New York, US, May 10, 2023 (GLOBE NEWSWIRE) -- According to a Comprehensive Research Report by Market Research Future (MRFR), “Electric vehicle thermal management systems Market Research Report Information by System Vehicle Type Region, Technology, Component Type, and Application - Forecast Till 2030”, the global Electric vehicle thermal management systems market research predicts that the market is likely to bolster substantially during the review era from 2022 to 2032 at a substantial growth rate of around 9%.
Electric vehicle thermal management systems Market Overview:
The electric vehicle thermal management systems supported by batteries are crucial because they impact the vehicles' robustness, reliability, and performance. Electric vehicles require optimum temperatures to operate efficiently. Temperature maintenance plays a vital part in the proper functioning of the battery pack, the motor in the electric vehicle, and power electronic systems. The battery charge, capacity, and health are maintained at an optimum temperature. The vehicle components exhibit their best working profile under optimum temperature conditions. During charging or driving, electric vehicles tend to heat rapidly, which might cause device failure. The global electric vehicle thermal management system market has demonstrated massive development in recent times owing to the factors such as stringent regulations on emissions, efficient consumption of fuel, technological advances, and increasing demand for electric cars. On the contrary, high capital investment may restrict the market's growth.
Competitive Analysis
The listing of the prominent leaders across the global electric vehicle thermal management system market includes players such as:
- Robert Bosch GmbH
- Gentherm
- Dana Limited
- Valeo
- BorgWarner Inc.
- MAHLE GmbH
- VOSS Automotive GmbH
- Denso
- Modine Manufacturing Company
- Hanon Systems
- Among others.
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Electric Vehicle Thermal Management System Market USP Covered
Market Drivers
The global Electric vehicle thermal management systems industry has lately demonstrated immense development. The parameters causing a surge in the performance of the market include the ever-growing quantity of electrical and electronic components, the growing requirement for greater ride quality & heat insulation for cabin comfort, and the growing use of lithium-ion batteries.
Market Restraints
On the contrary, some parameters may restrict the market's development. The main parameter limiting the market's development is the high costs associated. Furthermore, factors such as design complexity, lowering power requirements, creating the best flow channels, and government laws are also projected to restrict the market's development.
Electric Vehicle Thermal Management System Market COVID-19 Impact
The COVID-19 pandemic has had a massive impact on several industry areas worldwide. The Electric vehicle thermal management systems market is no different than others. The market experienced a tremendous setback during the pandemic, given the halt of several industrial operations and manufacturing activities. However, with the world recovering from the impact caused by the global health hazard, the market is anticipated to grow considerably over the coming years.
Report Scope:
| Report Metrics | Details |
| Market Size 2032 | 2032: Significant Value |
| CAGR during 2023-2032 | 9% CAGR |
| Base Year | 2021 |
| Forecast | 2023-2032 |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | System, Component, Technology, Application, and Vehicle Type |
| Key Market Opportunities | Increasing penetration of electric vehicles |
| Key Market Drivers | The growing use of lithium-ion batteries |
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Electric Vehicle Thermal Management System Market Segment Analysis
Among all the systems, the heating, ventilation, and air conditioning (HVAC) category secured the top spot across the global electric vehicle thermal management system market in 2021. The air cooling and heating system is straightforward and mainly utilized by inexpensive electric vehicles. Moreover, liquid coolants work well and have greater heat conductivity and capacity than air. On the other hand, the powertrain cooling segment will likely showcase a maximum growth rate over the assessment era, given the rising fuel efficiency.
Among all the component types, the motor batteries segment ensured the leading position across the global market, given the end consumers' choice for zero-emission hybrid and electric vehicles, which has risen owing to conventional cars' negative environmental consequences, declining crude oil reserves, and lowering battery prices. On the other hand, the cabin area is likely to showcase maximum growth over the assessment era owing to the growing need for comfortable seating arrangements.
Among all the technologies, the reduced HVAC system loading category secured the top spot across the global electric vehicle thermal management system market in 2021, given the downsizing of modern HVAC systems, which increases equipment longevity, lowers carbon emissions, and saves energy.
Among all the applications, the air conditioning category ensured the leading position across the global market. The car's compressor allows the air conditioning system to function well, allowing an unhindered cooling process within the vehicle.
Among all the vehicle types, the hybrid electric vehicle category is anticipated to lead the global market over the coming years due to factors such as use in areas with inadequate charging infrastructure.
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Electric Vehicle Thermal Management System Industry Regional Analysis
The global electric vehicle thermal management system market is studied across five major parts: Asia-Pacific, Europe, North America, Latin America, and Middle & Africa.
The research reports by MRFR suggest that the Asia-Pacific region held the top position across the global Electric vehicle thermal management systems industry in 2021. The main parameter supporting the development of the regional market is the presence of an automotive center. Furthermore, the growing annual production of vehicles is also considered one of the main parameters enhancing the regional market's performance. Moreover, factors such as rising standard of life, rising disposable income, and growing urbanization are also likely to positively impact the growth of the regional market over the coming years.
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The European regional electric vehicle thermal management system market is anticipated to showcase the maximum CAGR over the assessment period. The main parameter supporting the development of the regional market is the escalating demand for electric cars in nations like the Netherlands and Norway. The region has Germany as the leading growth contributor. The rapid growth in sales of all types of vehicles coupled with a greater acceptance rate of technologically upgraded automobiles is considered to be the vital parameters enhancing the performance of the Electric vehicle thermal management system market across the country.
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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis regarding diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.
