The rapid surge in the adoption of electric vehicles (EVs) around the globe has opened the gates for revolutionary technologies like Automotive Battery Thermal Management Systems (BTMS). A BTMS is integral to the effective functioning of an EV, extending the battery life, cost-efficiency, and overall performance. The remarkable significance of BTMS in EVs has led to an anticipated boom in the global automotive battery thermal management system market, from a market size of US$666 Mn recorded in 2020, to a growth trajectory aiming at a striking CAGR of approximately 36% in the period of 2021 - 2026.
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Government Initiatives Fuel the Growth of Automotive Battery Thermal Management System Market
The global automotive battery thermal management system market is driven significantly by numerous government-led strategies that aim to boost the acceptance and adoption of EVs. An example of such initiatives is the aggressive subsidies introduced by the Chinese government in 2013. Offering RMB 4,000 to RMB 35,000 for every plug-in hybrid electric vehicle (PHEV) purchased and between RMB 35,000 to RMB 60,000 for each battery electric vehicle (BEV) purchased, these subsidies have stimulated EV sales, which in turn, has contributed to the expansion of the global automotive battery thermal management system market.
Automotive Battery Thermal Management System: Challenges and Solutions
Despite the positive market outlook, certain challenges are impacting the growth of the global automotive battery thermal management system market. These include complexities in the fundamental designing of automotive battery thermal management systems, such as verifying components' thermal designs, optimizing flow channel optimization, and reducing power requirements, vehicle weight, and cost. High temperatures can also lead to hazardous situations like short circuits or fires. However, persistent efforts in technological advancements aim to overcome these barriers, promising further growth for the BTMS market.
The Gradual Phasing Out of ICE Vehicles: An Opportunity for BTMS Market
Approximately 13 countries globally, including leaders such as Norway, the UK, Canada, and the Netherlands, have announced plans to phase out conventional Internal Combustion Engine (ICE) vehicles shortly. This significant shift toward EVs opens up opportunities for stakeholders in the electric vehicle space, from EV manufacturers and OEMs to battery and battery technology companies, and of course, automotive BTMS manufacturers.
Asia Pacific Paves the Way for Automotive Battery Thermal Management System Market
The Asia Pacific region, home to fast-developing economies like China, Japan, India, and South Korea, is leading the charge in the automotive battery thermal management system market. The rising demand for EVs in this region is a significant factor determining the future growth of the BTMS market. The market in the Asia Pacific is followed by North America and Europe, with an increasing demand for alternative fuel vehicles paving the way for the advancement of the automotive battery thermal management system market.
Passenger Vehicles: The Leading Segment in the BTMS Market
The boom in the EV market, along with alternative fuel vehicles like hydrogen, bio-diesel, and propane vehicles, continues to propel the demand for BTMS in the passenger vehicle segment. The increased preference for private transportation over public transport, especially post the global pandemic, further underscores the potential growth of the automotive battery thermal management system market.
Strategic Partnerships: The Way Forward in the BTMS Market
The automotive battery thermal management system market is dominated by key players such as MAHLE GmbH, VOSS Automotive GmbH, Dana Limited, Continental AG, LG Chem, and Robert Bosch GmbH. These companies have maintained dominance by adopting strategic contractual agreements and establishing new production facilities. The future of the automotive battery thermal management system market looks promising, with technological advancements and supportive regulations driving its growth.
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The worldwide Automotive Battery Thermal Management System Market is anticipated to reach around USD 5.4 billion by 2026, according to a new research published by Polaris Market Research.
The passenger car dominated the global Automotive Battery Thermal Management System market in 2017.
In 2017, Asia-Pacific accounted for the majority share in the global automotive battery thermal management system market.
The significant increase in demand for electric vehicles, and rising need to improve battery performance and efficiency of electric vehicles boosts the demand for automotive battery thermal management system.
The awareness regarding use of electric vehicles has increased significantly, especially in the Asia-Pacific region.
The increasing awareness among consumers regarding use of eco-friendly vehicles coupled with rising adoption of advanced Lithium-Ion batteries fuels the growth of the automotive battery thermal management system market.
The latest trending report Global Automotive Battery Thermal Management System Market 2020 by Manufacturers, Regions, Type and Application, Forecast to 2025 offered by DecisionDatabases.com is an informative study covering the market with detailed analysis.
The report will assist reader with better understanding and decision making.The Automotive Battery Thermal Management System market report provides a detailed analysis of global market size, regional and country-level market size, segmentation market growth, market share, competitive Landscape, sales analysis, impact of domestic and global market players, value chain optimization, trade regulations, recent developments, opportunities analysis, strategic market growth analysis, product launches, area marketplace expanding, and technological innovations.This report also researches and evaluates the impact of Covid-19 outbreak on the Automotive Battery Thermal Management System industry, involving potential opportunity and challenges, drivers and risks.
We present the impact assessment of Covid-19 effects on Automotive Battery Thermal Management System and market growth forecast based on different scenario (optimistic, pessimistic, very optimistic, most likely etc.
).Final Report will cover the impact of COVID-19 on this industry.Browse the complete report and table of contents @ https://www.decisiondatabases.com/ip/25830-automotive-battery-thermal-management-system-market-analysis-reportThe major players covered in Automotive Battery Thermal Management System are: Mahle VOSS Automotive Gentherm Valeo Continental Bosch Dana Hanon Systems GraysonBy Type, Automotive Battery Thermal Management System market has been segmented into Liquid Cooling and Heating Air Cooling and Heating OthersBy Application, Automotive Battery Thermal Management System has been segmented into: PHEV EVThe report offers in-depth assessment of the growth and other aspects of the Automotive Battery Thermal Management System market in important countries (regions), including: North America (United States, Canada and Mexico) Europe (Germany, France, UK, Russia and Italy) Asia-Pacific (China, Japan, Korea, India and Southeast Asia) South America (Brazil, Argentina, etc.
) Middle East & Africa (Saudi Arabia, Egypt, Nigeria and South Africa)Download Free Sample Report of Global Automotive Battery Thermal Management System Market @ https://www.decisiondatabases.com/contact/download-sample-25830The content of the study subjects, includes a total of 15 chapters:Chapter 1, to describe Automotive Battery Thermal Management System product scope, market overview, market opportunities, market driving force and market risks.Chapter 2, to profile the top manufacturers of Automotive Battery Thermal Management System, with price, sales, revenue and global market share of Automotive Battery Thermal Management System in 2018 and 2019.Chapter 3, the Automotive Battery Thermal Management System competitive situation, sales, revenue and global market share of top manufacturers are analyzed emphatically by landscape contrast.Chapter 4, the Automotive Battery Thermal Management System breakdown data are shown at the regional level, to show the sales, revenue and growth by regions, from 2015 to 2020.Chapter 5, 6, 7, 8 and 9, to break the sales data at the country level, with sales, revenue and market share for key countries in the world, from 2015 to 2020.Chapter 10 and 11, to segment the sales by type and application, with sales market share and growth rate by type, application, from 2015 to 2020.Chapter 12, Automotive Battery Thermal Management System market forecast, by regions, type and application, with sales and revenue, from 2020 to 2025.Chapter 13, 14 and 15, to describe Automotive Battery Thermal Management System sales channel, distributors, customers, research findings and conclusion, appendix and data source.Purchase the complete Global Automotive Battery Thermal Management System Market Research Report @ https://www.decisiondatabases.com/contact/buy-now-25830All Automotive Related Reports by DecisionDatabases.com @ https://goo.gl/uPLfSBAll Battery Related Reports by DecisionDatabases.com @ https://goo.gl/UeS6ATAbout-Us:DecisionDatabases.com is a global business research reports provider, enriching decision makers and strategists with qualitative statistics.
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