EV Battery Thermal Management System Market Sets 32.93% CAGR by 2034

Electric Vehicle Battery Thermal Management System Market Strategic Analysis by 2034

According to market projections, the electric vehicle battery thermal management system sector is expected to grow from USD 5.45 billion in 2024 to USD 93.89 billion by 2034, reflecting a CAGR of 32.93%. Asia Pacific dominates the battery thermal management system market due to rapid EV adoption, while North America is set for strong growth with major EV brands. The passive segment leads, driven by demand for affordable EVs, and passenger vehicles dominate as electric car sales rise globally.

Last Updated: 27 March 2025 Category: Electric Vehicle Mobility Insight Code: 1667 Format: PDF / PPT / Excel

Senior Research Analyst

Dr. Arjun Patel

Reviewed By

Aditi Shivarkar

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.

Electric Vehicle Battery Thermal Management System Market Size 2023 - 2034

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.

U.S. EV Sales in Million (2018-24)

  • 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

Metric Details
Market Size in 2024 USD 5.45 billion
Projected Market Size in 2034 USD 7.24 billion
CAGR (2025 - 2034) 32.93%
Leading Region Asia Pacific
Market Segmentation By System, By Application and By Region
Top Key Players Robert Bosch GmbH, GENTHERM, Valeo, Dana Limited, MAHLE GmbH, Hanon Systems
Key Market Drivers
  • Increasing demand for EVs globally
  • Government initiatives supporting EV adoption
  • Need for efficient battery performance & longevity
  • 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

Electric Vehicle Battery Thermal Management System Market Companies

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.

Dana Revenue in USD Million (2021-23)

  • 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
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About The Author

Dr. Arjun Patel is a distinguished expert in the automotive industry, holding advanced degrees in Automotive Engineering and Mechanical Engineering. His expertise spans automotive market dynamics, technological advancements, and sustainable practices. Dr. Patel excels in conducting in depth research and analysis on market trends, consumer preferences, and the economic implications within the automotive sector. He is renowned for his insightful publications on topics such as electric vehicles, autonomous driving technologies, and the evolution of sustainable transportation solutions. Dr. Patels research contributions have significantly advanced understanding in the field, earning him recognition as a leading authority in automotive research and analysis.

FAQ's

The battery thermal management system market was valued at USD 7.24 billion in 2025.

Asia Pacific dominated this industry.

The rapid adoption of electric vehicles along with rising emphasis on reducing emission has boosted the market growth.

Some of the prominent players of this industry consists of Robert Bosch GmbH, GENTHERM, Valeo, Dana Limited, MAHLE GmbH, Hanon Systems, VOSS Automotive, Inc and some others.

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