- Government initiatives are promoting the adoption of electric vehicles globally.
- Growing awareness of driver comfort is expected to provide promising opportunities for market players.
- Asia-Pacific is estimated to hold the largest market share during the forecast period.
The global electric vehicle thermal management system market is estimated to witness 9% CAGR during the forecast period. The improving electric vehicle infrastructure in countries such as China, Germany, South Korea, the US, and Japan, increasing production and sales of electric cars globally, growing demand for thermal cooling solution within the vehicles, stringent emission and fuel efficiency regulations, and the growing demand for energy-efficient battery-powered devices are the key factors driving this market.
The prominent players operating in the global electric vehicle thermal management system market are Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Gentherm (US), Hanon Systems (South Korea), BorgWarner Inc. (US), Robert Bosch GmbH (Germany), Dana Limited (US), VOSS Automotive GmbH (Germany), and Modine Manufacturing Company (US).
A thermal management system is used to control the temperature of various systems in vehicles. Factors such as the growing demand for e-mobility, increasingly stringent regulations regarding the fuel economy with limited greenhouse emissions, and rising sales of electric vehicles drive the market growth. However, growing awareness of driver comfort is expected to provide promising opportunities for market players.
Government initiatives are also promoting the adoption of electric vehicles globally. For instance, in September 2017, the Indian Ministry of Road Transport and Highways announced a list of non-fiscal incentives to ensure that electric vehicles account for 15% of total vehicle sales in the country over the next five years.
Market Research Analysis
In terms of region, the global market for the electric vehicle thermal management system is segmented into North America, Europe, Asia-Pacific, and the rest of the world. Asia-Pacific is estimated to hold the largest market share during the forecast period owing to growing production of electric vehicles, establishing manufacturing facilities of automotive thermal management system, and increasing investment by manufacturers such as MAHLE GmbH, VOSS Automotive GmbH, and Modine Manufacturing Company in the manufacturing facilities to meet the high demand for thermal management systems in the region. Moreover, a growing population, changing lifestyle, and rising purchasing power of people are expected to boost the demand for electric vehicle thermal management system market in this region.
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Europe is estimated to grow at a significant rate in electric vehicle thermal management system market during the forecast period owing to the presence of key players such as Robert Bosch GmbH (Germany), MAHLE GmbH (Germany), and VOSS Automotive GmbH (Germany) are contributing in the growth of this market.
In North America, increased spending on research and development to promote the vehicle advanced technologies and increased presence of major thermal management system manufacturers such as BorgWarner Inc. and Dana Limited will increase the revenue for the electric vehicle thermal management systems during the forecast period. Additionally, in the US, the US Environmental Protection Agency (EPA) and the Department of Transportation’s National Highway Traffic Safety Administration (NHTSA) established new fuel economy and greenhouse gas standards for vehicles. The standards are applied to all automobiles, including electric vehicles from 2012. These standards enhanced the demand for thermal management systems in the country, which in turn drives the growth of this market.
The growing investing for the development of advanced thermal management systems for the vehicles used in public transport across MEA and South America is expected to fuel the market growth. Furthermore, increased environmental awareness and stringent government vehicle standards are expected to influence the sales for automotive systems such as thermal management systems during the forecast period in RoW.