Electric Vehicle Thermal Management System Market Overview

The customer's high demand for a good thermal system in their vehicle has largely driven the Electrical Vehicle Thermal Management System Market. Electric vehicles usually get heated quickly, which leads to the failure of the device. The customer's demand for a controlled thermal system to smoothly move their electrical vehicle has led the Electrical Vehicle Thermal Management System Industry to develop various features with technological advancement. The thermal system is installed in different major components of the vehicle, such as the cabinet area, battery, steering, motor, and others. These areas of the vehicle need a temperature control system. 

The COVID-19 pandemic has made a disturbing impact on the Electrical Vehicle Thermal Management System Industry. The pandemic has greatly increased the necessity of lowering the global temperature and carbon emission, impacting people's health. Hence, the key players are trying to develop the features of lithium-ion batteries to combat the battery issues faced by the customers. Advance features to be renovated in batteries for thermal performance and discharge rate are crucial parameters in an electric vehicle. Due to the imposed lockdown, the manufacturing operation and working process have been slowed down. There was a delay in supplying the raw materials to the industries. Most of the Electrical Vehicle Thermal Management System Industry have stopped their production during the pandemic period.

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But the situation has shown a recovery in the market in the post-pandemic period due to the environmental awareness factor to reduce carbon emissions and control global warming. The market is to recover from the pandemic and continue its growth significantly to reach the estimated CAGR of 9% between 2020 and 2027 during the assessment period.

Electric Vehicle Thermal Management System Market Segmentation

The Electrical Vehicle Thermal Management System Market is segmented based on various segments such as system, component, technology, application, and vehicle type. Based on system segmentation, the market is classified into heating, ventilation and air conditioning, power train cooling, fluid transport, etc. The market is segmented into motor, battery, and cabin areas based on the component type segment. Active transmission warmup, exhaust gas recirculation, reduced HVAC system loading, and others come under the technology segment. The market is classified into engine cooling, air conditioning, heated steering, waste heat recovery, transmission system, heated and ventilated seats, and others based on the application. Battery electrical vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles fall under the vehicle type segment. 

The wide range of segments with advanced techniques and features drives the global level of Electrical Vehicle Thermal Management System Market Share.

Electric Vehicle Thermal Management System Market Regional Analysis

Electrical Vehicle Thermal Management System Market is spreading its root to different parts of the world. The Asia Pacific holds the highest revenue, and it will continue its significant growth in the upcoming years. Europe will register its highest growth rate in the market during the forecast period. The rapid growth of electric car cooling and increased investment drive the Electrical Vehicle Thermal Management System.

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Electric Vehicle Thermal Management System Industry News

The recent reports state that the automotive battery thermal management system got a leg-up from the EV supportive government programs. Innovative battery tech is boosting safety and disrupting the EV sector.

Key Players

Robert Bosch GmbH (Germany) BorgWarner Inc. (US) Dana Limited (US) VOSS Automotive GmbH (Germany) Modine Manufacturing Company (US) Denso Corporation (Japan) MAHLE GmbH (Germany) Valeo (France) Gentherm (US) Hanon Systems (South Korea)

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