EV Thermal System Market Size to expand at a CAGR of 21.4% from 2023 to 2033

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.

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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.

Key Takeaways

  • 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%.

Competitive Landscape

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.

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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.

Key Segments

By System Type:

  • Heating Ventilation and Air Conditioning (HVAC)
  • Power Train Cooling
  • Fluid Transport
  • Others

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By Vehicle Type:

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)
  • Fuel Cell Electric Vehicle (FCEV)

By Application:

  • Engine Cooling
  • Air Conditioning
  • Heated Steering
  • Waste Heat Recovery
  • Transmission System
  • Heated or Ventilated Seats
  • Others

By Region:

  • North America
  • Latin America
  • Europe
  • East Asia
  • South Asia and Pacific
  • The Middle East and Africa (MEA)

About Future Market Insights (FMI) 

Future Market Insights (ESOMAR certified market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market. It discloses opportunities that will favor the market growth in various segments on the basis of Source, Application, Sales Channel and End Use over the next 10-years.

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About the Author

Ronak Shah

Associate Vice President at Future Market Insights is deeply committed to uncovering actionable insights for consumer and food and beverage players. She brings a unique blend of analysis, industry trends, and consumer behavior to put data into perspective.

What she makes out of data becomes a delight to read. She has authored many opinions, including for publications like Process Industry Informer and Spinal Surgery News, as she understands the market pulse and consumers' shifting preferences.

She likes to bring experts to a roundtable to weigh the impact of a trend on an industry. Catch up with her discussion on the impact of AI in packaging.

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