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.
Read Report Overview: Refrigeration Components Market for Electric Vehicles
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.
Compressor to Generate Highest Demand Among All Components
The prominent types of components being developed for applications in EV cooling systems are expansion valve, controller, compressor, filter drier, evaporator, condenser, and others. The application of these types of refrigerant components is in various applications, such as BTMS and HPCS of EVs.
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.
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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.
COVID-19 Impact Analysis on Magnetic Refrigeration Market report published by Value Market Research provides a detailed market analysis comprising market size, share, value, growth and trends for the period 2019-2027.
The report encompasses data regarding market share and recent developments by key players.
Moreover, this market report also covers regional and country markets in detail.The research report also covers the comprehensive profiles of the key players in the market and an in-depth view of the competitive landscape worldwide.
The major players in the Ubiblue, Haier Smart Home Co., Ltd, Camfridge Ltd, Astronautics Corporation of America, VACUUMSCHMELZE GmbH & Co. KG, BASF SE, Samsung Electronics Co., Ltd, ERAMET, Whirlpool Corporation, and Toshiba Corporation.
This section includes a holistic view of the competitive landscape that includes various strategic developments such as key mergers & acquisitions, future capacities, partnerships, financial overviews, collaborations, new product developments, new product launches, and other developments.Get more information on "Global Magnetic Refrigeration Research Report" by requesting FREE Sample Copy at https://www.valuemarketresearch.com/contact/magnetic-refrigeration-market/download-sampleMarket SegmentationThe broad Magnetic Refrigeration has been sub-grouped into the Product, Application and region.
The report studies these subsets with respect to the geographical segmentation.
