Market Research Future Insights
The global Electric Vehicle Thermal Management System Market is expected to cross USD 13 billion at a CAGR of 9% during the forecast period 2022- 2030.
Electric vehicles during the drive or charging tend to heat rapidly which might lead to the failure of devices. Thermal management is embodied in electric vehicles to dissipate the heat generated. The thermal management system is applied in various elements like cabinet area, battery, steering, motor, and others. Acquiring the wasted heat and utilizing them for other purposes is the key factor in the Electric Vehicle Thermal Management System.
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The upgrades in technology integrated with the electric vehicle and increased cognizance in reducing environmental pollution due to conventional transportation have significantly influenced the overall growth of Electric Vehicles extensively. Factors like fuel efficiency, improved performance, lower emissions, and strict norms imposed by the government have driven the growth of the Electric vehicle market. This has accordingly impacted the electric vehicle thermal management system market outlook.
Efficient consumption of fuel, escalating demand for electric cars, strict regulations on emissions, and technological advances are some of the substantial factors that drive the Electric Vehicle Thermal Management System market growth. At present, the trends of embodying the wasted heat recovery system with the electric vehicle are accelerating the Electric Vehicle Thermal Management System Market size.
Regional Analysis
The global Electric Vehicle Thermal Management System market has been segmented into North America, Europe, Asia- Pacific, and the rest of the world.
Asia- Pacific dominates the electric vehicle thermal management system market because of the presence of a considerable number of manufacturers and the presence of the topmost number of consumers as well as manufacturing bases in assorted countries similar as China, South Korea, and Japan. Further rising number of research and development activities in combination with the growth and expansion of the automotive industry is also increasing the sulfuric acid market growth
North America is anticipated to grow during the forecast period due to the presence of major market players and the blistering development of infrastructural facilities in arising economies in this region.
The global electric vehicle thermal management system market is amplifying as a result of government regulations that nourish EV adoption. Concerns about sustainability and environmental issues are also punching up demand for electric automobiles. As a result, government restrictions and encouragement are anticipated to drive market expansion.
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Market Segmentation
The global Electric Vehicle Thermal Management System Market is segmented into following;
By System:
- Heating ventilation and air conditioning
- Power train cooling
- Fluid transport
- Others
By component type:
- Motor
- Battery
- Cabin area
By technology:
- Active transmission warm-up
- 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
The global Electric Vehicle Thermal Management System market’s prominent key players 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)
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