The global electric vehicle thermal management system market is expected to exhibit a strong 9% CAGR over the forecast period from 2022 to 2030, according to the latest research report from Market Research Future (MRFR). The global electric vehicle thermal management system market is primarily driven by the growing demand for electric vehicles, according to the report.
The report provides readers with a complete
overview of the global electric vehicle thermal management system market,
including an assessment of the major drivers and restraints affecting the
global market. The major players operating in the global electric vehicle
thermal management system market are also assessed in the report. The impact of
the COVID-19 pandemic on the global electric vehicle thermal management system
market is also assessed in the report.
EV
thermal management systems perform various tasks in electric vehicles,
including heat transfer and waste heat recovery. Thermal management systems
monitor and regulate the temperature in the cabin, batteries, and HVAC
components, among others. These systems thus provide an enhanced user
experience for drivers by making the cabin more comfortable, with regard to
temperature.
The excess heat from batteries is also redirected
by electric vehicle thermal management systems, making the performance smoother
and more effective. In electric vehicles, the waste heat recovery systems also
play an important role, as they can enhance the range of the vehicle
considerably by diverting the heat towards the batteries and storing it as
electrical energy.
The growing demand for electric vehicles is the
primary driver for the global electric vehicle thermal management system
market. Electric vehicles have become ever more popular among consumers all
over the world due to the fact that they present no threat of toxic vehicular
emissions. Since they present no risk to the environment, electric vehicles
have become the vanguard of the environmental movement sweeping the world.
Competitive Leaderboard:
Leading players in the global electric vehicle
thermal management system market include Hanon Systems, Gentherm, Valeo, MAHLE
GmbH, Denso Corporation, Modine Manufacturing Company, VOSS Automotive GmbH,
Dana Ltd., Robert Bosch GmbH, and BorgWarner Inc.
Segmentation:
The global electric vehicle thermal management
system market is segmented on the basis of system, component type, technology,
application, vehicle type, and region.
By system, the global electric vehicle thermal
management system market is segmented into heating, ventilation, and air
conditioning (HVAC), powertrain cooling, fluid transport, and others.
By component type, the global electric vehicle
thermal management system market is segmented into motor, battery, and cabin
area.
By technology, the global electric vehicle thermal
management system market is segmented into active transmission warmup, exhaust
gas recirculation, reduced HVAC system loading, and others.
By application, the global electric vehicle
thermal management system market is segmented into engine cooling, air
conditioning, heated steering, waste heat recovery, transmission system,
heated/ventilated seats, and others.
By vehicle type, the global electric vehicle
thermal management system market is segmented into battery electric vehicles
(BEV), hybrid electric vehicles (HEV), and plug-in hybrid electric vehicles
(PHEV).
Regional Analysis:
The global electric
vehicle thermal management system market is dominated by Asia Pacific as of
2018. The Asia Pacific market is majorly dominated by China, which has enacted
several policies supporting the growth of the electric vehicles market in
recent years. The high volume of the China market is likely to remain a major
driver for the global electric vehicle thermal management system market over
the forecast period. India is also likely to support the growth of the electric
vehicle market over the coming years, leading to growing demand for electric vehicle
thermal management systems in Asia Pacific. Europe and North America are also
important regional markets.
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