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.

Demand for Battery Thermal Management System Components for EVs to be Dominant Over Charging Systems:

On the basis of applications of EV cooling, the refrigeration component market for electric vehicles is majorly segmented into two parts - battery thermal management system (BTMS) and high-power charging system (HPCS). Production and sales of BTMS in electric vehicles are anticipated to be higher than that of HPCS for electric vehicles, as the number of electric vehicles is higher than the charging systems, and more components would be in demand for the manufacturing of the cooling system of EVs. The BTMS segment is expected to lead the market as the sale of electric vehicles is anticipated to increase globally.

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.

Business Strategies:

This section provides an organization the edge to understand its key business strategy in the industry, current competitors, and potential future competitors that might have made their way into the market. This section details the latest strategies and developments adopted by the key market players in the global refrigerant component for the electric vehicle market. In order to lead the market as well as engage in the process of market growth, a company needs to bring new products to the market, invest toward innovations, and collaborate with other top tier-1 component providers to further strengthen its market position. The global refrigerant component for the electric vehicle market has witnessed several strategic and technological developments in the past few years, undertaken by the different market players to attain their respective market shares in this emerging domain.

Business Dynamics:

The market dynamics section of the report examines the diverse factors which governs the process of development for the electric vehicle fast-charging system industry. Market dynamics analysis would provide an in-depth understanding of the present and the future directions in which the market is headed and the impact of various factors on the same. This chapter covers the major market dynamics, namely: the drivers, challenges, and the opportunities, analyzing several factors that positively and negatively affect the electric vehicle fast-charging system industry.

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.

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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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