The growth of the automotive battery thermal management system market is driven by several factors, including the rise in popularity of EVs and HEVs, need to enhance battery performance, enhanced ride quality and heat insulation for cabin comfort, and surge in demand for heavy duty and electronic components.
PORTLAND, Ore., May 1, 2023 /PRNewswire/ — Allied Market Research published a report, titled, “Automotive Battery Thermal Management System Market by Type (Conventional, Solid), by Vehicle Type (Commercial Vehicles, Passenger Vehicles), by Technology (Active, Passive, Hybrid), by Propulsion (Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicle (PHEVs), Fuel Cell Electric Vehicle (FCEV), Battery Electric Vehicle (BEVs)): Global Opportunity Analysis and Industry Forecast, 2023-2032.” According to the report, the global automotive battery thermal management system industry generated $4.6 billion in 2022 and is projected to reach $18.7 billion by 2032, witnessing a CAGR of 15.6% from 2023 to 2032.
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Drivers, restraints, and opportunities:
The global automotive battery thermal management system market is being driven by a variety of factors including the rise in popularity of EVs and HEVs, need to enhance battery performance, enhanced ride quality and heat insulation for cabin comfort, and surge in demand for heavy duty and electronic components. However, the growth of the automotive battery thermal management system market is restrained by high development cost associated with automotive battery thermal management systems. Furthermore, innovation in battery cooling systems is expected to create new avenues for growth in the automotive battery thermal management system industry in the future.
COVID-19 Scenario:
The COVID-19 outbreak had a mixed impact on the global automotive battery thermal management system market as it presented both challenges and opportunities for the industry.
Disruptions in the supply chain led to delays and other issues for some manufacturers while the increased demand for service robots created new opportunities for growth and expansion in the industry.
The conventional segment to maintain its dominance throughout the forecast period
Based on type, the conventional segment held the highest market share in 2022, accounting for nearly three-fifths of the global automotive battery thermal management system market revenue and is projected to rule the roost in terms of revenue during the forecast period. Also, the same segment is projected to manifest the highest CAGR of 16.1% from 2023 to 2032. The growth is attributed to the rise in integration with battery pack that allows more precise temperature control and reduces the overall weight and complexity of the system.
The active segment to rule the roost throughout the forecast timeframe
By technology, the active segment accounted for the largest share in 2022, contributing to more than half of the global automotive battery thermal management system market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to portray the largest CAGR of 16.17% from 2023 to 2032. This is because they deliver high efficiency in maintaining the battery-pack in the desired temperature range, in case of liquid-based ones.
The Battery Electric Vehicle (BEVs) segment to maintain its leadership status throughout the forecast period
By propulsion, the Battery Electric Vehicle (BEVs) segment contributed to the major share in 2022, holding more than two-fifths of the global automotive battery thermal management system market revenue and is likely to dominate the market from 2023 to 2032. The same segment is expected to witness the fastest CAGR of 16.32% during the forecast period. The battery electric vehicles are gaining traction due to their advantages like changing perception toward adoption of electric vehicles, simple technology usage, and low maintenance as compared to other electric vehicles.
Asia-Pacific to maintain its dominance by 2032
Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global automotive battery thermal management system market revenue. The same region would portray the fastest CAGR of 16.54% during the forecast period. The growth of the market is attributed to the rise in adoption of EVs in the region to curb the emission of greenhouse gases.
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Leading Market Players:
Continental AG
Dana Limited
LG Chem
Robert Bosch GmbH
Valeo
Calsonic Kansei Corporation (Marelli Corporation)
Gentherm Inc
Hanon Systems
MAHLE GmbH
Samsung SDI Co., Ltd.
The report analyzes these key players in the global automotive battery thermal management system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
Key Benefits for Stakeholders
This study comprises analytical depiction of the automotive battery thermal management system market size along with the current trends and future estimations to depict the imminent investment pockets.
The overall automotive battery thermal management system market analysis is determined to understand the profitable trends to gain a stronger foothold.
The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
The current automotive battery thermal management system market forecast is quantitatively analyzed from 2022 to 2032 to benchmark the financial competency.
Automotive Battery Thermal Management System Market Key Segments:
Type
Conventional
Solid
Vehicle Type
Commercial Vehicles
Passenger Vehicles
Technology
Active
Passive
Hybrid
Propulsion
Hybrid Electric Vehicles (HEVs)
Plug-in Hybrid Electric Vehicle (PHEVs)
Fuel Cell Electric Vehicle (FCEV)
Battery Electric Vehicle (BEVs)
By Region
North America (U.S., Canada, Mexico)
Europe (UK, Germany, France, Rest of Europe)
Asia-Pacific (China, Japan, India, South Korea, Rest of Asia-Pacific)
LAMEA (Latin America, Middle East, Africa)
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