PUBLISHER: The Business Research Company | PRODUCT CODE: 1429731
PUBLISHER: The Business Research Company | PRODUCT CODE: 1429731
An automotive battery thermal management system is a device designed to regulate and manage heat produced within battery cells during their electrochemical processes. It ensures safe and efficient battery operation by preventing excessive heat, thus mitigating accelerated battery degradation and maintaining optimal component functionality.
These systems employ various technologies such as PCM (Phase Change Material), liquid cooling and heating, air cooling and heating, among others. PCM serves as a protective circuit module for Li-Ion battery packs, guarding against overcharging, over-discharging, and over-draining to prevent potential hazards such as explosions or fires, thereby ensuring the safety of Li-Ion batteries. Automotive battery thermal management systems are utilized in two primary types of batteries such as conventional and solid-state. They find applications in both passenger and commercial vehicles.
The automotive battery thermal management system market research report is one of a series of new reports from The Business Research Company that provides Automotive battery thermal management system market statistics, including Automotive battery thermal management system industry global market size, regional shares, competitors with an automotive battery thermal management system market share, detailed automotive battery thermal management system market segments, market trends and opportunities, and any further data you may need to thrive in the automotive battery thermal management system industry. This automotive battery thermal management system market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The automotive battery thermal management system market size has grown rapidly in recent years. It will grow from $3.13 billion in 2023 to $3.74 billion in 2024 at a compound annual growth rate (CAGR) of 19.7%. During the historical period, growth can be attributed to several factors, including government initiatives aimed at promoting electric vehicles (EVs), efforts to reduce the cost of EV batteries, and an increasing demand for electric vehicles in the market.
The automotive battery thermal management system market size is expected to see rapid growth in the next few years. It will grow to $7.45 billion in 2028 at a compound annual growth rate (CAGR) of 18.8%. Forecasted growth stems from increasing e-commerce, higher fuel costs, and restrictions on petrol/diesel vehicle sales. Key trends include advanced thermal interface materials, smart battery thermal management, tech innovation, and partnerships for expanded presence.
The anticipated surge in demand for electric vehicles is set to drive growth in the automotive battery thermal management system market. Factors such as increasing fuel prices, concerns about carbon emissions, and various other considerations are collectively contributing to the accelerated adoption of electric vehicles on a global scale. This heightened demand for electric vehicles is expected to result in a corresponding increase in the utilization of automotive battery thermal management systems, crucial for ensuring the safe and effective operation of these vehicles. For instance, data from the International Energy Agency as of May 2022 revealed a substantial upswing in electric vehicle sales, nearly doubling from the previous year and reaching a record high of 10.2 million units in 2022. Projections for 2023 estimate global electric car sales to reach 14 million units, showcasing a notable growth rate of 35%. Consequently, the rising demand for electric vehicles is poised to drive the automotive battery thermal management system market during the forecast period.
The ongoing escalation of fuel costs is expected to act as a catalyst for the automotive battery thermal management system market in the forecast period. Globally, fuel prices, particularly for petrol, have been on an upward trajectory, prompting a surge in interest in alternative energy options to manage costs and enhance sustainability efforts. For example, in October 2021, the price of Brent Crude surpassed $85 per barrel, marking its highest level since 2018. In March 2022, fuel costs in the USA reached record highs, with a gallon of petrol averaging $4.31 on March 10, 2022. This increase, marking the highest level in 14 years, surpassed the previous record set in 2008. Diesel prices were even higher, averaging $5.05 per gallon. In April 2022, petrol prices in India peaked at INR105.45 ($1.36) per liter, while diesel prices reached INR96.71 ($1.24) per liter. The World Bank's energy price index recorded a 26.3% increase between January and April 2022, on top of a 50% increase between January 2020 and December 2021, reflecting sharp increases in coal, oil, and natural gas prices. This surge is expected to drive customers toward electric vehicles, consequently boosting the demand for automotive battery thermal management systems.
The adoption of innovative solutions based on thermoelectric technology emerges as a prominent trend gaining traction in the automotive battery thermal management system market. Leading companies within the market are actively advancing their technologies and investing in research and development to meet industry demands and fortify their market positions. For example, in May 2022, Modine Manufacturing Company, a US-based manufacturer specializing in thermal management solutions, introduced the Evantage Thermal Management systems for commercial chassis. The Evantage BTMS optimizes the temperature range for a comprehensive range of batteries using a single unit while minimizing power draw.
Technological advancement stands out as a key trend in the automotive battery thermal management system market, with major players concentrating on the development of innovative technologies, including immersion cooling technology. This focus on innovation is essential for sustaining competitiveness in the market. Immersion cooling is a highly effective technique, providing 100% cell-to-coolant contact and ensuring better cell temperature homogeneity. As an illustration, in June 2022, Xing Mobility, a Taiwan-based provider of electric vehicle powertrain and battery technology, launched the IMMERSIOTM XM25 system. This integrated battery system incorporates a battery pack, a battery management system, and an active safety module based on immersion cooling technology. The IMMERSIOTM XM25 system enhances temperature uniformity, consequently improving the performance levels of battery cells, all while maintaining a remarkably lightweight design.
In August 2021, Gentherm, a US-based company specializing in thermal management technologies and pneumatic comfort solutions for automobiles, acquired Alfmeier Prazision SE for an undisclosed sum. This strategic move was intended to broaden Gentherm's offerings beyond thermal solutions, extending its focus to include comfort, health, wellness, and energy efficiency. Alfmeier Prazision SE, based in Germany, is a manufacturer and supplier of automotive components.
Major companies operating in the automotive battery thermal management system market report are BorgWarner Inc., Robert Bosch GmbH, Hanon Systems, Valeo, Mahle GmbH, Denso Corporation, Panasonic Corporation, Dana Incorporated, Gentherm Incorporated, LG Chem Ltd., GS Yuasa International Ltd., Samsung SDI Co., Ltd., Contemporary Amperex Technology Co. Limited (CATL), Sunwoda Electronic Co, Tianneng Group, Chaowei Power Holdings Limited, Desay Battery Co. Ltd., BYD Company Limited, SVOLT Energy Technology Co Ltd., EVTronic, Britishvolt, Aceleron, Zenobe, Northvolt, Verkor, Italvolt, Fortum, Volkswagen, Bayerische Motoren Werke, Groupe Renault, Varta, SAFT, Enterex Polska Sp. z o.o, Behr Service Polska, Orion BMS, CapTherm Systems Inc., Modine Manufacturing Company, Grayson, Bravo Motor, Great Wall Motor, Horwin, Smart Modular Technologies, IntelBras, Tecsys, Byvin, HDK Electric Vehicles, Ingersoll Rand Inc., Polaris Industries, Speedway Electric, Eleksa EV, Melex Electrovehicles, GridCars, Mazibuko Motor Company, El Nasr Automotive Manufacturing Company, Jet Motors
Asia-Pacific was the largest region in the automotive battery thermal management system market in 2023, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive battery thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the automotive battery thermal management system market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The automotive battery thermal management system includes revenue earned by entities by HEVs, PHEVs, and EVs. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Automotive Battery Thermal Management System Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on automotive battery thermal management system market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for automotive battery thermal management system? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The automotive battery thermal management system market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.