Electric Vehicle Thermal Management System Market Overview:
According to a comprehensive research report by Market Research Future (MRFR), “Electric Vehicle Thermal Management System Market – by System, Component Type, Technology, Application, Vehicle Type and Region – Forecast till 2030” the market is estimated to witness 10.45% CAGR during the forecast period.
Market Scope
The growth is attributed to prevent the large number of callbacks of EVs owing to customer complaints. Efforts to stave off overheating of batteries and creation of fire incidence can bode well for the market. Improvements of charging infrastructure in South Korea, Japan, Germany, China, and the U.S. coupled with increased production of EVs can favor market growth.
Development of BTMS that maintains optimal temperature within cars coupled with its compatibility with the engine of the original equipment manufacturer can drive the market demand significantly. Technological strides such as lowering battery sizes and development of advanced cooling methods can further market expansion. Efforts by governments to encourage production of hybrids and plug-in vehicles can put a positive impact on the electric vehicle thermal management system market.
But lack of standards for EV modules and high costs of thermal management systems can limit market growth.
List of the prominent players profiled in the global electric vehicle thermal management system market report are
- Robert Bosch GmbH (Germany)
- BorgWarner Inc. (US)
- 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), among others.
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COVID-19 Impact
The COVID-19 outbreak has highlighted the need for concerted efforts by companies to tackle global warming and lower emission levels. Increased investments in lithium-ion batteries for overcoming battery issues such as thermal performance and battery discharge rate are pivotal in assuring the long shelf life of EVs. The EV thermal management system market may thrive by investing in optimal designs of internal modules.
Industry Trends
Testing of EV modules under intense conditions has been conducted to test the reliability of thermal management systems. For instance, Hyundai has setup a multi-environment durability tester at its Uiwang R&D center to test the limits of its products. The focus on quality and dedication to gain the attention of international automakers can net the company huge revenues.
Creation of engineering plastic materials such as polyphenylene sulphide (PPS) owing to its high retention power after aging of coolants. Its strong resistance to chemicals and its performance in high temperatures make it a viable candidate for BTMS. DSM, a renowned Dutch corporation, has used its proprietary Xytron technology to improve the bond strength between glass fibers and PPS resins.
Thermoelectric cooling (TEC) is another emerging technique that is being repeatedly integrated with EVs with resounding success. It allows easier control of the temperature via the adjustment of the voltage supply. But the design of TEC with liquid cooling to remove heat from batteries has been successfully run in simulated trials.
In addition, TDK Corporation has released a report on thermal management systems in M3 based motor drivers. It was characterized by its high temperature resistance to operate in 150 degrees Celsius. The drivers can be integrated in smart pumps, radiator grille shutters, and LIN-bus connected actuators.
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Segmentation
By component type, the motor system is likely to generate huge revenues for the global market owing to the use of electric motor in EVs. The segment can exhibit a strong growth rate during the forecast period due to stringent emission norms and establishment of electric charging infrastructure.
By system, HVAC can capture a large market share in the coming years due to temperature fluctuations caused by global warming. HVAC can offer comfortable travel experiences at low energy consumption costs.
By technology, the exhaust gas recirculation technology can register huge revenues for the global electric vehicle thermal management system market. Development of hybrid electric vehicles can support the segment growth.
By application, the heated steering wheel segment is bound to generate huge revenues for the market owing to its demand in cold climates.
By vehicle type, the battery electric vehicle (BEV) segment is expected to display a strong growth rate during the forecast period. This is attributed to increasing awareness of emissions and its harm on the environment.
Regional Analysis
APAC is touted to hold the largest market share over the forecast period. This is attributed to increasing production of e-vehicles and electric car battery cooling systems. Increasing call for additional safety in EVs and investments by manufacturers for development of power inverters and dual chargers can drive the market demand in the region.
Europe is estimated to be lucrative for the electric vehicle thermal management system market owing to stringent norms for emissions and creation of zero-emission zones. Presence of automotive component manufacturers such as Daimler, BMW, and Volkswagen can induce market demand.
Competitive Analysis
Increased spending on R&D to improve battery cooling systems and competitive pricing on components are prime strategies pursued by players to sustain their market standing. Acquisitions & mergers and partnerships are on the agenda as players aim to corner their position in the market.
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Industry Update
Hyundai WIA has developed a EV thermal management system that integrates EV driveline and battery parts. The module will scale its production from 2023 and be a major part of BEV launched by the company.
Global Electric Vehicle Thermal Management System Market Growth Driven by Cooling Needs in EVs
The global electric vehicle thermal management system market is set for a windfall owing to increased rate of production of EVs. Efforts taken by governments to curb emission levels and reduce dependence on fossil fuels can drive the market demand significantly. EV manufacturers are investing in battery thermal management systems to manage internal temperatures of vehicles and extend the battery life span. Liquid cooled batteries are gaining prominence in the market owing to their ability to maintain car temperatures.
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