New Energy Vehicle Thermal Management System Market - Global Forecast 2026-2032

The global New Energy Vehicle Thermal Management System Market is valued at USD 21.80 billion in 2025 and projected to reach USD 50.72 billion by 2032, growing at a CAGR of 12.82%. The market is driven by expansion of NEV platforms, rising thermal performance requirements, and integration of AI-enabled solutions. Asia-Pacific, particularly China, leads regional growth. Valeo SE holds the largest market share at 10.83%, followed by competitors like Hanon Systems, DENSO, and MAHLE.