The Automotive Battery Thermal Management System by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Automotive Battery Thermal Management System, The automotive battery thermal management system market size has grown rapidly in recent years. It will grow from $3.13 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. The growth in the historic period can be attributed to government initiatives for electric vehicles, reducing cost of ev batteries and growing demand for electrical vehicles.
The automotive battery thermal management system market size is expected to see rapid growth in the next few years. It will grow to $7.45 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. The growth in the forecast period can be attributed to rapid growth in ecommerce, increasing fuel costs and restrictions on sales of petrol and diesel vehicles. Major trends in the forecast period include focusing on advanced thermal interface materials to improve temperature resistance, developing smart battery thermal management techniques for better heating and cooling, developing innovative technologies and focusing on partnerships and collaborations to expand product portfolio and geographic presence.
The rise in demand for electric vehicles is expected to propel the growth of the automotive battery thermal management system market going forward. Rise in fuel prices, carbon emissions, and many other factors are mutually contributing to rapid growth in the adoption of electric vehicles across the globe. The rapid growth in demand for electric vehicles is expected to boost the utilization of automotive battery thermal management systems, as they are widely used for safe and effective functioning of the vehicle. For instance, as of May 2022, data from the International Energy Agency, an independent intergovernmental organization based in France, indicated a significant surge in electric vehicle (EV) sales. In 2021, EV sales had nearly doubled compared to the previous year, reaching a new high of 10.2 million units in 2022. Furthermore, the global sales of electric cars in 2023 are projected to reach 14 million units, reflecting a remarkable growth rate of 35%Therefore, a rise in demand for electric vehicles is expected to boost the demand for automotive battery thermal management systems during the forecast period.
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The automotive battery thermal management system market covered in this report is segmented –
1) By Technology: Liquid Cooling And Heating, Air Cooling And Heating, PCM And Other Technologies
2) By Battery Type: Conventional, Solid State
3) By Vehicle Type: Passenger, Commercial
Innovative solutions based on thermoelectric technology is a key trend gaining popularity in the automotive battery thermal management system market. Major companies in the automotive battery thermal management system market are advancing in their new technologies and research and development of the automotive battery thermal management system to meet industry demands and strengthen their business position. For instance, in May 2022, Modine Manufacturing Company, a US-based manufacturer of thermal management solutions launched Evantage Thermal Management systems for commercial chassis. Evantage BTMS optimizes the temperature range for the entire range of batteries with a single unit, while minimizing power draw.
The automotive battery thermal management system market report table of contents includes:
1. Executive Summary
2. Automotive Battery Thermal Management System Market Characteristics
3. Automotive Battery Thermal Management System Market Trends And Strategies
4. Automotive Battery Thermal Management System Market – Macro Economic Scenario
5. Global Automotive Battery Thermal Management System Market Size and Growth
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26. South America Automotive Battery Thermal Management System Market
27. Brazil Automotive Battery Thermal Management System Market
28. Middle East Automotive Battery Thermal Management System Market
29. Africa Automotive Battery Thermal Management System Market
30. Automotive Battery Thermal Management System Market Competitive Landscape And Company
Profiles
Top Major Players:
- BorgWarner Inc
- Robert Bosch GmbH
- Hanon Systems
- Valeo
- Mahle GmbH
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