As the automotive industry moves toward electrification, it faces a huge challenge of adapting to a market that renders most of its internal combustion engine vehicle products obsolete. As electric vehicles do not require any engine oil or diesel and gasoline, many of these vehicles’ salability rely heavily on the quality of its battery pack. In the past few years, various companies have adopted strategies to develop advanced thermal management solutions for their vehicle battery packs and charging systems. An important observation made here was the steady change in demand for cooling technologies in the electric vehicle industry. Electric vehicle companies have changed their business strategies toward developing and investing in electric vehicle cooling applications for their products.

Refrigeration Component Market for Electric Vehicle – A Global and Regional Analysis: 2020-2025

The refrigeration component market for electric vehicles analyzed by BIS Research is expected to show decent growth in the coming years.

The refrigeration components in an electric vehicle includes condenser, evaporator, and cooling plate, among others, helps the system to provide the functionality of cooling the EV battery through the battery thermal management system. This report considers battery electric vehicles, plug-in hybrid electric vehicles, hybrid electric vehicles, and high-power charging systems for estimations and forecast.

To reduce charging time in high power charging systems, the charging power needs to go up. As a result of this, the heat will rise significantly. To efficiently dissipate the heat and enable fast charging, controlled thermal management with cooling is needed. The research study focuses on putting forward a clear picture of the current consumption and future growth potential of refrigeration component market for electric vehicles

Scope of the Refrigeration Component Market for Electric Vehicle – A Global and Regional Analysis: 2020-2025

The Refrigeration Component Market for Electric Vehicle – A Global and Regional Analysis: 2020-2025 provides detailed market information for segmentation on the basis of application type, propulsion type, product type, and region. The purpose of this market analysis is to examine the refrigeration component outlook in terms of factors driving the market, trends, technological developments, and competitive benchmarking, among others.

The report further takes into consideration the market dynamics and the competitive landscape, along with the detailed financial and product contribution of the key players operating in the market. While highlighting the key driving and restraining forces for this market, the report also provides a detailed analysis of the technologies involved in the EV refrigeration component development process.

The global refrigeration component market for electric vehicles is segregated by region under six major regions, namely North America, Asia-Pacific and Japan, Europe, China, U.K., and Rest-of-the-World.

The research study focuses on putting forward a clear picture of the current consumption and future growth potential of different electric vehicle systems, focusing on the refrigeration system of battery cooling. Numerous leading automotive OEMs have partnered with battery manufacturers to develop cooling technologies in their electric vehicles. As governments across the world are starting to implement plans toward increasing electric vehicle sales and phasing-out IC engine vehicles in their countries, the market for battery cooling systems for electric vehicles is also bound to expand.

Asia-Pacific and Japan to Witness Fastest Growth in Global Electric Vehicles Refrigerant Component Market

The demand for EV refrigerant component varies according to various regions. Asia-Pacific and Japan is currently the largest region in the sensors market for electric vehicles. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major EV manufacturing OEMs and tier-1 companies are some of the major drivers that are propelling the growth of the market in the region.

Rising CO2 emissions in China and Japan have led to several concerns from the countries’ governments. Therefore, various government initiatives have been undertaken to promote the adoption and manufacturing of electric vehicles, as they may help in the reduction of vehicular emissions and act as a potential substitute for petrol and diesel engine-based cars. Additionally, concerted efforts by both the governments and the manufacturing sector in promoting the sales of electric vehicles have led to the usage of advanced refrigerant component inside an electric vehicle to provide a better thermal management aspect to the vehicle owner.

Competitive Landscape

To gain market share, major component manufacturers are making various kinds of strategic moves. Some key highlights with respect to major manufacturers of EV refrigerant component are:

 Hanon Systems, Mahle, Robert Bosch, Valeo, Denso, and Continental are some of the leading players globally.

 Gentherm Incorporated, Dana Incorporated, and Avid Technology are some of the emerging companies.

 Launch of new product has been the most preferred strategy during recent years.

 Apart from product launches, partnerships, collaboration, and joint ventures are the other strategies being implemented.

 Most of the players have tie-ups with various EV OEMs and tier-1 suppliers for refrigeration components.

Key Companies Profiled in the Refrigeration Component Market for Electric Vehicle – A Global and Regional Analysis: 2020-2025

The key market players in the global refrigeration component market for electric vehicles include Hella, Hanon Systems, Robert Bosch, Gantherm Incorporated, Valeo, and Denso Corporation, among others.

Key Questions Answered in this Report:

• How is the refrigeration component market for electric vehicles evolving with new technologies and products in the global market?

• What is the competitive positioning of various market leaders catering to the demand for refrigeration component market for electric vehicles?

• Which regions and countries are leading in terms of consumption of refrigeration components for electric vehicles, and which among those are expected to witness the highest demand growth from 2020 to 2025?

• What are the key trends, drivers, restraints, and opportunities for the refrigeration component market for electric vehicles industry players?

• What are the buyer’s attributes, major challenges, and drivers of the refrigeration component market for electric vehicles in the countries?

• What are the key development strategies implemented by the key players to sustain in the competitive market?

• How does the supply chain function in the global refrigeration component market for electric vehicles?

• Which application type segment is estimated to witness the maximum demand growth in the global refrigeration component market for electric vehicles market during 2019-2025?

• Which are the key product types which may experience high demand during the forecasted period, 2020-2025?

• What are the key offerings of the prominent manufacturers in the global refrigeration component market for electric vehicles market?

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