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COVID-19 Accelerates Growth of Automotive Battery Thermal Management System Market | Research Report, Global Analysis, Opportunities and Forecast till 2023
Automotive Battery Thermal Management System Market
Battery management system is considered to be an integral component of automotive, as it ensures smooth and reliable battery operations. To maintain the quality of battery thermal management, the safety of the battery needs to be maintained, its state needs to be monitored, and it is imperative to track the cell balancing functionalities as well as charge control.
The battery acts as an electrochemical product according to the environmental and operational conditions. Therefore, factors such as heat dissipation, heat transport, and heat generation are generally considered to ensure efficient battery performance.
Battery Thermal Management System (BTMS) includes both software and hardware and is dependent on the operating conditions and is then customized for either heating, cooling or insulating. Integration of electric thermal management systems with the automotive battery thermal management system, worldwide energy crisis issue, increasing air pollution, expenditure on infrastructure coupled with strong government support as well as subsidies are projected to boost the demand for the global Automotive Battery Thermal Management System Market in the coming years.
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The market for automotive battery thermal management system has been growing over the years, thanks to the mounting awareness about electric vehicles, subsidies offered for purchasing of electric vehicles and government initiatives in tax exemption. Other important factors inducing market growth include the continuously depleting oil reserves combined with the sizable investments in charging infrastructure.
Market Segmentation
The global Automotive Battery Thermal Management System Market has been segmented with respect to technology, propulsion, battery capacity, and vehicle type.
Technology-wise segments mentioned in the report are air, phase change material, liquid, and thermoelectrics.
Depending on propulsion, the market has been split into HEV, BEV, PHEV, & FCV.
Given the battery capacity segment, the market includes 0 – 200 KWh, 200 – 500 KWh, and > 500 KWh.
Taking into account the vehicle type, the Automotive Battery Thermal Management System Market consists of commercial and passenger. The passenger vehicle type leads the market, on account of the constant efforts being put by several government organizations to stimulate the adoption rate of electric vehicles across the globe.
Regional Insight
Europe, Asia Pacific (APAC), the Americas, and the Rest of the World (RoW) are the main markets for automotive battery thermal management system.
APAC shows the highest potential of attaining the largest share in the market, thanks to the backing of government in the form of funds and initiatives aiming to boost the sale of electric vehicles.
A number of companies in China are making sizeable investments in electric vehicles. Citing a reference, companies in China such as BAIC Motor Corp. and BYD Co. and companies in Japan like Mitsubishi and Nissan are investing massive amounts on electric vehicles. Countries like India, Japan, South Korea, and China are responsible for the high sales of electric and hybrid vehicles all over the world, in addition to surging production of vehicles as well as the increase in construction of better road infrastructure.
The Americas forms the second largest market for automotive battery thermal management system, given the mounting demand for electric vehicles coupled with the implementation of HVAC system in automobiles. Also, effective marketing strategies like mergers & acquisitions, partnerships and product launches are being adopted by renowned players in the region, in a bid to garner bigger base and have a competitive advantage.
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Top Players
The Automotive Battery Thermal Management System Market dynamics are influenced by top players like Robert Bosch (Germany), GenTherm (U.S.), CapTherm Systems (Canada), DANA (U.S.), Calsonic Kansei (Japan), LG Chem (South Korea), Mahle (Germany), Samsung SDI (Korea), Valeo (France), VOSS Automotive (Germany), Continental (Germany), Hanon Systems (Korea), to name a few.
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