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 share 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.
EV thermal system refers to the system that manages the temperature of an electric vehicle’s battery pack, power electronics, and passenger compartment. This system is critical to ensuring the safe and efficient operation of the electric vehicle, as well as to extending the lifespan of the battery pack.
Request a Sample of this Report: https://www.futuremarketinsights.com/reports/sample/rep-gb-16596
The thermal system of an electric vehicle typically includes a variety of components, including a cooling system for the battery pack and power electronics, a heating system for the passenger compartment, and a heat pump to transfer heat between the interior and exterior of the vehicle.
The demand for EV thermal systems is expected to grow in the future, driven by the increasing adoption of electric vehicles worldwide.
The growth in demand for EV thermal systems is expected to be driven by the increasing adoption of electric vehicles, particularly in regions such as Europe and China, where governments are providing significant incentives to promote the use of electric vehicles. In addition, the increasing focus on reducing greenhouse gas emissions and improving energy efficiency is expected to further drive the demand for electric vehicles, which in turn will drive the demand for EV thermal systems.
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.
Get Your Report Customize, Visit:
https://www.futuremarketinsights.com/customization-available/rep-gb-16596
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 both. Detecting voltage levels while keeping an eye on many batteries is also helpful, consequently growing the market portfolio of the organizations.
Key Segments
By System Type:
- Heating Ventilation and Air Conditioning (HVAC)
- Power Train Cooling
- Fluid Transport
- Others
Ask the Analyst:
https://www.futuremarketinsights.com/ask-question/rep-gb-16596
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)
About Future Market Insights (FMI)
Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.
Contact Us:
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware – 19713, USA
T: +1-845-579-5705
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: sales@futuremarketinsights.com