According to the report, the global automotive battery thermal management system market size is expected to reach of around 80% by 2027 and expand at a CAGR of 38.5% during the forecast period 2020 to 2027.
Increase in sales of plug-in electric vehicles and hybrid EVs are some of the key drivers contributing to the growth of the automotive battery thermal management system market. This trend is prominent in the U.S. Hence, companies in the market for automotive battery thermal management systems should eye opportunities in North America, since the market in the region is expected to witness significant growth. Eco-friendly trends are boosting the credibility of companies due to reduction in gasoline usage and CO2 emissions.
Overview
- Batteries are the power source for electric vehicles. The performance or output of batteries varies according to the surrounding temperature, such that their performance is affected by excessive temperature; therefore, maintaining an adequate temperature for batteries is essential in order to achieve proper functioning and efficiency of the battery cells.
- Hybrid electric vehicles have different levels of blending, such as different levels of fuel mixture, and based on the blending level and capacity of electric vehicles, number of cells, battery size, and type varies accordingly. The performance and life of the battery system of electric vehicles is affected by the surrounding temperature. Thus, battery thermal management systems are generally integrated with battery cells. The battery thermal management system maintains the battery temperature, at which the battery output is optimum.
Key Drivers and Restraints
- Adoption of electric vehicles is increasing at an exponential rate. Government incentives and subsidies, increased awareness about global temperature rise, stringent emission norms imposed by governing bodies, international agreements to reduce pollution from the transportation industry, and increase in capabilities of electric vehicles are fueling the demand for electric vehicles across the globe. This, in turn, is propelling the demand for battery thermal management system.
- Governments of several nations, such as China, Germany, the U.K., India, and France, have announced a ban on the use of fuel-powered vehicles in the near future, which is anticipated to offer lucrative opportunities for the global automotive battery thermal management system market
Report Highlights
- The global automotive battery thermal management system market has been segmented based on system type, battery capacity, battery type, technology, vehicle type, electric vehicle type, and region
- The active battery thermal management system consists of forced circulation of coolant in order to maintain uniform temperature of batteries. The coolant can be air or liquid. The forced air circulation method is simple in construction and inexpensive and hence, it has proven to be a reliable technology of the battery thermal management system. However, the system is not effective at higher battery temperatures, such as 50 to 55 degree Celsius. The liquid-cooled battery thermal management system is capable of maintaining uniform battery temperature; however, the system is complicated and cumbersome to maintain. The active battery thermal management system segment is likely to expand at significant CAGR during the forecast period owing to its simplicity, inexpensiveness, and superior performance.
- Considering the battery capacities of different batteries used in electric vehicles, 12 volt batteries are widely employed. These are the basic form of batteries that have been utilized in electric vehicles since their development. However, 12 volt batteries have shorter lifespan and small power storage capacity. Moreover, these batteries take a significantly long time to recharge. 48 volt and higher capacity batteries are gaining popularity, owing to their fast charging capabilities and higher power storage capacity.
- Lithium-ion batteries are capable of storing large power and require low maintenance; hence, these batteries are utilized in a large number of electric vehicles. However, solid state batteries are gaining popularity due to their safe and stable performance and higher energy densities, as compared to conventional Li-ion batteries. Faster charging speed is another major factor that is boosting the demand for solid state batteries.
Regional Segmentation
- Based on region, the global automotive battery thermal management system market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. China and Japan account for a large number of passenger and commercial electric vehicles. Manufacturers concern toward electric vehicles, government support, shifted preference of consumers toward electric vehicles, and stringent emission norms are fueling the penetration of electric vehicles across China and Japan. India is among the emerging markets for electric vehicles.
- Asia Pacific is dominating the global automotive battery thermal management system market, owing to the large number of electric vehicles across China and Japan and increasing demand across India, Australia, and ASEAN nations. It is predicted to maintain its leading position in the global market during the forecast period.
Segmentation
Market, by System Type
Market, by Technology
- PCM
- Liquid Cooling & Heating
- Air Cooling & Heating
Market, by Battery Capacity
Market, by Battery Type
Market, by Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
Market, by Electric Vehicle Type
- Battery Electric Vehicle
- Plug-in Hybrid Electric Vehicle
- Hybrid Electric Vehicle
Market, by Region
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
Regional Segmentation
- Based on region, the global automotive battery thermal management system market can be segregated into North America, Asia Pacific, Europe, Latin America, and Middle East & Africa. China and Japan account for a large number of passenger and commercial electric vehicles. Manufacturers concern toward electric vehicles, government support, shifted preference of consumers toward electric vehicles, and stringent emission norms are fueling the penetration of electric vehicles across China and Japan. India is among the emerging markets for electric vehicles.
- Asia Pacific is dominating the global automotive battery thermal management system market, owing to the large number of electric vehicles across China and Japan and increasing demand across India, Australia, and ASEAN nations. It is predicted to maintain its leading position in the global market during the forecast period.
Key Players Operating in the global automotive battery thermal management system market include
- Continental AG
- LG Chem Ltd.
- Robert Bosch GmbH
- Valeo
- Calsonic Kansei Corporation
- GENTHERM
- Dana Incorporated
- MAHLE GmbH
- SAMSUN SDI CO.LTD.
- VOSS Automotive GmbH
- CapTherm Systems Inc.
- Hanon Systems
- Grayson
Key Questions Answered in This Report on Automotive Battery Thermal Management System Market
- How much revenue will the automotive battery thermal management system market generate by the end of the forecast period?
- Which segment of the market is likely to have the maximum market share by 2027?
- What are the impact factors and there effects on the market for battery thermal management systems?
- What regions currently contribute the maximum share to the overall automotive battery thermal management system market?
- What are the indicators expected to drive the automotive battery thermal management system market?
- What region is likely to be a lucrative market during the forecast period?
- What are the essential strategies by key stakeholders in the automotive battery thermal management system market to expand their geographic presence?
- What are the major advancements witnessed in the automotive battery thermal management system market?
- How regulatory norms affected the automotive battery thermal management system market?
Rsearch Methodology
This VRR report on the automotive battery thermal management system market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive battery thermal management system market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive battery thermal management system market arrive at predictions and estimations, and calculate the forecast for the market.
This report uses an analytical triangulation method to estimate the numbers and figures of the automotive battery thermal management system market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive battery thermal management system market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive battery thermal management system market is estimated to expand are based on carefully vetted primary and secondary sources.
Cross-segment Market Size and Analysis for
Mentioned Segments
