Automotive Battery Thermal Management System Market Size [2021-2028] worth USD 7.13 Billion | exhibiting a CAGR of 18.5%
Fortune Business Insights
6 min read
Fortune Business Insights
Automotive Battery Thermal Management System Market to Hit USD 7.13 Billion by 2028; Increasing Demand for Advanced Electric Vehicles & Supportive Government Policies for Adoption of Electric Vehicles to boost the market growth: Fortune Business Insights™
Pune, India, May 19, 2022 (GLOBE NEWSWIRE) -- The global automotive battery thermal management system market size stood at USD 2.09 billion in 2020. The market is estimated to rise from USD 2.17 billion in 2021 to USD 7.13 billion by 2028 at 18.5% CAGR during the forecast period. Fortune Business Insights™ has delved into these insights in its latest research report, titled, “Automotive Battery Thermal Management System Market, 2021-2028.”
According to the analysis, several companies in the market are focusing on innovative methods to develop electric vehicles. For instance, in November 2020, Continental AG expanded its plastics expertise for thermo management to introduce novel methods of plastic-based tubing systems across hybrid and electric vehicles. Such factors are likely to propel the demand for advanced thermal management systems in automotive.
List of Key Companies Profiled in the Market Report:
Valeo (France)
Hanon Systems (South Korea)
SAMSUNG SDI Co, LTD (South Korea)
VOSS Automotive GmbH (Germany)
MAHLE GmbH (Germany)
Dana Limited (U.S)
GENTHERM (U.S)
Robert Bosch GmbH (Germany)
Continental AG (Germany)
LG Chem (South Korea)
Report Scope & Segmentation:
Report Coverage
Details
Forecast Period
2021-2028
Forecast Period 2021 to 2028 CAGR
18.5%
2028 Value Projection
USD 7.13 billion
Base Year
2020
Market Size in 2021
USD 2.17 billion
Historical Data for
2017-2019
No. of Pages
150
Segments covered
Battery Electric Vehicles (BEV), Plug-In Electric Vehicles (PHEV) and Hybrid Electric Vehicles (HEV)
Growth Drivers
Supportive Government Policies for Adoption of Electric Vehicles to Promote Growth
Partnerships between Eminent Companies to Strengthen Their Market Positions
The drastic effect of the global pandemic, COVID-19, has been felt across several economies facing unprecedented loss. The lockdown imposed by the government agencies has led to several industries facing halted industrial operations. However, a collective effort from the government and the industries is likely to bring the economy back on track and aid in the resumption of industrial activities.
The market report includes informative analysis of several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies to announce partnerships, introduce new products, and collaborate to further contribute to the growth of the market between 2021 and 2028. Moreover, the research analyst has adopted several research methodologies to extract information about the current trends and industry developments that will drive the growth of the market for automotive battery thermal management system in recent years.
Market Drivers:
Supportive Government Policies for Adoption of Electric Vehicles to Promote Growth
In June 2021, Australian government announced around USD 366.5 million investments in the development of electric vehicles (EVs) charging infrastructure. The country plans to increase the size of the EV market by almost half within a decade. Besides, by 2027, the government plans to levy a road-user charge of around 2.5 Australian cents per kilometer. The governments globally are focusing on formulating policies to promote the development of hybrid and electric vehicles amid the rising air pollution levels across cities. This is further expected to contribute to the global automotive battery thermal management system market growth during the forecast period.
Partnerships between Eminent Companies to Strengthen Their Market Positions
The market is consolidated by the presence of major companies focusing on maintaining their strongholds by partnering with other companies and further expanding their automotive battery thermal management system portfolio. In addition to this, other key players are adopting proactive strategies such as merger and acquisition, the introduction of novel products, and collaboration that will favor the growth of the market in the forthcoming years.
Market Segmentation:
Based on propulsion type, the market is segmented into battery electric vehicle (BEV), plug-in hybrid electric vehicle, and hybrid electric vehicle (HEV). The battery electric vehicle (BEV) segment holds a significant share in the market for automotive battery thermal management system. This is attributable to the increasing demand for fuel-efficient and zero-carbon emission automotive across the globe. The segment held a market share of about 28.71% in 2020.
Based on the technology type, the market is divided into air cooling & heating, liquid cooling & heating, and phase change material (PCM).
On the basis of battery type, the market is bifurcated into conventional and solid state.
Moreover, based on the vehicle type, the market is classified into passenger cars and commercial vehicles. Lastly, on the basis of region, the market is categorized into Rest of the World, Europe, Asia-Pacific, and North America.
Regional Insights:
Asia-Pacific is expected to hold the highest position in the market in the forthcoming years. This is owing to the increasing production of automotive backed by high demand for passenger, commercial, and electric vehicles that propels the demand for the product in the region. In terms of revenue, Asia-Pacific stood at USD 0.99 Billion in 2020.
On the other hand, Europe is expected to hold the second-largest global automotive battery thermal management system market share in terms of revenue. This is due to the presence of established automotive manufacturers that are focusing on developing advanced thermal management solutions in the region between 2021 and 2028.
Industry Development:
June 2021 – Castrol announced its partnership with XING Mobility to develop XING’s advanced immersing cooling battery technology. The company will utilize Castrol’s advanced thermal management fluid to ensure unprecedented safety and power in the electric vehicles.
Table of Content:
Introduction
Research Scope
Market Segmentation
Research Methodology
Definitions and Assumptions
Executive Summary
Market Dynamics
Market Drivers
Market Restraints
Market Opportunities
Key Insights
Key Industry Developments - Merger, Acquisitions, and Partnerships
Porter’s Five Forces Analysis
SWOT Analysis
Technological Developments
Value Chain Analysis
Impact of COVID-19 on Automotive Battery Thermal Management System Market
Global Automotive Battery Thermal Management System Market Analysis, Insights and Forecast, 2017-2028
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