Electric Vehicle Battery Thermal Management Systems Market Growth Analysis

Market Insights

Electric Vehicle Battery Thermal Management Systems Market is likely to witness an impressive CAGR of 28.1% during the forecast period.

What is an electric vehicle battery thermal management system?

Electric vehicle battery thermal management systems are used in electric vehicles to maintain the adequate temperature range of the battery for effective functioning.

Market Dynamics

This growth of the market is likely to be primarily driven by the increasing adoption of electric vehicles across the world. Various governments across the world have enacted strict carbon emission standards for automobiles. As a result, customer preferences have shifted away from internal combustion engines (ICE) towards battery electric vehicles (BEVs). Furthermore, Plug-in Hybrid Electric Vehicles, or PHEVs, have grown in popularity around the world due to their ability to run on both battery and internal combustion engines. Significant sales of EVs in various countries which include China, Germany, the US, France, The UK, and Norway is supporting the demand for EV battery thermal management systems.

Battery manufacturers are developing batteries with fast charging capability, which generates more heat. High temperatures in a battery must be managed efficiently in order to prevent any damage. This has prompted automotive component manufacturers to develop advanced cooling methods to control the high temperatures on batteries, thereby bolstering market growth.

Segments Analysis

By Application Type

Based on the application type, the market is segmented as passenger vehicles and commercial vehicles. The passenger vehicles application segment is estimated to account for the major share of the market during the forecast period on account of their easy availability and higher production around the world. Increasing affordability and rising income of the middle-class population will support the growth of the segment over the forecast period

By System Type

Based on the system type, the market is segmented as passive and active. The passive system is estimated to remain the larger segment of the market during the forecast period owing to its higher demand, as it facilitates a large amount of cooling and heating power. A passive system is an economical system as the cost associated with it and its component is lower as compared to an active system.

Regional Analysis

In terms of regions, Asia-Pacific is estimated to remain the leading region in the market over the forecast period. The region’s market is mainly driven by demand from China and Japan. The growing adoption of EVs in the region, especially in China, is the major factor driving the growth of the market. Furthermore, rising consumer preference for EVs as a result of an increased understanding of their benefits and lucrative incentives provided by the government in the region is likely to drive the regional market expansion.

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Key Players

The following are the key players in the electric vehicle battery thermal management systems market are:

• Robert Bosch GmbH, 
• GENTHERM Inc., 
• Valeo, 
• Dana Inc., 
• Mahle GmbH, 
• Hanon Systems, 
• Voss Automotive GmbH, 
• 3M, 
• Grayson, 
• Polymer Science, Inc.,
• Lord Corporation.

Research Methodology

This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 10 detailed primary interviews with the market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those willing to enter the market.

What Deliverables Will You Get in this Report?

Report Customization Options

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Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances

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