Electric Vehicle Thermal Management System Market [USD 20.08 Billion, 7.86% CAGR]: Market Trends and Growth Prospects
The global electric vehicle thermal management system (EV TMS) market is witnessing significant growth, driven by advancements in electric vehicle (EV) technology and the increasing focus on sustainability. According to the TechSci Research report, “ Electric Vehicle Thermal Management System Market – Global Industry Size, Share, Trends, Competition Forecast & Opportunities, 2029F,” the market was valued at USD 20.08 billion in 2023 and is expected to grow at a compound annual growth rate (CAGR) of 7.86% during the forecast period from 2025 to 2029. This report provides an in-depth analysis of the market’s drivers, challenges, trends, opportunities, and regional dynamics. Electric Vehicle Thermal Management System Market Drivers Regulatory Mandates for Emission Reduction Governments worldwide have implemented stringent regulations to curb vehicular emissions, incentivizing automakers to adopt advanced EV TMS technologies. These systems are essential for maint...