By 2033 - The EV Battery Heating Systems Market is Expected to Cross High of US$ 17.28 Bn at a CAGR of 18.7% Over Forecast Period of 2023-33 | Data Analysis by Future Market Insights, Inc.
Future Market Insights Global and Consulting Pvt. Ltd.
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Future Market Insights Global and Consulting Pvt. Ltd.
Innovations in Lithium-ion Battery Technology continue to Drive the EV Battery Heating System Market, Valuation Expected to Reach US$ 17289 Mn by 2033. Asia Pacific is anticipated to lead the EV battery heating system market over the forecast period
NEWARK, Del, Dec. 31, 2022 (GLOBE NEWSWIRE) -- The global EV battery heating system market is projected to register at a moderate-paced CAGR of 18.7% over the forecast period. The EV battery heating system market is currently valued at US$ 3113.6 Mn in 2023. By 2033, demand for EV battery heating systems is expected to reach a high of US$ 17289 Mn.
Thermal management systems maintain the battery's operating temperature. As battery-powered vehicles have become more popular, manufacturers have improved battery heat management. Smaller batteries and faster charging slow the sales of EV battery heating systems. Technological advances in battery heat control are expected to boost the demand for EV battery heating systems. Electric cars have a restricted range per charge due to their batteries.
Battery makers have responded by developing fast-charging products. Fast battery charging generates greater heat, which must be managed to prevent cell damage. As the only source of EV traction, batteries operate at high temperatures. Automotive component manufacturers are developing new cooling solutions to handle these batteries' high temperatures, which is likely to boost the growth of the EV battery heating system market over the forecast period.
Global countries have set strict vehicle carbon emission standards. Consequently, customer preference has shifted from ICE to BEVs (BEVs). PHEVs, which run on both batteries and IC engines, are also popular globally.
The development of automobiles using unconventional energy sources is encouraged by the increased focus being placed on fuel efficiency criteria. As a result, the auto industry is shifting its focus to cars that run on electricity and other environmentally benign fuels. Global demand for an EV battery thermal management system is on the rise owing to rising commercial and consumer vehicle production and improvements in technology. Valeo, for one, has released battery cooling systems and a wide variety of coolers solutions for both plug-in hybrids and fully electric vehicles. Car cabins can be heated, cooled, and dehumidified to perfection with the help of a heat pump system that uses collected ambient energy.
Key Takeaways
The Chinese EV battery heating system market is expected to register a CAGR of 14.9% through the forecast period.
The U.S. EV battery heating system market is anticipated to hold a market share of 12.5% of the global market.
Germany is expected to follow the U.S. in leading the global market with a share of 10.2%.
The hybrid electric vehicle segment is expected to hold a share of 37.4%
Numerous local companies contribute to a modest level of fragmentation in the EV battery heating system industry. These market players are making investments, forming partnerships, acquiring other companies, and merging in order to expand their share of the market. Companies are also spending R&D to enhance battery cooling systems, which should enable batteries to run even better and longer. Keeping their prices reasonable is another one of their primary objectives.
Key players in the EV battery heating system market include
Modine Manufacturing Company, continental ag, gentherm, Dana Limited, Hanon Systems, Valeo, MAHLE GmbH, Robert Bosch GmbH, Grayson, VOSS Automotive GmbH.
Some Key Recent Developments in the EV Battery Heating System Industry are:
NIO's first battery swap station in Germany, located in Zusmarshausen along the A8 highway between Munich and Stuttgart, was officially opened in September 2022. The battery swap station has a maximum daily capacity of 312 power swaps. Before any exchange, we'll check the condition of the vehicle's electric control system, motor, and battery.
Singapore-based Oyika Pte Ltd ("Oyika") and Asia's leading green independent power producer and investor, NEFIN Group ("NEFIN"), signed a Memorandum of Understanding (MOU) in September 2022 to encourage the widespread use of electric vehicles ("EVs") throughout Singapore, Cambodia, Malaysia, Thailand, and Indonesia.
The Indonesian Ministry of Investment and Investment Coordinating Board (BKPM), PT inked an MOU with Hon Hai Technology Group (Foxconn) in January 2022. (MoU). Sustainable energy ecosystem development in Indonesia is a joint effort by PT. IBC (Industri Baterai IndonesiaIndika Energy Corporation, Indika) and Gogoro Taiwan Limited. Battery technology, electric transportation, and associated businesses is likely to be the ecosystem's primary areas of interest.
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About Future Market Insights, Inc.
Future Market Insights, Inc. is an ESOMAR-certified business consulting & market research firm, a member of the Greater New York Chamber of Commerce and is headquartered in Delaware, USA. A recipient of Clutch Leaders Award 2022 on account of high client score (4.9/5), we have been collaborating with global enterprises in their business transformation journey and helping them deliver on their business ambitions. 80% of the largest Forbes 1000 enterprises are our clients. We serve global clients across all leading & niche market segments across all major industries.
