Global Electric Vehicle Thermal Management System Market Size, Share, Forecast Report, 2020-2027
Thermal management is used in vehicles to monitor and regulate the temperature of batteries, passenger cabin area, and HVAC components, among others. The main functions of the automotive thermal management system are heat transfer, reduction in thermal loads, and waste heat recovery. Thermal management systems can improve passenger comfort, powertrain performance, and enhanced travel experience. In electric vehicles, thermal management systems are used to enhance the range of efficiency for the vehicle.
The global electric vehicle thermal management system market is estimated to witness 9% CAGR during the forecast period. The improving electric vehicle infrastructure in countries such as China, Germany, South Korea, the US, and Japan, increasing production and sales of electric cars globally, growing demand for thermal cooling solution within the vehicles, stringent emission and fuel efficiency regulations, and the growing demand for energy-efficient battery-powered devices are the key factors driving this market.
The lack of standard protocols for the development of electric vehicle modules, strict government norms on the use of refrigerants in vehicles, and the high cost of thermal management system technology are considered as the key factors restraining the growth of this market. However, the growing adoption of power modules including intelligent power module (IPM) in automobile sector across the globe, growing population, and improving economies of developing countries are providing growth opportunities for the global market.
The Prominent Players operating in the global electric vehicle thermal management system market are 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)
The global electric vehicle thermal management system market is segmented based on system, component type, technology, application, vehicle type, and region. On the basis of system, the global market has been segmented into heating, ventilation, and air conditioning (HVAC), powertrain cooling, fluid transport, and others. On the basis of component type, the global market has been segmented into motor, battery, and cabin area. On the basis of technology, the global market has been segmented into active transmission warmup, exhaust gas recirculation (EGR), reduced HVAC system loading, and others. On the basis of application, the global market has been segmented into engine cooling, air conditioning, heated steering, waste heat recovery, transmission system, heated/ventilated seats, and others. On the basis of vehicle type, the global market has been segmented into battery, hybrid, and plug-in hybrid electric vehicle.
Geographically, the global electric vehicle thermal management system market has been segmented into four major regions, namely, North America, Europe, Asia-Pacific, and the rest of the world. Among the regions, in 2018, the global market was led by Asia-Pacific, followed by Europe and North America. Asia-Pacific is estimated to hold the largest market share during the forecast period owing to the massive increase in the production of e-vehicles and electric car battery cooling system, resulting in the increased installation of thermal management systems in electric vehicles. Moreover, the rising electrification of vehicles is expected to boost the demand for electric vehicle thermal management systems in this region. Furthermore, the rise in demand for safety features in vehicles and increasing investments by public and private players to develop electric vehicle thermal management systems such as power inverters and integrated dual chargers are contributing in the growth of the market in this region.