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Automotive Battery Thermal Management System Market Share, Future Dynamics, Cost Analysis, and Growth Insights | Growing at a CAGR of 15.6% from 2023 to 2032.
Automotive Battery Thermal Management System Market
The global automotive battery thermal management system market was valued at $4.6 billion in 2022, and is projected to reach $18.7 billion by 2032, growing at a CAGR of 15.6% from 2023 to 2032.
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The increase in need for enhanced ride quality and heat insulation for cabin comfort in the automobile sector drives demand for thermal management systems. The growth in the number of electrical and electronic components within automobiles necessitates the development of improved thermal management systems for heat dissipation. The increase in battery electric vehicles or plug-in hybrid vehicles is likely to drive the automotive battery thermal management system market growth during the forecast period. For instance, in 2021, many European countries witnessed double-digit growth in EV sales, whereas the European region captured around 34% of global EV sales in 2021 compared to 43% in 2020. The overall plug-in vehicle sales reached about 2.27 million units in 2021 compared to 1.37 million in 2020.
Thermal management solutions for IC engines are likely to become obsolete eventually as the automobile industry transitions to electric mobility. However, the surge in demand for heavy-duty electrical components, such as heavy-duty batteries and high-current motors, is projected to keep these thermal management solutions in high demand. The need for electrical and electronic components in both passenger automobiles and commercial vehicles has expanded tremendously as automation and engine electrification have increased.
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The research report presents a complete judgment of the automotive battery thermal management system market trends, growth factors, consumption, production volume, CAGR value, attentive opinions, profit margin, price, and industry-validated market data. Also, these research report provides accurate economic, global, and country-level predictions and analysis, size and share analysis, market dynamics, segmental analysis, top investment pockets, competition landscape, market drivers, restraints, and opportunities.
Competitive Analysis:
The automotive battery thermal management system industry key market players adopt various strategies such as product launch, product development, collaboration, partnership, and agreements to influence the market. It includes details about the key players in the market's strengths, product portfolio, market size and share analysis, operational results, and market positioning.
Some of the major key players of the global automotive battery thermal management system market include,
MAHLE GmbH
LG Chem
Valeo
Hanon Systems
Samsung SDI Co., Ltd.
Dana Limited
Continental AG
Gentherm Inc
Calsonic Kansei Corporation (Marelli Corporation)
Robert Bosch GmbH.
Report Overview:
https://www.alliedmarketresearch.com/automotive-battery-thermal-management-system-market-A74563
Top Impacting Factors:
The automotive battery thermal management system market analysis is anticipated to expand significantly during the forecast period including a surge in demand for high-performance, fuel-efficient, & low emission vehicles and stringent government rules & regulations toward vehicle emission. However, high development cost associated with automotive battery thermal management systems may hamper the market growth. Furthermore, innovation in battery cooling systems provides lucrative automotive battery thermal management system market opportunities for market growth.
EV manufacturers, OEMs, battery and battery technology businesses, and automotive BTMS manufacturers are all involved. Valeo Company has developed sophisticated thermal management systems for EV batteries that assist preserve greater battery life and enhance battery range by up to 30% in both seasons. Furthermore, the firm provides electrically driven compressors (EDCs) for battery cooling and temperature management. As a result, as EV sales increase, these improvements and innovations will assist to promote market growth in the future. In April 2023,Valeo expanded presence in Japan with the opening of a production site in the heart of the Fukuoka region, an important hub for Japanese carmakers. The plant in Kanda is part of Valeo Thermal Systems and produces high-performance active grille shutters and heating, ventilation, and air conditioning systems (HVAC).
Key Benefits for Stakeholders:
1) Porter's five forces analysis illustrates the potency of the buyers and the automotive battery thermal management system market share of key vendors.
2) The report presents information related to key drivers, restraints, and opportunities with a detailed impact analysis.
3) This study comprises an analytical depiction of the market size along with the current trends and future estimations to depict the imminent investment pockets.
4) Major countries in each region are mapped according to their revenue contribution to the global market.
5) The report includes major automotive battery thermal management system suppliers along with the company overview, business segments, product portfolio, and key strategic moves and development in the market.
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Allied Market Research is a top provider of market intelligence that offers reports from leading technology publishers. Our in-depth market assessments in our research reports take into account significant technological advancements in the sector. In addition to other areas of expertise, AMR focuses on the analysis of high-tech systems and advanced production systems. We have a team of experts who compile thorough research reports and actively advise leading businesses to enhance their current procedures. Our experts have a wealth of knowledge on the topics they cover. Also, they use a variety of tools and techniques when gathering and analyzing data, including patented data sources.
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