Electric vehicle thermal management system Market Report 2024 (Global Edition)

Global Electric vehicle thermal management system Market Report 2024 Market Size Split by Type (Battery Electric Vehicle, Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicles (PHEV)), by Ap...

Electric vehicle thermal management system Market Report Description

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Competitive Landscape of the Electric Vehicle Thermal Management System Market

The competitive landscape of the electric vehicle thermal management system market is characterized by a broad range of players competing to gain market share through product innovation, strategic partnerships, and aggressive marketing efforts. Major players in the market account for a considerable share of the market and are concentrating on expanding their customer base across the world.

In June 2023, Carrar and Gentherm partnered to develop a recent two-phase immersion thermal control solution for EV battery modules. This partnership will connect Carrar's expertise in two-phase immersion technology with Gentherm's expertise in thermal managing valves to construct a new, state-of-the-art thermal management system for EVs. The partnership among Carrar and Gentherm is a substantial development in the domain of EV thermal management. (Source: https://www.prnewswire.com/news-releases/carrar-and-gentherm-join-forces-on-the-delivery-of-robust-two-phase-immersion-thermal-management-for-electric-vehicle-ev-battery-modules-301833714.html)

Top Companies Market Share in Electric vehicle thermal management system Industry: (In no particular order of Rank)

• Robert Bosch GmbH
• BorgWarner Inc.
• VOSS Automotive GmbH
• Dana Limited
• Modine Manufacturing Company
• Denso
• MAHLE GmbH
• Valeo
• Gentherm
• Hanon Systems
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*List of Second Tier Companies, List of Third Tier/ Start-up Companies (Inquire with sales executive) Request Any Company Profile for Preview Purpose OR Data Validation!

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Regional Analysis of the Electric Vehicle Thermal Management System Market

Which Region Dominates the Electric Vehicle Thermal Management System Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America emerges as the dominant region in the electric vehicle thermal management system market due to the increasing adoption of electric vehicles (EVs) due to environmental concerns and government incentives. The requirement for efficient cooling and heating systems in EVs to optimize battery performance and extend vehicle range fuels market growth. Additionally, stringent emission regulations and advancements in EV technology contribute to the expansion of this market across North America.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific stands out as the fastest-growing region in the electric vehicle thermal management system market due to the region's growing demand for eco-friendly transportation solutions and government initiatives promoting electric vehicle adoption. As electric vehicles need efficient thermal management to optimize battery performance and longevity, the market is further propelled by advancements in cooling and heating technologies to expand vehicle range and overall efficiency in diverse climatic conditions.

 

The current report Scope analyzes Electric vehicle thermal management system Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Electric vehicle thermal management system

According to Cognitive Market Research, the global electric vehicle thermal management system market size was estimated at USD 2158.2 Million, out of which North America held the major market of more than 40% of the global revenue with a market size of USD 863.28 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.0% from 2024 to 2031.

• In North America, the electric vehicle thermal management system market exhibits due to stringent emissions regulations, increasing adoption of electric vehicles, and growing investments in infrastructure.
• Advanced cooling systems to optimize battery performance and range, along with heating systems for cold climates, are pivotal for market growth.
• Moreover, the market is driven by the growing demand for efficient battery management systems to enhance vehicle performance and range.
• Features like heated steering wheels are increasingly popular, ensuring comfort in cold climates and further stimulating market growth.
• In conclusion, North America presents a lucrative market opportunity for electric vehicle thermal management systems due to increasing consumer demand for luxurious EVs.
• According to Cognitive Market Research, the US had a major share in the electric vehicle thermal management system market, with a market size of USD 681.13 million in 2024.
• The market is projected to grow at a CAGR of 7.8% during the forecast period. The demand is amplified by the nation's advanced mobility solutions.
• The Canadian electric vehicle thermal management system market had a market share of USD 103.59 million in 2024 and is projected to grow at a CAGR of 8.8% during the forecast period.
• Introduction of innovative technology applications by Canadian companies.
• The Mexico electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 78.56 million in 2024.

Europe Electric vehicle thermal management system

According to Cognitive Market Research, the global Electric Vehicle Thermal Management System market size was estimated at USD 2158.2 Million, out of which Europe held the market of more than 30% of the global revenue with a market size of USD 647.46 million in 2024 and will grow at a compound annual growth rate (CAGR) of 8.3% from 2024 to 2031.

• In Europe, stringent emissions regulations are pushing automakers to enhance efficiency and battery life.
• Additionally, increasing consumer awareness regarding environmental concerns and government incentives promoting sustainable transportation solutions are fueling market growth.
• Segmentation analysis further highlights the stringent emissions regulations and the demand for efficient powertrain cooling solutions.
• These systems ensure optimal operating temperatures, battery longevity, and overall vehicle performance, reflecting the industry's commitment to sustainability and innovation.
• In conclusion, Europe represents a lucrative market for electric vehicle thermal management system manufacturers, driven by the increased energy efficiency.
• The United Kingdom's electric vehicle thermal management system market had a market share of USD 108.77 million in 2024 and is projected to grow at a CAGR of 9.1% during the forecast period.
• Electric vehicle thermal management system sales in the UK are witnessing an upswing due to the nation's technological innovation and increasing consumer demand.
• The France electric vehicle thermal management system market is projected to witness growth at a CAGR of 7.5% during the forecast period, with a market size of USD 59.57 million in 2024.
• According to Cognitive Market Research, the German electric vehicle thermal management system market size was valued at USD 128.20 million in 2024 and is projected to grow at a CAGR of 8.5% during the forecast period.
• In Germany, the electric vehicle thermal management system surged due to the presence of major market players.
• The Italian electric vehicle thermal management system market is projected to witness growth at a CAGR of 7.7% during the forecast period, with a market size of USD 55.68 million in 2024.
• The Russia electric vehicle thermal management system market is projected to witness growth at a CAGR of 7.3% during the forecast period, with a market size of USD 100.36 million in 2024.
• The Spanish electric vehicle thermal management system market is projected to witness growth at a CAGR of 7.4% during the forecast period, with a market size of USD 53.09 million in 2024.
• The Luxembourg electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.4% during the forecast period, with a market size of USD 20.07 million in 2024.
• The Portugal electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.1% during the forecast period, with a market size of USD 13.60 million in 2024.
• The Greece electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 7.77 million in 2024.
• Rest of Europe's electric vehicle thermal management system market is projected to witness growth at a CAGR of 7.0% during the forecast period, with a market size of USD 100.36 million in 2024.

Asia Pacific Electric vehicle thermal management system

According to Cognitive Market Research, the global electric vehicle thermal management system market size was estimated at USD 2158.2 Million, out of which Asia Pacific held the market of around 23% of the global revenue with a market size of USD 496.39 million in 2024 and will grow at a compound annual growth rate (CAGR) of 11.8% from 2024 to 2031.

• In the Asia Pacific region, the electric vehicle thermal management system market exhibits robust growth prospects driven by increasing demand for EVs, stringent emission regulations, and advancements in battery technologies.
• Efficient thermal management ensures battery performance and longevity, fostering growth in the region's EV market. Segmentation analysis reveals increasing adoption of hybrid electric vehicles (HEVs).
• Demand is fueled by regulations for emissions reduction, improving vehicle efficiency, enhancing battery life, and fostering innovation in thermal management technologies.
• In conclusion, the Asia Pacific region presents immense expansion opportunities due to the function of the electric distribution network to transfer from the bulk power system to the end user.
• According to Cognitive Market Research, the China electric vehicle thermal management system market size was valued at USD 223.37 million in 2024 and is projected to grow at a CAGR of 11.3% during the forecast period.
• Electric vehicle thermal management system sales surged in China due to the nation's technological advancements.
• The Japan electric vehicle thermal management system market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 68.50 million in 2024.
• The India electric vehicle thermal management system market had a market share of USD 59.57 million in 2024 and is projected to grow at a CAGR of 13.6% during the forecast period.
• India has a presence of emerging and leading firms. The South Korean electric vehicle thermal management system market is projected to grow at a CAGR of 10.9% during the forecast period, reaching a market size of USD 49.64 million in 2024.
• The Australia electric vehicle thermal management system market is projected to witness growth at a CAGR of 11.5% during the forecast period with a market size of USD 25.81 million in 2024.
• The South East Asia electric vehicle thermal management system market is projected to witness growth at a CAGR of 12.8% during the forecast period, with a market size of USD 34.25 million in 2024.
• The Rest of Asia Pacific electric vehicle thermal management system market is projected to witness growth at a CAGR of 11.6% during the forecast period, with a market size of USD 35.24 million in 2024.

South America Electric vehicle thermal management system

According to Cognitive Market Research, the global electric vehicle thermal management system market size was estimated at USD 2158.2 Million, out of which Latin America market of more than 5% of the global revenue with a market size of USD 107.91 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.2% from 2024 to 2031.

• In Latin America, the electric vehicle thermal management system market showcases promising growth prospects driven by the region's increasing R&D this region is also expected to drive market revenue growth.
• Prominent market players are investing heavily in thermal management, along with the rising EV market in developing countries, which is leading to significant market revenue growth in this region.
• Segmentation analysis reveals rising global demand for automobiles with low fuel consumption and carbon emissions.
• The expansion is anticipated in this segment owing to the availability of subsidies and approval from the government for them.
• In conclusion, Latin America presents significant growth opportunities driven by the increasing charging infrastructure and extending vehicle range.
• According to Cognitive Market Research, the Brazil electric vehicle thermal management system market size was valued at USD 46.19 million in 2024 and is projected to grow at a CAGR of 9.8% during the forecast period.
• Electric vehicle thermal management system sales flourish in Brazil due to the nation's ongoing research and development.
• The Argentina electric vehicle thermal management system market had a market share of USD 18.13 million in 2024 and is projected to grow at a CAGR of 10.1% during the forecast period.
• Argentina's rise in government initiatives for energy efficiency and sustainable development.
• The Colombia electric vehicle thermal management system market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 9.60 million in 2024.
• The Peru electric vehicle thermal management system market is projected to witness growth at a CAGR of 9.4% during the forecast period, with a market size of USD 8.85 million in 2024.
• The Chile electric vehicle thermal management system market is projected to witness growth at a CAGR of 9.5% during the forecast period, with a market size of USD 7.77 million in 2024.
• The Rest of Latin America electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.3% during the forecast period, with a market size of USD 17.37 million in 2024.

Middle East and Africa Electric vehicle thermal management system

According to Cognitive Market Research, the global electric vehicle thermal management system market size was estimated at USD 2158.2 Million, out of which the Middle East and Africa held the major market of around 2% of the global revenue with a market size of USD 43.16 million in 2024 and will grow at a compound annual growth rate (CAGR) of 9.5% from 2024 to 2031.

• MEA electric vehicle thermal management system market showcases promising growth prospects driven by the region's government initiatives, environmental awareness, and stringent emission regulations.
• The strong demand for EVs naturally extends to the demand for high-quality electric vehicle thermal management systems.
• Segmentation analysis reveals the electric vehicle manufacturing industries in Middle East and Africa collaborate with leading technology companies to enhance the thermal management of electric vehicles.
• In conclusion, MEA presents significant growth opportunities for the electric vehicle thermal management system market due to technological advancements.
• The GCC Countries' electric vehicle thermal management system market is projected to witness growth at a CAGR of 10.3% during the forecast period, with a market size of USD 18.47 million in 2024.
• Electric vehicle thermal management system sales flourish due to the region's increasing adoption of innovative and advancing technologies.
• The Egypt electric vehicle thermal management system market is projected to witness growth at a CAGR of 9.8% during the forecast period, with a market size of USD 4.53 million in 2024.
• The South African electric vehicle thermal management system market is projected to grow at a CAGR of 10.5% during the forecast period, reaching a market size of USD 6.82 million in 2024.
• The region's rechargeable energy storage system and greater energy density.
• The Turkey electric vehicle thermal management system market is projected to witness growth at a CAGR of 9.0% during the forecast period, with a market size of USD 3.71 million in 2024.
• The Nigeria electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.6% during the forecast period, with a market size of USD 4.53 million in 2024.
• The Rest of MEA electric vehicle thermal management system market is projected to witness growth at a CAGR of 8.5% during the forecast period, with a market size of USD 5.09 million in 2024.

Electric vehicle thermal management system Market Analysis

Electric Vehicle Thermal Management System Market Type Segment Analysis

According to Cognitive Market Research, the battery electric vehicle category held the major market share. BEVs require efficient thermal management to optimize battery performance, extend lifespan, and ensure safe operation, fueling demand for advanced cooling and heating solutions in the automotive sector.

The fastest-growing category in the electric vehicle thermal management system market is plug-in hybrid electric vehicles (PHEV). PHEVs integrate both electric and internal combustion engine propulsion, necessitating advanced thermal management for optimal operation. This market is propelled by the growing demand for eco-friendly transportation solutions and regulatory incentives favoring electric mobility.

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Electric vehicle thermal management system Industry. Request a Free Sample PDF!

Electric Vehicle Thermal Management System Market Application Segment Analysis

According to Cognitive Market Research, air condition stands out as the dominating category due to increasing demand for efficient battery cooling and heating solutions to enhance vehicle range and performance. Air conditioning systems play a crucial role by regulating cabin temperature and cooling critical vehicle components, ensuring optimal operation and longevity, thus contributing significantly to the overall market growth and adoption of electric vehicles.

Transmission systems emerged as the fastest-growing category in the electric vehicle thermal management system market due to increasing demand for EVs, stringent emission regulations, and advancements in battery technology. Effective thermal management ensures optimal performance, range, and longevity of EV components. Transmission systems, integral to EV operation, necessitate efficient cooling to maintain performance and reliability.

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Electric vehicle thermal management system System Segment Analysis

According to Cognitive Market Research, the dominating category is powertrain cooling due to the increasing adoption of electric vehicles, stringent emission regulations, and growing demand for energy-efficient solutions. Powertrain cooling plays a crucial role in ensuring optimal temperature control for batteries, motors, and inverters, thereby enhancing vehicle performance, efficiency, and longevity. As electric vehicle technology advances, efficient thermal management becomes increasingly vital for sustained market growth.

The fastest-growing category in the electric vehicle thermal management system market is heating, ventilation, and air conditioning (HVAC) due to increasing demand for ventilation, efficient heating, and air conditioning (HVAC) solutions to manage battery temperature, enhance vehicle range, and ensure passenger comfort. HVAC systems play a major role in maintaining optimal temperature levels within electric vehicles, impacting their performance and user experience.

• Heating
• Ventilation and Air Conditioning (HVAC)
• Powertrain Cooling
• Fluid Transport
• Others

Electric vehicle thermal management system Component Segment Analysis

According to Cognitive Market Research, the dominating category is motor due to escalating demand for efficient battery cooling and heating solutions to optimize performance and extend battery life. Electric motors play a crucial role in this system, providing propulsion while requiring effective temperature control to enhance efficiency and longevity.

The fastest-growing category in the electric vehicle thermal management system market is cabin area due to escalating demand for EVs, regulatory push for emissions reduction, and advancements in battery technology. Effective thermal management ensures optimal performance and longevity of batteries, motors, and electronics while enhancing passenger comfort in the cabin area.

• Motor
• Battery
• Cabin Area

Electric vehicle thermal management system Technology Segment Analysis

According to Cognitive Market Research, the dominating category is reduced HVAC system loading due to ensuring optimal energy efficiency and extending battery life by efficiently managing temperature within the vehicle, thereby enhancing overall performance and driving range while reducing operational costs.

The fastest-growing category in the electric vehicle thermal management system market is active transmission warmup due to increasing demand for EVs, necessitating efficient temperature control for battery performance and longevity. Active transmission warmup is a technology that optimizes transmission fluid temperature, enhances efficiency, and extends component lifespan, contributing to overall thermal management solutions in EVs.

• Active Transmission Warmup
• Exhaust Gas Recirculation (EGR)
• Reduced HVAC System Loading
• Others

Author's Detail

Sneha Mali

Research Analyst at Cognitive Market Research

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I am a research analyst working in the Transport & Logistics domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.

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