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Electric Vehicle Thermal Management System (EV TMS) Market Share

Report ID: GMI12610
Published Date: Dec 2024
Report Format: PDF

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Electric Vehicle Thermal Management System Market Share

Electric Vehicle Thermal Management System Company Market Share, 2024

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Denso Corporation, Valeo SA and Gentherm collectively held a substantial market share of over 29% in the electric vehicle thermal management system (EV TMS) industry in 2024. These companies dominate the market due to their extensive expertise and strong presence in the automotive industry. These companies lead in innovation, investing heavily in R&D to develop advanced thermal management systems, which are crucial for improving vehicle performance, safety, and energy efficiency.

Their broad product portfolios, including heat pumps, thermal modules, and battery management systems, cater to major automakers. Additionally, their ability to meet stringent environmental regulations and evolving consumer demands for EVs has reinforced their market leadership.

Electric Vehicle Thermal Management System Market Companies

Major players operating in the electric vehicle thermal management system (EV TMS) industry are:

BorgWarner
Continental
Denso
Gentherm
Grayson Thermal Systems
Hanon Systems
LG Chem
Mahle
Robert Bosch
Valeo SA

Authors: Preeti Wadhwani, Satyam Jaiswal

Frequently Asked Questions (FAQ) :

The market size of electric vehicle thermal management system reached USD 3.4 billion in 2024 and is set to grow at a 16.1% CAGR from 2025 to 2034, driven by the rising adoption of electric vehicles worldwide.

The OEM segment held over 85% of the market share in 2024, as OEMs play a crucial role in integrating advanced thermal management systems into electric vehicles, prioritizing innovation, efficiency, and safety.

China's market accounted for 60% of the revenue share in 2024 and is expected to exceed USD 3 billion by 2034, led by strong government policies and incentives promoting electric vehicle adoption.

The key players in the industry include BorgWarner, Continental, Denso, Gentherm, Grayson Thermal Systems, Hanon Systems, LG Chem, Mahle, Robert Bosch, and Valeo SA.