Electric Vehicle Thermal Management System Market – Global Industry Analysis and Forecast (2023-2029)

Electric Vehicle Thermal Management System Market reached a value of US $ 2.93 Bn. in 2022. Global Electric Vehicle Thermal Management System Market size is estimated to grow at a CAGR of 18.5%. The market is expected to reach a value of US $ 9.62 Bn in 2029.
Electric Vehicle Thermal Management System Market Overview:
Thermal management is a technique used in automobiles to monitor and control the temperature of components such as batteries, passenger cabins, and HVAC systems, among other things. Heat transmission, thermal load reduction, and waste heat recovery are the main goals of the vehicle thermal management system. Passenger comfort, power system performance, and the overall travel experience can all be improved using thermal management technologies. Thermal management systems are utilised in electric vehicles to extend the vehicle's efficiency range. Global electric vehicle production and growing demand for thermal cooling solutions in vehicles, stringent emission and fuel efficiency regulations, and the growing demand for energy-efficient battery-powered devices are driving the market. China, Germany, South Korea, the United States, Japan, and other countries continue to improve their electric vehicle infrastructure. To know about the Research Methodology :- Request Free Sample Report

2022 is considered as a base year to forecast the market from 2023 to 2029. 2022’s market size is estimated on real numbers and outputs of the key players and major players across the globe. Past five years' trends are considered while forecasting the market through 2029. 2021 is a year of exception and analyzed especially with the impact of lockdown by region.
Electric Vehicle Thermal Management System Market Dynamics:
Electric vehicles (EVs) are the automotive industry's future, but it appears that 2022 will be remembered as the year of the EV recall as a result of battery fires. General Motors has issued a recall for 68,667 Chevrolet Bolts, warning owners not to park their vehicles near their homes or in garages because they may catch fire. This isn't restricted to just a few OEMs either. EVs will become safer than conventional vehicles, according to industry associates, although practically every OEM with an EV has had at least one catastrophic fire-related incident yet. In some cases, impurities in the cells were the cause of the fires, while in others, the poor thermal design caused the batteries to overheat.

The energy storage system of the car is moving from fossil fuels to electrochemical energy storage systems in the coming era of electric energy. As a result, the propulsion system shifts from the engine to the motor. The automotive industry is undergoing a transformation as a result of changes in energy storage and propulsion systems, resulting in the development of new energy vehicles with more electrified powertrain systems. When compared to other rechargeable battery types, lithium-ion (Li-ion) batteries have emerged as the most promising energy storage technology in recent years due to their better energy density, lighter weight, lack of memory effect, and reduced self-discharge rate. These features have made them popular for use in electric vehicles (EVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs) (PHEV).

The continued commercialization of EVs in the global market by brands such as Tesla Model S, Nissan Leaf EV, BMW i3, Hyundai Kona Electric, as well as in the Indian market by many big names entering the EV domain such as TATA with NEXON EV, the old school Mahindra REVA, as well as the 2-wheeler domain with ATHER, OLA Electric, SIMPLE, Hero, and others, has accelerated the rapid development of Li-ion battery technology and raised a broad future.

Electric car fires were given a lot of attention in 2022, and companies like Hyundai and GM had to recall roughly 100,000 vehicles each. The cost of these recalls was projected to be $900 million for Hyundai and $1.2 billion for GM, not to mention the damage to their EVs' and EVs' overall reputations. While it is generally recognized that electric vehicle fires are less common than combustion vehicle fires, EV fires are far more severe and, as a more unknown quantity, receive greater media attention. The detection and control of thermal runaways are critical, especially when EV safety standards begin to be implemented. This also opens the door for fire-retardant or fire-insulating materials to be used outside of the battery pack to prevent or slow the spread of fire. Given the lack of agreement on the design of an EV battery cell or pack, this is concerning.

Why Thermal Management System Needed in EVs?

Generally, most Li-ion battery research focuses on improving the material aspect to improve specific energy, power, and cycle life, with thermal-related issues receiving less attention. Even organizations use terms like "range" and "fast charging" to attract customers' attention. The end-user is gradually becoming convinced of the range capabilities of two-wheelers, but there is still range anxiety when it comes to BEVs in the four-wheeler area.

The volumetric energy density, measured in WhL1, should be raised to enhance the total range of an electric car or SUV. Similarly, the gravimetric energy density must be improved in order to extend the range of electric buses. However, higher energy density materials may have lesser thermal stability, resulting in safety issues such as thermal runaway (TR). The most typical features of lithium-ion battery accidents are TR and TR-induced smoke, fire, and even explosion. Smoke, fire, and explosion are all important safety issues that the public is concerned about. Because many countries require the lithium-ion battery to pass mandatory test standards, such as UN 38.3, UN R100, SAE-J2464, IEC-62133, GB/T 31485, and others, before it can be used in an EV, many countries require the battery to pass mandatory test standards, such as UN 38.3, UN R100, SAE-J2464, IEC-62133, GB/T 31485, and others.

Industry Trends –

Thermal management systems have been put to the test by putting electric vehicle modules through rigorous testing. For example, Hyundai has set up a multi-environment durability tester at its Uiwang R&D facility to put its goods to the test. The company's dedication to quality and concentration on attracting the attention of multinational manufacturers can result in significant revenue.

Due to its high retention power following the aging of coolants, engineering plastic materials such as polyphenylene sulfide (PPS) are being developed. It's a good choice for BTMS because of its chemical resistance and high-temperature performance. DSM, a well-known Dutch company, has improved the bond strength between glass fibers and PPS resins using its unique Xytron technology. Another developing approach, thermoelectric cooling (TEC), is being successfully combined with EVs on a regular basis. It provides for more accurate temperature control by adjusting the voltage supply. However, in simulated experiments, the design of TEC with liquid cooling to remove heat from batteries has proven successful.

EV Thermal Management System

TMS is commonly utilized for high-discharge-rate batteries, and notably for large-scale battery packs that require a long life cycle (>10 years) and are expensive to repair. Because of the high cost of batteries, the high cost of vehicles per SE, and the low rate of automobile replacement, all HEVs, PHEVs, and EVs must be equipped with Thermal Management Systems (TMS). Several approaches for quickly eliminating heat from a battery pack have been researched and evaluated by numerous research groups all over the world in recent years. As can be seen, they can be categorized in a variety of ways.

Energy efficiency, capital expenses, ease of operation, maintenance requirements, and reliability are all criteria that are generally evaluated in the TMS trade-off analysis. Due to their high thermal resistance and low coefficient of performance, cold plate and thermoelectric devices are not recommended for use in commercial systems. Gentherm Incorporation, on the other hand, uses thermoelectric devices in its commercial design, whilst the GMC Volt and Tesla Model S battery packs use cold plates, indicating that both technologies have advanced greatly in recent years.

Two essential criteria impacting battery pack performance are temperature range and temperature variation. The ambient temperature can range from -35 to +50 degrees Celsius depending on the region, climate, and season, but the battery's preferred temperature range is around +15 to +35 degrees Celsius. Furthermore, temperature fluctuations across cells in the battery pack are caused by battery unreliability and thermal boundary conditions. Battery Thermal Management Systems must be properly designed to address these significant difficulties (BTMS).
Glaring Acquisition and Partnerships:
Rocky Research, a Nevada-based leader in thermal, energy, and power management solutions, was acquired by Honeywell in October of 2021. Honeywell will be able to greatly increase its thermal materials range in the aerospace sector as a result of this acquisition. Rocky Research has already earned a number of significant contracts with the US Department of Defense and Homeland Security.

Unifrax purchased Rex Materials Group (RMG) in June 2021. Clearlake Capital Group, L.P. backs Unifrax, which provides high-performance specialty materials for thermal management, emission control, batteries, specialty filtration, and fire protection. RMG's addition to the organization broadens Unifrax's offering of high-temperature designed thermal components.

Latent Heat Solutions, LLC (LHS), which was acquired by the CAVU Group in October 2021, was another acquisition. CAVU is a pioneer in the field of thermal management and temperature monitoring. Thermal management systems are available from LHS for commercial battery energy storage and temperature stabilization of thermally sensitive components. CAVU's unique materials, engineering, and production skills are said to be enhanced as a result of the combination.
Electric Vehicle Thermal Management System Market Segment Analysis:
Based on System, the market is sub-segmented into the Active system and Passive system. In 2022, the passive system type dominated the global market, accounting for more than 78.3% of total sales. Due to the high demand for passive systems, which provide hundreds of watts of cooling and heating power, the segment is expected to maintain its dominance in the forecast period. When compared to active cooling systems, the cost of passive thermal management systems and their components is lower. Because of the increased usage of systems that use air or liquid to cool or heat the battery cells, the active type sector is predicted to develop at the fastest rate over the forecast period. The use of active battery thermal management systems (BTMS) extends the battery's life and improves its efficiency.



Based on Vehicle Type, the market is sub-segmented into Passenger vehicles and Commercial vehicles. In 2022, the passenger car segment had the highest market share, accounting for nearly 87.5%. Due to the widespread availability of passenger EVs, the segment will maintain its leadership position and grow at the fastest CAGR over the forecast period. Numerous governments are taking steps to encourage the adoption of electric vehicles, which is fueling the segment's growth.

Due to the rising demand for battery-operated buses and lightweight vehicles, the commercial vehicle segment is likely to grow at a substantial CAGR over the forecast period. According to the MMR research, there were 460,000 electric buses and 250,000 light commercial vehicles (LCVs) in stock in 2022, up from roughly 80,000 units in 2022. The significant cost reductions that electric vehicles give can be linked to the rise in the number of battery-powered commercial vehicles. Although the lower running costs of electric cars encourage their use, the segment's growth may be hampered by the lower load capacity of these commercial vehicles. Also, technical advancements combined with improved heat management technologies are expected to lessen the impact of this restriction.

Companies to Watch –

BOSH - This market is dominated by the corporation. The corporation is a global leader in providing technology and services to the automotive sector. Under the electro-mobility area, the company provides services and solutions for battery temperature management. The company's innovative automotive thermal management solutions expand the range of electric vehicles that can be operated, allowing batteries to be recharged quickly, and ensuring optimal relaxation in the vehicle.

Continental AG – It is a market leader in advanced vehicle systems for both passenger automobiles and commercial vehicles. Advanced dynamic solutions, electrical equipment, industrial fluid solutions, and a variety of other items are all areas of concentration for the company. The company supplies numerous components under the e-mobility segment for automobile battery heat management systems. Oil, cooling water, or refrigerant is used in the hose lines for battery temperature control systems. In addition, refrigerant lines for battery temperature management, oil cooling lines for e-mobility, and battery cooling lines for EV and hybrid vehicles are also part of the product line.

Hanon Systems – The firm is a forerunner in the development of new thermal and energy management solutions. It provides a thermal management solution for both traditional automobiles and electric vehicles. Hanon Systems uses a low-temperature coolant circuit for the electric motor and inverter, active cooling of the lithium batteries, and a heat pump system for cabin heating to create such an innovative design. In addition, the company provides solutions for both electric vehicles (EV/HEV) and fuel cell electric vehicles. The centrifugal air compressor, high voltage cooling fan motor, and E-Compressor are all needed components in FCEV.

Valeo – The Company is a global automotive supplier that develops cutting-edge technologies and systems to make future vehicles more connected, self-driving, and environmentally friendly. For each powertrain, the company provides novel thermal battery management systems. Moreover, this helps in extending the range of electric vehicles, and the company has received orders worth €2 billion (USD 2.32 billion) to date. In 2022, the company expected to deliver battery cooling solutions to a major German automaker's high-volume electric car platform. According to the company, thermal modules for retrofitting will be available soon.
Electric Vehicle Thermal Management System Market Regional Insights:
In 2022, the Asia Pacific region held 41.23% of the market share, and this dominance is likely to continue over the forecast period. In APAC, the automobile OEM business is already well-positioned. It is a global leader in the production of electric vehicles. In APAC, China is the market leader. China's electric car industry has been on a tear for the past five years, rising at a rate of 15% per year on average and accounting for 70% of global growth during that time.

Various factors such as manufacturers' concerns about electric vehicles, government support, a shift in consumer preference toward electric vehicles, and strict emission norms are fueling the penetration of electric vehicles in China and Japan, resulting in market growth for electric vehicle thermal management systems. North America and Europe are the next two regions after APAC. Because of the impressive sales performance of Tesla's Model 3, the US market almost doubled to 360,000 EV vehicles. North America is located in North America. Electric vehicle tax subsidies and high demand from reservation holders are driving market expansion.

The objective of the report is to present a comprehensive analysis of the Electric Vehicle Thermal Management System Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

The reports also help understand the Electric Vehicle Thermal Management System Market dynamic and structure by analyzing the market segments and projecting the Electric Vehicle Thermal Management System Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Electric Vehicle Thermal Management System Market make the report investor’s guide.
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Electric Vehicle Thermal Management System Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US$ 2.93 Bn.


Forecast Period 2023 to 2029 CAGR:
18.5%
Market Size in 2029:
US$ 9.62 Bn.


 Segments Covered:
by System
Active system
Passive system


by Vehicle Type
Passenger vehicle
Commercial vehicle


by Battery Type
Solid-state battery
Conventional battery


by Application
EV
PHEV



Electric Vehicle Thermal Management System Market by Region
North America (United States, Canada and Mexico)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Electric Vehicle Thermal Management System Market Key Players
1.Mahle
2.Valeo
3.Bosch
4.Hana System
5.Dana
6.VOSS Automotive
7.CapTherm System
8.Denso Corporation (Japan)
9.Gentherm (US)
10.DuPont (US)
11.Continental AG (Germany)
12.Renesas Electronics Corporation (Japan)
13.Ymer Technology (Sweden)
14.NORMA Group (Germany)
15.BorgWarner Inc. (US)
16.Modine Manufacturing Company
17.LG Chem Ltd.
18.Calsonic Kansei Corporation
19.Samsung SDI

Frequently Asked Questions:

1. Which region has the largest share in Global Electric Vehicle Thermal Management System Market?
Ans: Asia Pacific region held the highest share in 2022.

2. What is the growth rate of Global Electric Vehicle Thermal Management System Market?
Ans: The Global Electric Vehicle Thermal Management System Market is growing at a CAGR of 18.5% during forecasting period 2023-2029.

3. What is scope of the Global Electric Vehicle Thermal Management System market report?
Ans: Global Electric Vehicle Thermal Management System Market report helps with the PESTEL, PORTER, COVID-19 Impact analysis, Recommendations for Investors & Leaders, and market estimation of the forecast period.

4. Who are the key players in Global Electric Vehicle Thermal Management System market?
Ans: The important key players in the Global Electric Vehicle Thermal Management System Market are – Mahle, Valeo, Bosch, Hana System, Dana, VOSS Automotive, CapTherm System, Denso Corporation (Japan), Gentherm (US), DuPont (US), Continental AG (Germany), Renesas Electronics Corporation (Japan), Ymer Technology (Sweden), NORMA Group (Germany), BorgWarner Inc. (US), Modine Manufacturing Company, LG Chem Ltd., Calsonic Kansei Corporation, and Samsung SDI

5. What is the study period of this market?
Ans: The Global Electric Vehicle Thermal Management System Market is studied from 2022 to 2029.