Electric Vehicle Battery Thermal Management System Market By Type(Active ,Passive, Hybrid)By Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-in Hybrid Electric Vehicle, Fuel Cell Electric Vehicle) Growth, Future Prospects & Competitive Analysis, 2016 – 2030

Key Highlights of the report

How are the major segments performing in the Electric Vehicle Battery Thermal Management System market?

• In 2021, the passive system type dominated the global market and contributed to more than 78% of total revenue.
• In 2021, the passenger car sector accounted for more than 87% of the market. Due to the widespread availability of passenger EVs worldwide, the category will continue to hold the top spot while growing at the greatest CAGR during the projection period.
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What is the Electric Vehicle Battery Thermal Management System Market Size in value?

The global electric vehicle battery thermal management system market is anticipated to grow at a substantial CAGR of 28.2% in the upcoming years. The global electric vehicle battery thermal management system industry was estimated to be worth USD 1.9 billion in 2021 and was expected to be worth USD 8.4 billion by 2028.

Which region dominated the electric vehicle battery thermal management system market?

In 2021, Asia Pacific dominated the regional market and generated more than 44% worldwide revenue. Over the forecast period, it is anticipated to increase at the fastest CAGR. The largest contributors to the regional market are nations like China and Japan. The primary growth-driving driver in the region is the rise in EV adoption, particularly in China. Additionally, rising consumer desire for EVs due to increased knowledge of their advantages is anticipated to fuel regional market expansion.

How is US Market Performing in the electric vehicle battery thermal management system market?

The market for electric vehicle battery thermal management systems is expanding as more electric vehicles (EVs) are being used in the US. The number of EVs sold in the US has increased significantly, which will help the market for electric vehicle battery thermal management systems grow. The increased need for faster-charging infrastructure and longer-range electric vehicles (EVs) in the US will encourage the deployment of effective battery heat management technology.

What is the competitive environment of the electric vehicle battery thermal management system market?

Due to the presence of numerous local businesses, the market is moderately fragmented. These market participants pursue investments, collaborations, acquisitions, and mergers to increase their market share. To help the battery systems perform better and longer, businesses are investing in developing enhanced battery cooling systems. They are also concentrating on keeping their prices competitive.

Executive Summary

What are the key trends in the Electric Vehicle Battery Thermal Management System market?

• The demand for battery electric vehicles is growing at the fastest rate compared to other propulsion types.
• Liquid cooling and heating technology are widely adopted in passenger and commercial vehicles.

What is the market scenario in Electric Vehicle Battery Thermal Management System Market?

Thermal management systems are necessary to keep the battery’s temperature range within an acceptable range for efficient operation. The need for battery-powered automobiles has compelled manufacturers to create better heat management technologies. Fast charging capabilities and battery size reduction are limiting market expansion. However, market growth is probably supported by technological developments in battery heat management. Since electric vehicles are battery-powered, a single charge can only take them so far.

This has spurred the development of batteries with quick charging capabilities. Faster charging of the battery produces greater heat, which must be controlled to avoid harming the battery cells. Additionally, since batteries are the only source of propulsion for electric vehicles, their operating temperature is high. As a result, manufacturers of automotive components are concentrating on creating cutting-edge cooling techniques to regulate the high temperatures of these batteries, which is anticipated to fuel market expansion in the upcoming years.

Which are the key investments by the electric vehicle battery thermal management system market players?

The market competitors have been obliged to create fresh methods of tracking the battery’s performance in real-time due to the need to maintain the average temperature range of the battery in EVs. For instance, in 2019 Robert Bosch GmbH unveiled a new cloud-connected battery management software service that enables users to remotely control and monitor the condition of the electric batteries in EVs. Additionally, this will contribute to a 20% increase in battery life.

Some major players in the electric vehicle battery thermal management system market are Modine Manufacturing Company, continental ag, Gentherm, Dana Limited, Hanon Systems, Valeo, MAHLE GmbH, Robert Bosch GmbH, Grayson, and VOSS Automotive GmbH.

What are the Major Driving Factors for the Electric Vehicle Battery Thermal Management System Market Growth?

Globally, numerous governments have set strict standards for automobile carbon emissions. As a result, customers are increasingly choosing battery electric vehicles over internal combustion engines (ICE) (BEVs). Additionally, Plug-in Hybrid Electric Vehicles, or PHEVs, have gained popularity throughout the world since they can operate on both batteries and IC engines, which will spur market expansion.

In order to improve thermal management, system manufacturers and developers have begun to integrate electronic components. Examples include power electronics components found in belt starter generators (BSG), electric drives (motor, generator, inverter), and inverter-converter modules. Developers and OEMs have been able to reduce vehicle weight and boost efficiency thanks to the integration of technologies with shared TMS for battery and other applications.

What are the Major Risks for the Electric Vehicle Battery Thermal Management System Market?

Designing cooling systems, improving the design to reduce power consumption, weight, and cost, and confirming the thermal design of thermal components are all issues related to thermal components. Additionally, issues with choosing the right coolant, designing the best flow channels, and modeling and flow complexity arise when producing thermal components. A significant challenge in developing thermal components is to reduce power consumption without sacrificing system performance and reliability. High power may cause a quick rise in temperature, which could be dangerous since it could cause internal short circuits, physical harm, fire, or explosion.

Which is the key type in the electric vehicle battery thermal management system market?

In 2021, the passive system type dominated the global market and brought in more than 78% of the total revenue. Since passive systems can produce hundreds of watts of cooling and heating power, the market is anticipated to maintain its dominance throughout the ensuing years. Additionally, the cost of passive thermal management systems and their components is lower compared to active cooling systems. Due to the increasing adoption of systems that use air or liquid to cool or heat battery cells, the active type category is anticipated to see the greatest CAGR throughout the forecast period. Battery life and efficiency are both increased by active battery thermal management systems (BTMS).

How is the electric vehicle battery thermal management system market performing in regions?

According to estimates, the Asia Pacific electric vehicle battery thermal management system market is the biggest and expanding the fastest. The largest car market is in the Asia Pacific area, including developed countries like Japan and South Korea and growing economies like China and India. The area has been a center for the manufacture of automobiles in recent years. Government leaders in the Asia Pacific region are interested in the potential to reduce carbon emissions by electrifying transportation. As a result, the Asia Pacific area has a very high prevalence of electric car use. To boost the adoption of electric vehicles in many nations, the governments have also offered various incentives such as subsidies and tax breaks. Extends battery life and effectiveness.

What is the key vehicle type in the market analysis of electric battery thermal management systems?

In 2021, the passenger car sector accounted for more than 87% of the market. Due to the widespread availability of passenger EVs around the world, the category will continue to hold the top spot while growing at the greatest CAGR during the projection period. Additionally, several governments are launching programs to promote EV use, further promoting the expansion of this market.

Due to the rising demand for battery-powered buses and light trucks, the commercial vehicle category is anticipated to grow significantly over the projected period. The tremendous operating cost savings that EVs offer can be used to explain the rise in the number of battery-powered business vehicles. The reduced load capacity of these commercial vehicles may impede the segment’s growth even though running costs have decreased to some extent, encouraging EV usage. Technical advancements and improved heat management systems would lessen the impact of this restriction.

What are the major players planning for the future of the electric vehicle battery thermal management system market?

Major players are developing new battery technologies and simultaneously also working on developing corresponding battery thermal management systems. For instance, Japan recently created a transparent lithium-ion battery that can recharge through sunlight without a solar cell. This battery will eventually be incorporated into a smart window. The battery tints and transmits 30% more light when exposed to sunlight.

Segmentation of Global Electric Vehicle Battery Thermal Management System Market-

Global Electric Vehicle Battery Thermal Management System Market – By Type

• Active
• Passive
• Hybrid

Global Electric Vehicle Battery Thermal Management System Market – By Propulsion Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Fuel Cell Electric Vehicle

Global Electric Vehicle Battery Thermal Management System Market – By Technology

• Liquid Cooling and Heating
• Air cooling and Heating
• Others

Global Electric Vehicle Battery Thermal Management System Market – By Vehicle Type

• Passenger Vehicles
• Commercial Vehicles
• Two Wheeler and Three Wheeler

Global Electric Vehicle Battery Thermal Management System Market – By Region

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • U.K.
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • South-east Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC Countries
  • South Africa
  • Rest of Middle East and Africa