Global Electric vehicle thermal management system market
Electric vehicle thermal management system market Research Report – Global forecast till 2025
The electric vehicle thermal management system market could achieve a CAGR of 9% during the forecast period (2018-2025), ventures Market Research Future (MRFR).
Primary Boosters and Top Restraints
A thermal management system helps control the temperature of several systems present in vehicles. Soaring demand for e-mobility along with strict regulations with regard to fuel economy to bring down greenhouse emissions are expected to work in favor of the electric vehicle thermal management system market. Surging sales of electric vehicles also induce market growth across the globe.
Rising awareness about driver comfort is projected to present the market players with a host of promising opportunities in the near future. Government initiatives also help boost the adoption of electric vehicles the world over. To illustrate, in September 2017, the Indian Ministry of Road Transport and Highways furnished a series of non-fiscal incentives, with the aim of ensuring that electric vehicles would account for close to 15% of overall vehicle sales over the next five years.
Increasing adoption of power modules such as intelligent power module (IPM) in the automobile sector as well as burgeoning population stimulates market growth as well. Besides, improving economies of emerging nations add to the market strength to a great extent.
Market Segmentation
The electric vehicle thermal management system industry covers segments like system, component type, technology, application, and vehicle type.
System-wise, the global market consists of heating, ventilation, and air conditioning (HVAC), powertrain cooling, fluid transport, and others.
With regard to component type, the global market is considered for motor, battery, and cabin area.
With respect to technology, the global market includes exhaust gas recirculation (EGR), active transmission warmup, reduced HVAC system loading, and others.
In terms of application, the global market caters to air conditioning, engine cooling, waste heat recovery, heated steering, heated/ventilated seats, transmission system, and others.
The types of vehicles covered in the report are hybrid, battery, and plug-in hybrid electric vehicle.
Regional Insight
The electric vehicle thermal management system market is spread across the primary regions of North America, Asia Pacific (APAC), Europe, and the rest of the world (RoW). In 2018, APAC was identified as the leading market for electric vehicle thermal management system. Europe and North America retained the second and third spot in the global market.
APAC’s market growth has been formidable in recent years, given the immense surge in the production of e-vehicles as well as electric car battery cooling systems. This factor has led to high installation rate of thermal management systems in electric vehicles in the region. On top of this, the increasing electrification of vehicles could stimulate the demand for electric vehicle thermal management systems in the coming years. Soaring demand for safety features in vehicles combined with considerable investments by public and private players for the development of electric vehicle thermal management systems like integrated dual chargers and power inverters contributes significantly to the market in the region.
North America has seized the second-largest share of the global market, thanks to the high funds spent on research and development for promotion of advanced vehicle technologies. The regional market also benefits from a large number of well-known thermal management system manufacturers like Dana Limited and BorgWarner Inc. and others. Besides, the United States (US) Environmental Protection Agency (EPA) along with Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) has implemented fuel economy and greenhouse gas standards for vehicles. These standards are for all the automobiles, such as electric vehicles.
The European Union (EU) furnished regulatory laws for vehicle emissions, with countries like the United Kingdom (UK) and France announcing timelines to create zero-emission zones. This helps create robust demand for thermal management systems in electric vehicles, benefitting the regional market in the process.
Leading Vendors
Some of the vendors that are currently leading the worldwide electric vehicle thermal management system market include MAHLE GmbH (Germany), Dana Limited (US), VOSS Automotive GmbH (Germany), BorgWarner Inc. (US), Robert Bosch GmbH (Germany), Valeo (France), Gentherm (US), Modine Manufacturing Company (US), Hanon Systems (South Korea), Denso Corporation (Japan), to name a few.
Industry News
September 2019
ION energy recently launched the latest cloud-based battery management platform called Edison Analytics. This platform makes use of a combination of machine learning, electronics, digital twin technology, and data analytics.
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