Electric Vehicle Battery Thermal Management System Market Strategic Analysis by 2034

Electric Vehicle Battery Thermal Management System Market Size,Trends and Growth Insights

The electric vehicle battery thermal management system market is forecast to grow from USD 7.24 billion in 2025 to USD 93.89 billion by 2034, driven by a CAGR of 32.93% from 2025 to 2034.

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Introduction

The electric vehicle battery thermal management system market is a crucial sector of the electric vehicle industry. This industry deals in manufacturing and distribution of thermal management system for preventing electric vehicle batteries. There are several types of systems available in the market consisting of active system and passive system. It finds application in different types of vehicles comprising of passenger vehicles and commercial vehicles. The rising demand for electric vehicles in different regions of the world has driven the market growth. This market is projected to grow exponentially with the rise of the automotive industry across the globe.

• According to the International Energy Agency, around 0.4 million EVs were sold in the U.S. during 2018 that increased to 1.7 million in 2024.

Highlights of the Electric Vehicle Battery Thermal Management System Market

• Asia Pacific held the largest share of the battery thermal management system market due to the rapid adoption of EVs in this region.
• North America is expected to grow with a significant CAGR due to the presence of several EV brands in this region.
• The passive segment held the largest share of the market due to the growing demand for affordable EV models.
• The passenger vehicle segment led the industry due to the rising sales of electric passenger cars around the world.

Key Metrics and Overview

Electric Vehicle Battery Thermal Management System: Trends in the Industry

• The automotive companies are investing heavily for developing driverless technology for enhancing autonomous driving. For instance, in March 2025, Nissan launched an autonomous driving technology. This technology is designed for navigating public roads across Japan.
• Numerous startups are providing autonomous ride sharing services in developed nations to cater the demands of the urban population.
• Various autonomous vehicle manufacturers are launching new vehicles with advanced safety features to lower accidents. For instance, in March 2025, BYD launched Denza N9. Denza N9 is an autonomous vehicle that is integrated with five millimeter-wave radars, 128-line lidar, 12 ultrasonic radars, and 14 cameras to enhance autonomous driving.
• Several ADAS brands are developing advanced hardware and software components to integrate in modern vehicles for enabling autonomous driving.

Industry Leader Announcement

In December 2024, Matt Kern, the Senior Director of Global Sales at Prestone made an announcement stating that, “Corrosion poses a significant threat to the longevity and reliability of automotive components, especially in the highly sensitive, intricate systems found in electrified vehicles, Prestone’s thermal management fluids serve as an ally in combating corrosion and forming a protective barrier that shields these systems from the harmful effects of corrosion.”

Geographical Insights

Asia Pacific held the largest share of the electric vehicle thermal management system market. The rise in number of government initiatives aimed at strengthening the EV industry in countries such as China, India, Japan and some others has boosted the market growth. Also, the growing emphasis on reducing CO2 emission in the environment along with rapid investment in EV battery sector has played a positive role in shaping the industrial landscape. Moreover, the presence of several EV companies such as Tata, Hyundai, BYD and some others is expected to boost the growth of the electric vehicle thermal management system market in this region.

Competitive Landscape

The electric vehicle battery thermal management system market is a fragmented industry with the presence of several dominating players. Some of the prominent companies in this industry consists of Robert Bosch GmbH, GENTHERM, Valeo, Dana Limited, MAHLE GmbH, Hanon Systems, VOSS Automotive, Inc and some others. These companies are constantly engaged in developing thermal management systems for EV batteries and adopting numerous strategies to maintain their dominance in this industry.

• According to the annual report of Dana, the revenue of the company in 2021 was US$ 8945 million in 2021 that increased to US$ 10555 million in 2023.

Market Segmentations

By System

• Active
• Passive

By Application

• Passenger Vehicles
• Commercial Vehicles

By Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa