitive Rivalry
- 4.1.6. Futuristic Approach to Porter's 5 Force Model
- 4.1.7. Porter's 5 Force Impact Analysis
- 4.2. PESTEL Analysis
- 4.2.1. Political
- 4.2.2. Economic
- 4.2.3. Social
- 4.2.4. Technological
- 4.2.5. Environmental
- 4.2.6. Legal
- 4.3. Top investment opportunity
- 4.4. Top winning strategies
- 4.5. Disruptive Trends
- 4.6. Industry Expert Perspective
- 4.7. Analyst Recommendation & Conclusion
Chapter 5. Global Electric Vehicle Thermal Management System Market Size & Forecasts by Vehicle Type 2022-2032
- 5.1. Passenger Vehicles
- 5.2. Commercial Vehicles
- 5.3. Two-Wheeler And Three-Wheeler
Chapter 6. Global Electric Vehicle Thermal Management System Market Size & Forecasts by Technology 2022-2032
- 6.1. Liquid Cooling and Heating
- 6.2. Air Cooling and Heating
- 6.3. Other Technologies
Chapter 7. Global Electric Vehicle Thermal Management System Market Size & Forecasts by Propulsion Type 2022-2032
- 7.1. Battery Electric Vehicle
- 7.2. Hybrid Electric Vehicle
- 7.3. Plug in Hybrid Electric Vehicle
- 7.4. Fuel Cell Electric Vehicle
Chapter 8. Global Electric Vehicle Thermal Management System Market Size & Forecasts by Application 2022-2032
- 8.1. Engine Cooling
- 8.2. Air Conditioning System
- 8.3. Electric Vehicle Battery Thermal System
- 8.4. Transmission System
Chapter 9. Global Electric Vehicle Thermal Management System Market Size & Forecasts by Region 2022-2032
- 9.1. North America Electric Vehicle Thermal Management System Market
- 9.1.1. U.S. Electric Vehicle Thermal Management System Market
- 9.1.1.1. Vehicle Type breakdown size & forecasts, 2022-2032
- 9.1.1.2. Technology breakdown size & forecasts, 2022-2032
- 9.1.1.3. Propulsion Type breakdown size & forecasts, 2022-2032
- 9.1.1.4. Application breakdown size & forecasts, 2022-2032
- 9.1.2. Canada Electric Vehicle Thermal Management System Market
- 9.2. Europe Electric Vehicle Thermal Management System Market
- 9.2.1. U.K. Electric Vehicle Thermal Management System Market
- 9.2.2. Germany Electric Vehicle Thermal Management System Market
- 9.2.3. France Electric Vehicle Thermal Management System Market
- 9.2.4. Spain Electric Vehicle Thermal Management System Market
- 9.2.5. Italy Electric Vehicle Thermal Management System Market
- 9.2.6. Rest of Europe Electric Vehicle Thermal Management System Market
- 9.3. Asia-Pacific Electric Vehicle Thermal Management System Market
- 9.3.1. China Electric Vehicle Thermal Management System Market
- 9.3.2. India Electric Vehicle Thermal Management System Market
- 9.3.3. Japan Electric Vehicle Thermal Management System Market
- 9.3.4. Australia Electric Vehicle Thermal Management System Market
- 9.3.5. South Korea Electric Vehicle Thermal Management System Market
- 9.3.6. Rest of Asia Pacific Electric Vehicle Thermal Management System Market
- 9.4. Latin America Electric Vehicle Thermal Management System Market
- 9.4.1. Brazil Electric Vehicle Thermal Management System Market
- 9.4.2. Mexico Electric Vehicle Thermal Management System Market
- 9.4.3. Rest of Latin America Electric Vehicle Thermal Management System Market
- 9.5. Middle East & Africa Electric Vehicle Thermal Management System Market
- 9.5.1. Saudi Arabia Electric Vehicle Thermal Management System Market
- 9.5.2. South Africa Electric Vehicle Thermal Management System Market
- 9.5.3. Rest of Middle East & Africa Electric Vehicle Thermal Management System Market
Chapter 10. Competitive Intelligence
- 10.1. Key Company SWOT Analysis
- 10.2. Top Market Strategies
- 10.3. Company Profiles
- 10.3.1. Hanon Systems Company
- 10.3.1.1. Key Information
- 10.3.1.2. Overview
- 10.3.1.3. Financial (Subject to Data Availability)
- 10.3.1.4. Product Summary
- 10.3.1.5. Market Strategies
- 10.3.2. Modine Manufacturing Company
- 10.3.3. BorgWarner Inc
- 10.3.4. Robert Bosch GmbH
- 10.3.5. Dana Limited
- 10.3.6. Denso Corporation
- 10.3.7. Mahle GmbH
- 10.3.8. Valeo S.A.
- 10.3.9. VOSS Automotive GmbH
- 10.3.10. Rivian Automotive Inc
Chapter 11. Research Process
- 11.1. Research Process
- 11.1.1. Data Mining
- 11.1.2. Analysis
- 11.1.3. Market Estimation
- 11.1.4. Validation
- 11.1.5. Publishing
- 11.2. Research Attributes