The EV thermal system market is projected to experience remarkable growth, anticipated to reach a staggering USD 15,600.9 Million by 2033. This surge represents a robust CAGR of 21.4%, highlighting the increasing importance of efficient thermal management in electric vehicles (EVs).
As the demand for EVs continues to rise, so does the need for advanced thermal systems that ensure optimal performance and longevity of vehicle components. Innovations in cooling and heating technologies are pivotal in meeting these demands, driving the expansion of the EV Thermal System Market and shaping the future of the automotive industry.
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Key Takeaways from the EV Thermal System Market Report:
- 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 USD 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%.
Leading Key Players:
The EV Thermal System Market is highly competitive, with leading key players such as BorgWarner Inc., Dana Limited, Hanon Systems, Valeo SA, Denso Corporation, and Robert Bosch GmbH driving innovation. Companies like Mahle GmbH, VOSS Automotive GmbH, Modine Manufacturing Company, and Gentherm are also prominent, focusing on enhancing thermal management solutions for electric vehicles. CapTherm Systems, LG Chem Ltd., and Visteon Corporation contribute significantly with advanced technologies and efficient thermal systems, ensuring optimal performance and safety of electric vehicles. These industry leaders are at the forefront of developing cutting-edge solutions to meet the growing demand for effective thermal management in EVs.
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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.
- In February 2022, BorgWarner Inc. declared that the company had supplied the iX and i4 with fully electric architectures for the BMW Group. With this ground-breaking High-Voltage Coolant Heater (HVCH) solution, the company would aid in the management of the battery and cabin temperature, increasing the EV’s longevity and driving range.
- The Denso Company said that they have created a brand-new battery-monitoring integrated circuit (IC) for lithium-ion batteries in the year 2020. This new IC increases fuel economy and increases the range of HEVs and BEVs. Detecting voltage levels while keeping an eye on many batteries is also helpful, consequently growing the market portfolio of the organizations.
EV Thermal System Market Segmentation:
By System Type:
- Heating Ventilation and Air Conditioning (HVAC)
- Power Train Cooling
- Fluid Transport
- Others
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
By Region:
- North America
- Latin America
- Europe
- East Asia
- South Asia and Pacific
- The Middle East and Africa (MEA)
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