Electric Vehicle Thermal Management System Market In 2029

(MENAFN- EIN Presswire) EINPresswire/ -- Electric Vehicle Thermal Management System Market to Surpass $6 billion in 2029. Within the broader Transport industry, which is expected to be $8,792 billion by 2029, the Electric Vehicle Thermal Management System market is estimated to account for nearly 0.1% of the total market value.

Which Will Be the Biggest Region in the Electric Vehicle Thermal Management System Market in 2029
Asia Pacific will be the largest region in the electric vehicle thermal management system market in 2029, valued at $3,329 million. The market is expected to grow from $1,477 million in 2024 at a compound annual growth rate (CAGR) of 18%. The rapid growth can be attributed to the increasing government support and increasing investments.

Which Will Be The Largest Country In The Global Electric Vehicle Thermal Management System Market In 2029?
China will be the largest country in the electric vehicle thermal management system market in 2029, valued at $2,608 million. The market is expected to grow from $1,142 million in 2024 at a compound annual growth rate (CAGR) of 18%. The rapid growth can be attributed to the increasing urbanization and increasing investments.

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What will be Largest Segment in the Electric Vehicle Thermal Management System Market in 2029?
The electric vehicle thermal management system market is segmented by type into active, passive and hybrid. The active market will be the largest segment of the electric vehicle thermal management system market segmented by type, accounting for 61% or $3,668 million of the total in 2029. The active market will be supported by advanced cooling and heating mechanisms enhancing battery performance, increasing adoption of high-performance electric vehicles, rising demand for fast-charging capabilities necessitating efficient thermal management, technological advancements in phase change materials and heat pumps, integration of artificial intelligence (AI)-based predictive cooling solutions, stringent regulatory standards for battery safety and efficiency and growing consumer preference for enhanced cabin comfort.

The electric vehicle thermal management system market is segmented by vehicle type into passenger vehicles, commercial vehicles and two-wheeler and three-wheeler. The passenger vehicles market will be the largest segment of the electric vehicle thermal management system market segmented by vehicle type, accounting for 69% or $4,165 million of the total in 2029. The passenger vehicles market will be supported by the rising adoption of EVs driven by government incentives and subsidies, increasing consumer demand for longer battery life and enhanced driving range, advancements in climate control systems for improved passenger comfort, growing preference for high-performance battery cooling solutions, integration of smart temperature regulation technologies, rising safety concerns regarding thermal runaway prevention and the expansion of EV charging infrastructure enabling widespread adoption.

The electric vehicle thermal management system market is segmented by technology into liquid cooling and heating, air cooling and heating and other technologies. The liquid cooling and heating market will be the largest segment of the electric vehicle thermal management system market segmented by technology, accounting for 75% or $4,508 million of the total in 2029. The liquid cooling and heating market will be supported by superior efficiency in maintaining optimal battery temperature, increasing adoption in high-performance and increasing electric vehicles, advancements in liquid-cooled fast-charging technology, growing preference for thermal management solutions enhancing battery lifespan, integration of liquid cooling systems in high-voltage power electronics, stringent regulatory requirements for battery safety and rising investments in advanced coolant formulations for improved heat transfer.

The electric vehicle thermal management system market is segmented by propulsion type into battery electric vehicle, hybrid electric vehicle, plug in hybrid electric vehicle and fuel cell electric vehicle. The battery electric vehicle market will be the largest segment of the electric vehicle thermal management system market segmented by propulsion, accounting for 79% or $4,739 million of the total in 2029. The battery electric vehicle market will be supported by increasing global EV sales driven by government incentives, advancements in high-capacity lithium-ion battery technology, rising consumer demand for longer battery life and efficient thermal regulation, integration of fast-charging infrastructure requiring enhanced cooling, development of energy-efficient cooling systems reducing battery degradation, increasing adoption of AI-driven temperature control and stringent battery safety regulations enhancing the need for advanced thermal management.

The electric vehicle thermal management system market is segmented by application into engine cooling, air conditioning system, electric vehicle battery thermal system and transmission system. The air conditioning system market will be the largest segment of the electric vehicle thermal management system market segmented by application, accounting for 37% or $2,190 million of the total in 2029. The air conditioning system market will be supported by the increasing consumer demand for enhanced cabin comfort, rising adoption of energy-efficient HVAC systems in EVs, advancements in heat pump technology optimizing thermal regulation, growing integration of climate control solutions in autonomous EVs, regulatory mandates promoting eco-friendly refrigerants, technological innovations improving AC system efficiency and investment in lightweight thermal insulation materials reducing power consumption.

What is the expected CAGR for the Electric Vehicle Thermal Management System Market leading up to 2029?
The expected CAGR for the electric vehicle thermal management system market leading up to 2029 is 16%.

What Will Be The Growth Driving Factors In The Global Electric Vehicle Thermal Management System Market In The Forecast Period?The rapid growth of the global electric vehicle thermal management system market leading up to 2029 will be driven by the following key factors that are expected to reshape digital banking, investment management, and payment ecosystems worldwide.

Rapid Urbanization - The rapid urbanization will become a key driver of growth in the electric vehicle thermal management system market by 2029. With more people moving to cities, governments and urban planners are focusing on sustainable transportation, leading to greater investments in EV infrastructure, including charging stations and smart grids. Urban congestion and air pollution concerns are prompting stricter emission regulations, encouraging the adoption of EVs, which require advanced thermal management systems to maintain battery efficiency, vehicle performance and passenger comfort. As a result, the rapid urbanization is anticipated to contributing to a 1.7% annual growth in the market.

Rising Adoption Of Electric Vehicles (EVs) - The rising adoption of electric vehicles (EVS) will emerge as a major factor driving the expansion of the electric vehicle thermal management system market by 2029. Thermal management system market as EVs rely heavily on efficient thermal regulation to ensure optimal battery performance, safety and longevity. As more consumers and businesses transition to EVs due to environmental concerns, government incentives and advancements in battery technology, the demand for effective thermal management solutions increases. Consequently, the rising adoption of electric vehicles (EVS) capabilities is projected to contributing to a 1.2% annual growth in the market.

Increasing Smart City Initiatives - The increasing smart city initiatives processes will serve as a key growth catalyst for the electric vehicle thermal management system market by 2029. Smart cities prioritize sustainable mobility solutions, including EVs, to reduce carbon emissions and improve urban air quality. These initiatives involve the deployment of intelligent transportation networks, extensive EV charging infrastructure and energy-efficient grid systems, all of which require advanced thermal management solutions to enhance efficiency and reliability. Therefore, this increasing smart city initiatives operations is projected to supporting to a 1.0% annual growth in the market.

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What Are The Key Growth Opportunities In The Electric Vehicle Thermal Management System Market in 2029?
The most significant growth opportunities are anticipated in the battery electric vehicle thermal management system market, the electric vehicle thermal management liquid cooling systems market, the electric vehicle thermal management system for passenger vehicle market, the active electric vehicle thermal management system market, and the electric vehicle air conditioning management system market. Collectively, these segments are projected to contribute over $10 billion in market value by 2029, driven bythe rising adoption of electric vehicles worldwide, increasing demand for efficient battery performance and longevity, advancements in liquid and active cooling technologies, and growing focus on vehicle safety and passenger comfort. The push toward sustainable transportation, coupled with stricter regulatory standards on energy efficiency and thermal management, is further accelerating innovation, enabling high-performance electric vehicle systems, and fueling transformative growth across the global EV thermal management ecosystem.

The battery electric vehicle thermal management system market is projected to grow by $2,596 million, the electric vehicle thermal management liquid cooling systems market by $2,282 million, the electric vehicle thermal management system for passenger vehicle market by $2,034 million, the active electric vehicle thermal management system market by $2,009 million, and the electric vehicle air conditioning management system market by $1,307 million over the next five years from 2024 to 2029.

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