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Electric Vehicle Thermal Management System Market

Electric Vehicle Thermal Management System Market Size, Share and Segmentation by Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Vehicle (FCV)), by Vehicle Type (Passenger Vehicles, Commercial vehicles), by Type (Active, Passive, Hybrid), by Regions and Global Market Forecast 2022-2028

Report Id: SNS/AUTO/1662 | June 2022 | Region: Global | 130 Pages

Electric Vehicle Thermal Management System Market Overview:

The Electric Vehicle Thermal Management System Market Size was valued at USD 2.17 billion in 2021 and is expected to reach USD 4.71 billion by 2028 and grow at a CAGR of 16.7% over the forecast period 2022-2028.

During the electrochemical activities that are taking place in the cells of an electric vehicle's battery pack, a battery thermal management system, abbreviated as BTMS, is utilized to keep the battery pack at the ideal average temperature. A decrease in performance, a reduction in the battery's life span, and an increased risk of explosion can all result from an overheated battery. As a result, a thermal management system for batteries is required for each and every module that contains batteries. The primary objective of a thermal management system for a battery is to extend the useful life of the battery by controlling the temperature of the individual battery cells. It is anticipated that the battery heat management system will make it possible for the pack to function properly in a wide variety of climatic conditions and with a supply of ventilation.

In addition, the management of thermal energy in electric vehicles makes it possible to not only increase the power of the batteries and their lifespan but also to decrease the dimensions of the electric engines. Therefore, the temperature is the most important characteristic that must be maintained at a consistent level in a battery. Therefore, it is essential for electric vehicles to make use of a system that can manage the temperature of the battery.

In 2021, Ford Motor Company and BMW AG made the announcement that they would be investing $130 million in a startup company called Solid Power. Solid Power is an all-solid-state battery company that is working to develop solid-state batteries for electric vehicles. These batteries would store more energy, be safer, and charge more quickly.

MARKET DYNAMICS: 

KEY DRIVERS: 

  • Increasing consumer interest in electric vehicles.

  • Technology with a large range and a quick charging rate.

  • The growth of the market for electric vehicle batteries is helped by favorable emission requirements.

  • Integration of the thermal management system with other types of electric thermal management systems.

RESTRAINTS: 

  • The complexity is inherent in the components utilized in battery thermal management systems.

  • The expansion of the market is being hampered by inadequate infrastructure for electric vehicles.

OPPORTUNITIES: 

  • An acceleration of the pace at which scientific advancements are made in lithium-ion batteries.

  • The market is set to benefit through technological advances in battery cooling systems.

CHALLENGES: 

  • OEMs are constantly confronted with obstacles due to the introduction of new technologically advanced systems.

  • Huge costs for both investment and research and development.

IMPACT OF COVID-19:

Thermal management systems for electric vehicle (EV) batteries will be impacted by the COVID-19 standard for several years. COVID-19 has caused governments worldwide to establish a strict lockdown and limit the import-export of vital raw material products for most of 2020 and a few months in 2021, as a result of this outbreak. As a result, raw resources for electric vehicle components became scarcer and scarcer. Production and sales of automobiles were significantly hampered as a result of the COVID-19 epidemic, which had a detrimental influence on the market for battery management systems for electric vehicles in 2020. Governments around the world enacted stringent lockdowns and mandated social separation as a means of preventing the spread of the COVID-19 virus. Thus, a number of corporations instituted work-from-home programs as a preventative strategy. Because of this, the global demand for automobiles has decreased, which has influenced the market for thermal management systems for electric vehicles.

KEY MARKET PLAYERS:

BorgWarner Inc. (US), Dana Limited (US), Robert Bosch GmbH (Germany), VOSS Automotive GmbH (Germany), Ford Motors, BMW AG, Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Gentherm (US), LORD Corporation, Modine Manufacturing Company (US), and Hanon Systems (South Korea) are some of the affluent competitors with significant market share in the Electric Vehicle Thermal Management System Market.

MARKET ESTIMATION: 

Market, By Propulsion Type:

Based on the propulsion type segment, the global market has been divided into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric vehicles (PHEV), and Fuel Cell Vehicle (FCV). The BEV segment is expected to develop during the projection period by lowering battery prices, boosting consumer awareness of the environment, and reducing charging time, for electric vehicles, and super-fast chargers are expected to allow charging in less than an hour.

Market, By Vehicle Type:

The global market has been divided into Passenger vehicles and Commercial vehicles based on the vehicle type segment. The passenger vehicle market will maintain its dominance and grow at the highest CAGR due to the widespread availability of passenger EVs. Due to an increase in demand for battery-operated buses and lightweight trucks, the commercial vehicle industry is likely to grow significantly over the forecast period.

Market, By Type:

The global market has been divided into active, passive, and hybrid based on the type segment. Passive systems are in high demand since they provide hundreds of watts of cooling and heating power. To cool or heat battery cells, more air or liquid will be used in the active type segment. Batteries with active thermal management systems (BTMS) have a longer useful life and higher energy efficiency than batteries without them.

MARKET SEGMENTATION:

By Propulsion Type:

  • Battery Electric Vehicle (BEV)

  • Hybrid Electric Vehicle (HEV)

  • Plug-in Hybrid Electric Vehicle (PHEV)

  • Fuel Cell Vehicle (FCV)

By Vehicle Type:

  • Passenger vehicles

  • Commercial vehicles

By Type:

  • Active

  • Passive

  • Hybrid

REGIONAL ANALYSIS:

In 2019, the Asia-Pacific region was the largest regional market, making up over 46% of worldwide sales. Over the projection period, it is expected to increase at the fastest CAGR. The regional market is dominated by countries like China and Japan. The primary driver of growth in the region is the increased use of electric vehicles, particularly in China. In addition, as consumers become more aware of the advantages of electric vehicles, the regional market is likely to increase at a faster rate. The presence of numerous major car and component manufacturers in Europe is expected to boost the regional market significantly over the forecast period. The European market has the highest global penetration of EVs and ranks third internationally in terms of EV sales among major contributors.

REGIONAL COVERAGE:

  • North America

    • The USA

    • Canada

    • Mexico

  • Europe

    • Germany

    • The UK

    • France

    • Italy

    • Spain

    • The Netherlands

    • Rest of Europe

  • Asia-Pacific

    • Japan

    • south Korea

    • China

    • India

    • Australia

    • Rest of Asia-Pacific

  • The Middle East & Africa

    • Israel

    • UAE

    • South Africa

    • Rest of Middle East & Africa

  • Latin America

    • Brazil

    • Argentina

    • Rest of Latin America

Electric Vehicle Thermal Management System Market Report Scope
Report Attributes Details
Market Size in 2021 US$ 2.17  Billion
Market Size by 2028 US$ 4.71 Billion
CAGR CAGR of 16.7% From 2022 to 2028
Base Year 2021
Forecast Period 2022-2028
Historical Data 2017-2020
Report Scope & Coverage Market Size, Segments Analysis, Competitive  Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook
Key Segments • by Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Vehicle (FCV))
• by Vehicle Type (Passenger Vehicles, Commercial vehicles)
• by Type (Active, Passive, Hybrid)
Regional Analysis/Coverage North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
Company Profiles The complexity is inherent in the components utilized in battery thermal management systems.

The expansion of the market is being hampered by inadequate infrastructure for electric vehicles.
Key Drivers •Increasing consumer interest in electric vehicles.

•Technology with a large range and a quick charging rate.
RESTRAINTS •The complexity is inherent in the components utilized in battery thermal management systems.

•The expansion of the market is being hampered by inadequate infrastructure for electric vehicles.


Frequently Asked Questions (FAQ) :


Table of Contents

 

1. Introduction

1.1 Market Definition

1.2 Scope

1.3 Research Assumptions

 

2. Research Methodology

 

3. Market Dynamics

3.1 Drivers

3.2 Restraints

3.3 Opportunities

3.4 Challenges

 

4. Impact Analysis

4.1 COVID-19 Impact Analysis

4.2 Impact of the Ukraine-Russia War

 

5. Value Chain Analysis

 

6. Porter’s 5 forces model

 

7.  PEST Analysis

 

8. Global Electric Vehicle Thermal Management System Market Segmentation, By Propulsion Type

8.1 Battery Electric Vehicle (BEV)

8.2 Hybrid Electric Vehicle (HEV)

8.3 Plug-in Hybrid Electric Vehicle (PHEV)

8.4 Fuel Cell Vehicle (FCV)

 

9. Global Electric Vehicle Thermal Management System Market Segmentation, By Vehicle Type

9.1 Passenger vehicles

9.2 Commercial vehicles

 

10. Global Electric Vehicle Thermal Management System Market Segmentation, By Type

10.1 Active

10.2 Passive

10.3 Hybrid

 

11. Regional Analysis

11.1 Introduction

11.2 North America

11.2.1 the USA

11.2.2  Canada

11.2.3  Mexico

11.3 Europe

11.3.1  Germany

11.3.2  the UK

11.3.3  France

11.3.4  Italy

11.3.5  Spain

11.3.6  The Netherlands

11.3.7  Rest of Europe

11.4 Asia-Pacific

11.4.1  Japan

11.4.2  South Korea

11.4.3  China

11.4.4  India

11.4.5  Australia

11.4.6  Rest of Asia-Pacific

11.5 The Middle East & Africa

11.5.1  Israel

11.5.2  UAE

11.5.3  South Africa

11.5.4  Rest

11.6 Latin America

11.6.1  Brazil

11.6.2  Argentina

11.6.3  Rest of Latin America

 

12. Company Profiles

12.1 Robert Bosch GmbH,

12.1.1 Financial

12.1.2 Products/ Services Offered

12.1.3 SWOT Analysis

12.1.4 The SNS view

12.2 BorgWarner Inc. (US)

12.3 Dana Limited (US)

12.4 VOSS Automotive GmbH (Germany)

12.5 Denso Corporation (Japan)

12.6 MAHLE GmbH (Germany)

12.7 Valeo (France)

12.8 Gentherm (US)

12.9 LORD Corporation

12.10 Modine Manufacturing Company (US)

12.11 Hanon Systems (South Korea) 

12.12 Ford Motors

12.13 BMW AG

 

13. Competitive Landscape

13.1 Competitive Benchmarking

13.2 Market Share analysis

13.3 Recent Developments

 

14. Conclusion

An accurate research report requires proper strategizing as well as implementation. There are multiple factors involved in the completion of good and accurate research report and selecting the best methodology to compete the research is the toughest part. Since the research reports we provide play a crucial role in any company’s decision-making process, therefore we at SNS Insider always believe that we should choose the best method which gives us results closer to reality. This allows us to reach at a stage wherein we can provide our clients best and accurate investment to output ratio.

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The 5 steps process:

Step 1: Secondary Research:

Secondary Research or Desk Research is as the name suggests is a research process wherein, we collect data through the readily available information. In this process we use various paid and unpaid databases which our team has access to and gather data through the same. This includes examining of listed companies’ annual reports, Journals, SEC filling etc. Apart from this our team has access to various associations across the globe across different industries. Lastly, we have exchange relationships with various university as well as individual libraries.

Secondary Research

Step 2: Primary Research

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