This report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
The electric vehicle thermal management system market size has grown rapidly in recent years. It will grow from $3.07 billion in 2024 to $3.61 billion in 2025 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to increased environmental regulations, increased safety concerns, increased vehicle production, increased consumer awareness.
The electric vehicle thermal management system market size is expected to see rapid growth in the next few years. It will grow to $6.22 billion in 2029 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to increasing electric vehicles, increasing government initiatives, increasing zero emission regulations, increasing energy-efficient battery-powered devices. Major trends in the forecast period include integration of ai and menaced battery cooling, technological advancements, product innovations, partnerships, and investments.
The increasing number of electric vehicles is anticipated to drive the growth of the electric vehicle thermal management system market in the coming years. Electric vehicles (EVs) are powered either fully or partially by electricity stored in rechargeable batteries or other energy storage devices. The rising demand for EVs can be attributed to the enhanced availability of charging infrastructure, greater consumer interest, and various environmental regulations. Thermal management systems in electric vehicles play a crucial role in optimizing performance, efficiency, and safety, while also minimizing their impact on the vehicle's overall range. For instance, a report from the World Economic Forum, a Switzerland-based non-governmental organization, indicated that total electric vehicle sales reached 10.5 million in 2022, representing a 55% increase from 6.7 million in 2021. Additionally, the EV market share rose from 8.3% in 2021 to 13% in 2022. Therefore, the growing number of electric vehicles is significantly contributing to the expansion of the electric vehicle thermal management system market.
In the electric vehicle thermal management system market, major companies are intensifying their focus on developing innovative solutions, such as self-developed thermal management systems, to gain a competitive advantage. A self-developed thermal management system is designed, created, and implemented by an entity to regulate and control component temperatures within a specific application or device. For instance, in June 2023, ZF Group introduced its self-developed thermal management system for electric vehicles, potentially increasing EV range by up to one-third during winter conditions. This system features an optimized electric drivetrain comprising power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide technology, offering automakers versatile integration options.
In May 2023, Carrar, an Israel-based developer of thermal management solutions for electric vehicles, partnered with Gentherm Incorporated to deliver two-phase thermal management for electric vehicles and manufacture thermal products and precision valves for the automotive industry. These innovative modules will meet sustainability and safety standards for electric vehicles set by European and American regulatory bodies. By preventing micro-heat spikes and resultant damage caused by charging and acceleration, the combined battery modules are expected to triple the lifetime of EV batteries. Gentherm Incorporated, a US-based automotive company, specializes in providing cutting-edge thermal management and pneumatic comfort technologies for the automotive industry, further solidifying the partnership's capabilities in delivering advanced thermal solutions for electric vehicles.
Major companies operating in the electric vehicle thermal management system market are Volkswagen Group, Ford Motor Company, BMW Group, Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, BYD Company Limited, General Motors Company, Geely Automobile Holdings Limited, NIO Inc., Rivian Automotive Inc., Arrival Ltd., Guangzhou Xiaopeng Motors Technology Co. Ltd., Lucid Motors Inc., Faraday Future, Proterra Inc., Lordstown Motors Corp., Lion Electric Company, Nikola Corporation, Aptera Motors Corp., Rimac Automobili, Bollinger Motors, Workhorse Group Inc., Canoo Inc., Fisker Inc.
North America was the largest region in the electric vehicle thermal management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric vehicle thermal management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric vehicle thermal management system market consists of sales of battery packs, electric motors, power electronics, and auxiliary systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
An electric vehicle thermal management system (EV TMS) is a crucial component within electric vehicles, tasked with regulating and controlling the temperature of various vehicle systems, particularly those associated with the battery and powertrain. Its primary function is to effectively manage and dissipate the heat generated during the operation of an electric vehicle, ensuring optimal performance and longevity of critical components.
Electric vehicle thermal management systems come in three main types, active, passive, and hybrid. Active thermal management systems are designed to actively regulate and control the temperature of various components within an electric vehicle. They are utilized across a wide range of vehicles, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers, employing various technologies such as liquid cooling and heating, air cooling and heating, among others. These systems cater to different propulsion types, including battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. Additionally, they find application in various functions such as engine cooling, air conditioning, electric vehicle battery thermal management, and transmission systems.
The electric vehicle thermal management system market research report is one of a series of new reports that provides electric vehicle thermal management system market statistics, including electric vehicle thermal management system industry global market size, regional shares, competitors with a electric vehicle thermal management system market share, detailed electric vehicle thermal management system market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle thermal management system industry. This electric vehicle thermal management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
The electric vehicle thermal management system market size has grown rapidly in recent years. It will grow from $3.07 billion in 2024 to $3.61 billion in 2025 at a compound annual growth rate (CAGR) of 17.6%. The growth in the historic period can be attributed to increased environmental regulations, increased safety concerns, increased vehicle production, increased consumer awareness.
The electric vehicle thermal management system market size is expected to see rapid growth in the next few years. It will grow to $6.22 billion in 2029 at a compound annual growth rate (CAGR) of 14.6%. The growth in the forecast period can be attributed to increasing electric vehicles, increasing government initiatives, increasing zero emission regulations, increasing energy-efficient battery-powered devices. Major trends in the forecast period include integration of ai and menaced battery cooling, technological advancements, product innovations, partnerships, and investments.
The increasing number of electric vehicles is anticipated to drive the growth of the electric vehicle thermal management system market in the coming years. Electric vehicles (EVs) are powered either fully or partially by electricity stored in rechargeable batteries or other energy storage devices. The rising demand for EVs can be attributed to the enhanced availability of charging infrastructure, greater consumer interest, and various environmental regulations. Thermal management systems in electric vehicles play a crucial role in optimizing performance, efficiency, and safety, while also minimizing their impact on the vehicle's overall range. For instance, a report from the World Economic Forum, a Switzerland-based non-governmental organization, indicated that total electric vehicle sales reached 10.5 million in 2022, representing a 55% increase from 6.7 million in 2021. Additionally, the EV market share rose from 8.3% in 2021 to 13% in 2022. Therefore, the growing number of electric vehicles is significantly contributing to the expansion of the electric vehicle thermal management system market.
In the electric vehicle thermal management system market, major companies are intensifying their focus on developing innovative solutions, such as self-developed thermal management systems, to gain a competitive advantage. A self-developed thermal management system is designed, created, and implemented by an entity to regulate and control component temperatures within a specific application or device. For instance, in June 2023, ZF Group introduced its self-developed thermal management system for electric vehicles, potentially increasing EV range by up to one-third during winter conditions. This system features an optimized electric drivetrain comprising power electronics, a motor, and a reduction gearbox based on 800-volt silicon carbide technology, offering automakers versatile integration options.
In May 2023, Carrar, an Israel-based developer of thermal management solutions for electric vehicles, partnered with Gentherm Incorporated to deliver two-phase thermal management for electric vehicles and manufacture thermal products and precision valves for the automotive industry. These innovative modules will meet sustainability and safety standards for electric vehicles set by European and American regulatory bodies. By preventing micro-heat spikes and resultant damage caused by charging and acceleration, the combined battery modules are expected to triple the lifetime of EV batteries. Gentherm Incorporated, a US-based automotive company, specializes in providing cutting-edge thermal management and pneumatic comfort technologies for the automotive industry, further solidifying the partnership's capabilities in delivering advanced thermal solutions for electric vehicles.
Major companies operating in the electric vehicle thermal management system market are Volkswagen Group, Ford Motor Company, BMW Group, Hyundai Motor Company, Tesla Inc., Nissan Motor Corporation, BYD Company Limited, General Motors Company, Geely Automobile Holdings Limited, NIO Inc., Rivian Automotive Inc., Arrival Ltd., Guangzhou Xiaopeng Motors Technology Co. Ltd., Lucid Motors Inc., Faraday Future, Proterra Inc., Lordstown Motors Corp., Lion Electric Company, Nikola Corporation, Aptera Motors Corp., Rimac Automobili, Bollinger Motors, Workhorse Group Inc., Canoo Inc., Fisker Inc.
North America was the largest region in the electric vehicle thermal management system market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the electric vehicle thermal management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The electric vehicle thermal management system market consists of sales of battery packs, electric motors, power electronics, and auxiliary systems. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
An electric vehicle thermal management system (EV TMS) is a crucial component within electric vehicles, tasked with regulating and controlling the temperature of various vehicle systems, particularly those associated with the battery and powertrain. Its primary function is to effectively manage and dissipate the heat generated during the operation of an electric vehicle, ensuring optimal performance and longevity of critical components.
Electric vehicle thermal management systems come in three main types, active, passive, and hybrid. Active thermal management systems are designed to actively regulate and control the temperature of various components within an electric vehicle. They are utilized across a wide range of vehicles, including passenger vehicles, commercial vehicles, two-wheelers, and three-wheelers, employing various technologies such as liquid cooling and heating, air cooling and heating, among others. These systems cater to different propulsion types, including battery electric vehicles, hybrid electric vehicles, plug-in hybrid electric vehicles, and fuel cell electric vehicles. Additionally, they find application in various functions such as engine cooling, air conditioning, electric vehicle battery thermal management, and transmission systems.
The electric vehicle thermal management system market research report is one of a series of new reports that provides electric vehicle thermal management system market statistics, including electric vehicle thermal management system industry global market size, regional shares, competitors with a electric vehicle thermal management system market share, detailed electric vehicle thermal management system market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle thermal management system industry. This electric vehicle thermal management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
This product will be delivered within 3-5 business days.
Table of Contents
1. Executive Summary2. Electric Vehicle Thermal Management System Market Characteristics3. Electric Vehicle Thermal Management System Market Trends and Strategies4. Electric Vehicle Thermal Management System Market - Macro Economic Scenario Including the Impact of Interest Rates, Inflation, Geopolitics, Covid and Recovery on the Market32. Global Electric Vehicle Thermal Management System Market Competitive Benchmarking and Dashboard33. Key Mergers and Acquisitions in the Electric Vehicle Thermal Management System Market34. Recent Developments in the Electric Vehicle Thermal Management System Market
5. Global Electric Vehicle Thermal Management System Growth Analysis and Strategic Analysis Framework
6. Electric Vehicle Thermal Management System Market Segmentation
7. Electric Vehicle Thermal Management System Market Regional and Country Analysis
8. Asia-Pacific Electric Vehicle Thermal Management System Market
9. China Electric Vehicle Thermal Management System Market
10. India Electric Vehicle Thermal Management System Market
11. Japan Electric Vehicle Thermal Management System Market
12. Australia Electric Vehicle Thermal Management System Market
13. Indonesia Electric Vehicle Thermal Management System Market
14. South Korea Electric Vehicle Thermal Management System Market
15. Western Europe Electric Vehicle Thermal Management System Market
16. UK Electric Vehicle Thermal Management System Market
17. Germany Electric Vehicle Thermal Management System Market
18. France Electric Vehicle Thermal Management System Market
19. Italy Electric Vehicle Thermal Management System Market
20. Spain Electric Vehicle Thermal Management System Market
21. Eastern Europe Electric Vehicle Thermal Management System Market
22. Russia Electric Vehicle Thermal Management System Market
23. North America Electric Vehicle Thermal Management System Market
24. USA Electric Vehicle Thermal Management System Market
25. Canada Electric Vehicle Thermal Management System Market
26. South America Electric Vehicle Thermal Management System Market
27. Brazil Electric Vehicle Thermal Management System Market
28. Middle East Electric Vehicle Thermal Management System Market
29. Africa Electric Vehicle Thermal Management System Market
30. Electric Vehicle Thermal Management System Market Competitive Landscape and Company Profiles
31. Electric Vehicle Thermal Management System Market Other Major and Innovative Companies
35. Electric Vehicle Thermal Management System Market High Potential Countries, Segments and Strategies
36. Appendix
Executive Summary
Electric Vehicle Thermal Management System Global Market Report 2025 provides strategists, marketers and senior management with the critical information they need to assess the market.This report focuses on electric vehicle thermal management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
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Description
Where is the largest and fastest growing market for electric vehicle thermal management system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric vehicle thermal management system market global report answers all these questions and many more.The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market’s historic and forecast market growth by geography.
- The market characteristics section of the report defines and explains the market.
- The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
- The forecasts are made after considering the major factors currently impacting the market. These include:
- The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.
- Market segmentations break down the market into sub markets.
- The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
- The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
- The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.
Scope
Markets Covered:
1) By Type: Active; Passive; Hybrid2) By Vehicle Type: Passenger Vehicles; Commercial Vehicles; Two Wheeler And Three Wheeler
3) By Technology: Liquid Cooling And Heating; Air Cooling And Heating; Other Technologies
4) By Propulsion Type: Battery Electric Vehicle; Hybrid Electric Vehicle; Plug in Hybrid Electric Vehicle; Fuel Cell Electric Vehicle
5) By Application: Engine Cooling; Air Conditioning System; Electric Vehicle Battery Thermal System; Transmission System
Subsegments:
1) By Active: Liquid Cooling; Air Cooling; Refrigerant-based Cooling2) By Passive: Phase Change Materials (PCMs); Thermal Insulation; Heat Pipes
3) By Hybrid: Combination Of Liquid Cooling And Air Cooling; Combination Of Phase Change Materials And Air Cooling
Key Companies Mentioned: Volkswagen Group; Ford Motor Company; BMW Group; Hyundai Motor Company; Tesla Inc.
Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA; Canada; Italy; Spain
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time Series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita.
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Delivery Format: PDF, Word and Excel Data Dashboard.
Companies Mentioned
Some of the major companies featured in this Electric Vehicle Thermal Management System market report include:- Volkswagen Group
- Ford Motor Company
- BMW Group
- Hyundai Motor Company
- Tesla Inc.
- Nissan Motor Corporation
- BYD Company Limited
- General Motors Company
- Geely Automobile Holdings Limited
- NIO Inc.
- Rivian Automotive Inc.
- Arrival Ltd.
- Guangzhou Xiaopeng Motors Technology Co. Ltd.
- Lucid Motors Inc.
- Faraday Future
- Proterra Inc.
- Lordstown Motors Corp.
- Lion Electric Company
- Nikola Corporation
- Aptera Motors Corp.
- Rimac Automobili
- Bollinger Motors
- Workhorse Group Inc.
- Canoo Inc.
- Fisker Inc.
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 200 |
Published | March 2025 |
Forecast Period | 2025 - 2029 |
Estimated Market Value ( USD | $ 3.61 Billion |
Forecasted Market Value ( USD | $ 6.22 Billion |
Compound Annual Growth Rate | 14.6% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |