Global Electric Vehicle Thermal Management System Market Segmentation by System (Air Cooling, Liquid Cooling, Refrigerant Cooling), by Application (EV, PHEV), by Vehicle Type (Passenger, Commercial), by Battery Type (Solid State, Conventional), by Region (North America, APAC, Europe, MEA& Africa and South Africa).
Thermal management entails regulating heat flows inside the vehicle. After all, components must be operated in their respective optimal temperature range while also generating pleasant temperatures for passengers in the vehicle interior. Thermal management systems in electric vehicles are generally more complex than in conventional vehicles featuring combustion engines. Various factors such as stringent emission norms, government policies, and subsidies favouring electric vehicle infrastructure, increasing OEMs focus on safety are driving the global market growth over forecast period.
However, factors such as high cost, less adoption of thermal management systems in underdeveloped countries are restraining market growth over the forecast period.
By Vehicle type, the passenger vehicle segment dominated the global market in 2019 and is expected to keep its dominance over the forecast period. In passenger vehicles, the high specific thermal management system enables the coolant to absorb a lot of heat in a very small space, which is necessary for effectively cooling the eAxle or battery, for example. Coolant can also be used to distribute heat very flexibly within the passenger vehicle. When coolant absorbs heat, its temperature rises and needs to be cooled in a heat exchanger.
By system, the Liquid Cooling system dominated the global market in 2019 and is expected to keep its dominance over the forecast period. With improving vehicle efficiency, liquid thermal systems are increasingly important for effective and efficient heavy and light-duty vehicle design.
By geography, APAC held 41.23% of market share in 2019 and is expected to keep its dominance over the forecast period. The automotive OEM industry in APAC is already in a strong position. Globally, it is at the forefront of electric vehicle manufacturing. China is leading the market in APAC. Over the five years, China’s electric vehicle industry has been in overdrive, growing at an average 15 percent each year, and accounting for 70 percent of global growth during this period.
Report covers in-depth analysis of key development, marketing strategies, supply-side and demand-side indicators, and company profiles of market leaders, potential players, and new entrants. Some of the key players covered in this market are Gentherm, Continental, VOSS Automotive, CapTherm System, Mahle, Denso Corporation (Japan), Valeo (France), Gentherm (US), DuPont (US) and Continental AG (Germany) among others. These Key players operating in this market are adopting various organic and inorganic growth strategies such as merger& acquisitions, joint ventures, collaborations, expansion, new product launches, and patent to increase their regional presence and business operations.
Maximize Market Research, a global market research firm with a dedicated team of specialists and data has carried out extensive research about the Global Electric Vehicle Thermal Management System Market. The report encompasses the market by different segments and region, providing an in-depth analysis of the overall industry ecosystem, useful for making an informed strategic decision by the key stakeholders in the industry. Importantly, the report delivers forecasts and share of the market, further giving an insight into the market dynamics, and future opportunities that might exist in the Global Electric Vehicle Thermal Management System Market. The driving forces, as well as considerable restraints, have been explained in depth. In addition to this, competitive landscape describing the strategic growth of the competitors have been taken into consideration for enhancing market know-how of our clients and at the same time explain Global Electric Vehicle Thermal Management System Market positioning of competitors.
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