The market demand for battery thermal systems of electric vehicles was estimated at US$ 1,059.7 million in 2018, which registered a CAGR of 14.8% from 2018 to 2022. In the present year 2023, the overall valuation of the global EV thermal system market size is anticipated to be around US$ 2,243.7 million. As per the analysis report, the market is expected to register a CAGR of 21.4% to reach a valuation of US$ 15,600.9 million by the conclusion of this forecast period.
The EV thermal system is an important component of electric vehicles that helps to regulate temperature and optimize performance. The system includes components such as the battery thermal management system, cabin heating and cooling system, and power electronics cooling system.
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One of the key drivers of growth in the market is the increasing demand for electric vehicles. As consumers become more environmentally conscious and governments introduce stricter regulations on emissions, the demand for electric vehicles is expected to continue to grow. EV thermal systems are critical to ensuring the safe and efficient operation of electric vehicles, and manufacturers are investing in R&D to develop more advanced and efficient systems to meet the evolving needs of customers.
Advancements in EV technology are also driving growth in the market for EV thermal systems. As electric vehicles become more sophisticated and feature-packed, the demand for advanced thermal management systems is expected to increase. Manufacturers are investing in R&D to develop more efficient and effective systems that can help to extend the range of electric vehicles and improve their overall performance.
Overall, the future of the EV thermal system market looks promising, with increasing demand for electric vehicles, advancements in EV technology, and government regulations driving growth. Manufacturers of EV thermal systems are expected to continue investing in R&D to develop more advanced and efficient systems, and to expand their product offerings to meet the evolving needs of customers and capitalize on emerging trends in the market.
Key Takeaways
- The United States captures a total market share of 10.8% of the revenue and leads the global market through higher investment in research and development.
- Germany is the second leading market in the world for sales of EV thermal systems and sets the trend in Europe. The German EV thermal system market is projected to reach US$ 1,240 million by the end of the year 2033.
- In Asia Pacific, India is witnessing a higher growth trend with an upsurge in sales of electric vehicles in the country. During the forecast years, the CAGR to be registered by the country is about 22.8%.
Competitive Landscape
Borg Warner Inc., Dana Limited, Hanon Systems, Valeo SA, Denso Corporation, Robert Bosch GmbH, Mahle GmbH, VOSS Automotive GmbH, Modine Manufacturing Company, Gentherm, CapTherm Systems, LG Chem Ltd., Visteon Corporation are a few key players in the global EV thermal system market.
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Recent Developments in the EV Thermal System Industry
- In May 2022, Modine Company unveiled its brand-new EVantage Series of thermal systems for commercial electric vehicles. This system concentrates on enhancing the safety, range, and battery life of industrial EVs. For all loads, the system maintains traction motor and power electronics cooling.
- In May 2022, Eberspaecher Company introduced its brand-new H2-ICE thermal exhaust system for hydrogen fuel electric vehicles (FCEVs). This new exhaust system guarantees the appropriate operation of the entire system, while taking into account the particular needs of this fuel. This would keep an eye on rules governing exhaust gases, including NO2, contaminants, and unburned hydrocarbons generated by the hydrogen FUEL engine.
Key Segments
By System Type:
- Heating Ventilation and Air Conditioning (HVAC)
- Power Train Cooling
- Fluid Transport
- Others
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By Vehicle Type:
- Battery Electric Vehicle (BEV)
- Hybrid Electric Vehicle (HEV)
- Plug-in Hybrid Electric Vehicle (PHEV)
- Fuel Cell Electric Vehicle (FCEV)
By Application:
- Engine Cooling
- Air Conditioning
- Heated Steering
- Waste Heat Recovery
- Transmission System
- Heated or Ventilated Seats
- Others
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