Data Bridge Market Research analyses that the electric vehicle thermal management system market is expected to reach the value of USD 14,315.21 million by 2029, at a CAGR of 24.1% during the forecast period. "BEV" accounts for the largest propulsion type segment in the global electric vehicle thermal management system market BEV provides 80% of the energy input into vehicle movement.

The thermal management system in an electric vehicle is the solution that helps in managing the heat generated during the electrochemical processes occurring in cells, allowing the battery to operate safely and efficiently. Effective thermal management systems are required in electric vehicles to keep battery temperatures in the correct range and prevent the temperature from fluctuating inside the battery pack.

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Key Growth Drivers: Drivers

This section deals with understanding the market drivers, advantages, opportunities, restraints, and challenges. All of this is discussed in detail as below:

Increasing Demand for Electric Vehicles

The automotive industry has been showing enormous growth over the years owing to the rising demand for luxurious electric vehicles. Some of the factors driving the sales of electric vehicles include stringent government regulations towards vehicles emissions, increasing demand for fuel-efficient, high performance, and low emission vehicles.       

Incentives and Subsidies by the Government for Electric Vehicles

An increase in pollution and scarcity of resources, particularly in the automotive sector, has enabled the government to take environmental protection actions, leading the shift of trends in the automotive industry from normal motorized vehicles to electric hybrid vehicles for environmental protection. Many national governments have taken action for providing incentives over the adoption of electric vehicles rather than normal vehicles, such as providing purchase rebates, tax exemptions, tax credits, and a few others.

Report Scope:

  1. Analysis of market trends influencing the   beverage stabilizers market's growth.
  2. Examination of trends within key regional and country-level markets based on type, function, and application.
  3. Providing a comprehensive overview of the Dye-Sensitized Solar Cell market.
  4. Evaluation of historical, current, and projected market sizes in terms of volume and value.
  5. Offering a neutral perspective on market performance.
  6. Essential information for market players seeking to maintain and expand their market presence.

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Key players:

  • MAHLE GmbH
  • Valeo
  • Dana Limited
  • Hanon Systems
  • Marelli Holdings Co., Ltd.
  • Robert Bosch GmbH
  • BorgWarner Inc.

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