EV Thermal System Market to reach US$ 15,600.9 million by 2033, growing from an expected value of US$ 2,243.7 million in 2023 | Future Market Insights, Inc.
The trend in EV thermal management systems is towards improving energy efficiency and battery performance, while also reducing the environmental impact of EVs. India Electric Vehicle Thermal Management System Market is predicted to register a CAGR of 22.8% in the market for EV thermal systems through 2033
NEWARK, Del, Feb. 07, 2023 (GLOBE NEWSWIRE) -- The market demand for battery thermal systems of electric vehicles was estimated at US$ 1,059.7 million in 2018, which registered a CAGR of 14.8% from 2018 to 2022. In the present year 2023, the overall valuation of the global EV thermal system market size is anticipated to be around US$ 2,243.7 million. As per the analysis report, the market is expected to register a CAGR of 21.4% to reach a valuation of US$ 15,600.9 million by the conclusion of this forecast period.
The main driver fueling the expansion of the thermal system for the EVs market is the rising popularity of zero-emission cars in various parts of the world. Sales of EVs have increased significantly in nations like China, Norway, and the United States, establishing an advanced EV thermal system market.
The need for electric-powered automobiles has compelled manufacturers to create better heat management technologies, as the use of heat has been eliminated. Rapid charging technologies and battery size reduction are anticipated to increase the sales of EVs, indirectly driving the sales of EV thermal systems. Moreover, the growth in demand for EV thermal systems is probably going to be supported by technical developments in the area of battery heat management.
Get Access to Sample Now: https://www.futuremarketinsights.com/reports/sample/rep-gb-16596
The United States captures a total market share of 10.8% of the revenue and leads the global market through higher investment in research and development.
Germany is the second leading market in the world for sales of EV thermal systems and sets the trend in Europe. The German EV thermal system market is projected to reach US$ 1,240 million by the end of the year 2033.
In Asia Pacific, India is witnessing a higher growth trend with an upsurge in sales of electric vehicles in the country. During the forecast years, the CAGR to be registered by the country is about 22.8%.
Borg Warner Inc., Dana Limited, Hanon Systems, Valeo SA, Denso Corporation, Robert Bosch GmbH, Mahle GmbH, VOSS Automotive GmbH, Modine Manufacturing Company, Gentherm, CapTherm Systems, LG Chem Ltd., Visteon Corporation are a few key players in the global EV thermal system market.
To get Your Report Customize, Visit: https://www.futuremarketinsights.com/customization-available/rep-gb-16596
Recent Developments in the EV Thermal System Industry
In May 2022, Modine Company unveiled its brand-new EVantage Series of thermal systems for commercial electric vehicles. This system concentrates on enhancing the safety, range, and battery life of industrial EVs. For all loads, the system maintains traction motor and power electronics cooling.
In May 2022, Eberspaecher Company introduced its brand-new H2-ICE thermal exhaust system for hydrogen fuel electric vehicles (FCEVs). This new exhaust system guarantees the appropriate operation of the entire system, while taking into account the particular needs of this fuel. This would keep an eye on rules governing exhaust gases, including NO2, contaminants, and unburned hydrocarbons generated by the hydrogen FUEL engine.
in February 2022, BorgWarner Inc. declared that the company had supplied the iX and i4 with fully electric architectures for the BMW Group. With this ground-breaking High-Voltage Coolant Heater (HVCH) solution, the company would aid in the management of the battery and cabin temperature, increasing the EV's longevity and driving range.
The Denso Company said that they have created a brand-new battery-monitoring integrated circuit (IC) for lithium-ion batteries in the year 2020. This new IC increases fuel economy and increases the range of HEVs and BEVs both. Detecting voltage levels while keeping an eye on many batteries is also helpful, consequently growing the market portfolio of the organizations.
By System Type:
Heating Ventilation and Air Conditioning (HVAC)
Power Train Cooling
By Vehicle Type:
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
Waste Heat Recovery
Heated or Ventilated Seats
South Asia and Pacific
The Middle East and Africa (MEA)
For more information: https://www.futuremarketinsights.com/reports/ev-thermal-system-market
Table of Content
1. Executive Summary | EV Thermal System Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.2. Scenario Forecast
Request to View TOC: https://www.futuremarketinsights.com/toc/rep-gb-16596
Explore Wide-ranging Coverage of FMI’s Automotive Landscape
Commercial Vehicle Thermal System Market Size: is predicted to record a moderate CAGR of 4.3% through 2033. The total market size is predicted to rise from US$ 16,393.3 million in 2023 to US$ 27,737.9 million by 2033.
Electric Vehicle Insulation Market Share: is likely to be worth US$ 43,795.7 Million by 2033, up from US$ 6,145.1 Million in 2023.
Electric Vehicle Battery Market Demand: is set to strengthen its market hold in global market at a promising CAGR of 8.5%, while it is forecasted to hold a revenue of USD 18.09 Billion in 2032.
Automotive Battery Management System Market Growth: is expected to record a CAGR of 25.6% during the forecast period. The automotive battery management system market size is anticipated to rise from US$ 3.8 billion in 2023 to US$ 37.4 billion in 2033.
Diagnostic Tools For EVs Market Trends: is expected to develop at an impressive rate of 12.8%. Based on these estimates, the global diagnostic tools for EVs market is expected to reach roughly US$ 5,401.6 million by 2033.
About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
Future Market Insights Inc.
Christiana Corporate, 200 Continental Drive,
Suite 401, Newark, Delaware - 19713, USA
LinkedIn| Twitter| Blogs | YouTube
For Sales Enquiries: email@example.com