October 24, 2022 09:00 ET | Source: Market Research Future Market Research Future
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New York, US, Oct. 24, 2022 (GLOBE NEWSWIRE) -- According to a comprehensive research report by Market Research Future (MRFR),” Automotive Battery Thermal Management Market Research Report Information By Technology, Propulsion, Vehicle Type, Forecast 2030”, the global automotive battery thermal management system market is estimated to grow to USD 6466.02 MN by 2030, registering a 13.02% CAGR throughout the assessment period (2022–2030).
Automotive Battery Thermal Management System Market Overview
The automotive battery thermal management system market is likely to witness significant revenue growth in the near future. Citing the growing demand for e-mobility creating vast market demand. The battery thermal management system (BTMS) manages the dissipating heat generated during the electrochemical processes in cells, allowing the automotive battery to operate safely and efficiently. With advances in thermal energy management materials and technologies, BTMSs has significantly evolved over the past few years. Also, the improving conversion and storage of thermal energy solutions (TES) increase the adoption of these systems.
Moreover, the emergence of disruptive innovations in thermal management focused on batteries creates significant market opportunities. The exponentially increasing demand for cleaner transport influences the adoption of automotive thermal management systems in electric vehicles. Increased production of electric vehicles results in the growing installation of battery thermal management systems.
Players leading the global automotive battery thermal management system market are,
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Integrating an automotive battery thermal management system market prevents accelerated battery deterioration by managing the heat generated, allowing it to operate continuously under optimum temperature conditions. The advantages of BTMSs, such as their relatively simple design and high efficiency in maintaining the battery pack at desired temperature ranges, increase their adoption.
In addition to the implementation in electric vehicles, the usefulness of BTMs in other heavy equipment used in mining, agriculture, and construction industry, and for materials handling applications where the optimum operation and temperature of cells & batteries are critical for their correct operation, explain the growing market landscape.
Increased production of electric vehicles would allow the market to garner significant gains. Besides, the growing demand for vehicles with high-end technology substantiates the market size. Technological advancements in automotive heat recovery and management systems impact market revenues positively. Additionally, the growing purchasing power of consumers, impacts battery thermal management system market growth positively.
Stringent regulations to foster fuel economy and control vehicle emissions boost the size of the automotive battery thermal management system market, increasing EV adoption. Also, the augmenting demand for more efficient, environment-friendly, and unconventional battery thermal management systems provides a colossal impetus to battery thermal management system market growth.
Automotive Battery Thermal Management System Market Report Scope:
Browse In-depth Market Research Report (100 Pages) on Automotive Battery Thermal Management Market:
Automotive Battery Thermal Management Market Segments
The market is segmented into technologies, propulsion, vehicle types, and regions. The technology segment is sub-segmented into air, liquid, phase change material, thermoelectrics, and other technologies. The propulsion segment is sub-segmented into hybrid electric vehicles (HEV), battery electric vehicles (BEV), plug-in hybrid electric vehicles (plug-in HEV), fuel cell vehicles, and others.
The vehicle type segment is sub-segmented into passenger cars, commercial vehicles, and others. The region segment is sub-segmented into Asia-Pacific, Europe, North America, and the Rest-of-the-World.
Automotive Battery Thermal Management Market Regional Analysis
The Asia Pacific region dominates the global automotive battery thermal management system market. The largest automobile market, mainly in China, Japan, South Korea, and India, drives the market demand for automotive BTMSs. Over recent years, the region has witnessed a constant upsurge in the production of ICE, fuel cell, and electric vehicles. Besides, the presence of battery thermal management technology providers drives the regional market growth.
The rising pressure to reduce carbon and VOC emissions oozing out of vehicles by boosting their electrification supports the market growth, increasing the use of electric vehicles. Also, various government incentive programs, subsidies, and tax exemptions offer significant market opportunities by increasing EV adoption. The increasing awareness of the benefits of energy-efficient products and continually growing advances in automotive tech and EV technology substantiate the region’s market shares.
Automotive Battery Thermal Management Market Competitive Analysis
Highly competitive, the automotive battery thermal management system market relies on vehicle sales and is driven by the increase in automotive production. Led by the presence of several notable players accounting for a substantial share, the market appears to be fragmented. Battery thermal management system manufacturers focus on electric vehicle applications, offering safe thermal management and module & pack configurability toward higher energy & power densities.
Players collaborate with research institutes or form partnerships with other players to design, develop & manufacture cost-effective, highly configurable electric vehicle solutions that accelerate vehicle electrification and the automotive/transportation sectors. Such agreements include the supply of battery cells and thermal management systems, and joint technology development, accelerating electric vehicle transitions.
For instance, on Oct 17, 2022, Grayson Thermal Systems (the UK) announced that it is eying a £25m electric vehicle opportunity with the rollout of its new vehicle thermal management system (VTMS). Grayson’s vehicle thermal management system saves weight and optimizes driving range for electric buses, commercial vehicles, and off-highway applications.
Grayson is heavily investing in its UK manufacturing and building capability to take advantage of commercial volumes expected to grow from 2024 onwards. The revolutionary VTMS combines battery thermal management, heat pump, and air conditioning technologies into one single system, helping the end-user save costs and space.
Also, the technology incorporates waste heat recycling and electric motor cooling delivering the complete solution, which would tap into the demand for cleaner transport. The company believes electric double-deck bus sales could generate £15m by the end of 2023 and more than £25m by 2025.
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