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Automotive Battery Thermal Management System Market Size, Latest Trends, Growth Status, Top Major Players And Forecast To 2033
Automotive Battery Thermal Management System Market Size
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According to The Business Research Company's, 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%. The growth in the historic period can be attributed to government initiatives for electric vehicles, reducing cost of ev batteries and growing demand for electrical vehicles.
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%. The growth in the forecast period can be attributed to rapid growth in ecommerce, increasing fuel costs and restrictions on sales of petrol and diesel vehicles. Major trends in the forecast period include focusing on advanced thermal interface materials to improve temperature resistance, developing smart battery thermal management techniques for better heating and cooling, developing innovative technologies and focusing on partnerships and collaborations to expand product portfolio and geographic presence.
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Market Drivers and Trends:
The rise in demand for electric vehicles is expected to propel the growth of the automotive battery thermal management system market going forward. Rise in fuel prices, carbon emissions, and many other factors are mutually contributing to rapid growth in the adoption of electric vehicles across the globe. The rapid growth in demand for electric vehicles is expected to boost the utilization of automotive battery thermal management systems, as they are widely used for safe and effective functioning of the vehicle. For instance, as of May 2022, data from the International Energy Agency, an independent intergovernmental organization based in France, indicated a significant surge in electric vehicle (EV) sales. In 2021, EV sales had nearly doubled compared to the previous year, reaching a new high of 10.2 million units in 2022. Furthermore, the global sales of electric cars in 2023 are projected to reach 14 million units, reflecting a remarkable growth rate of 35%Therefore, a rise in demand for electric vehicles is expected to boost the demand for automotive battery thermal management systems during the forecast period.
Innovative solutions based on thermoelectric technology is a key trend gaining popularity in the automotive battery thermal management system market. Major companies in the automotive battery thermal management system market are advancing in their new technologies and research and development of the automotive battery thermal management system to meet industry demands and strengthen their business position. For instance, in May 2022, Modine Manufacturing Company, a US-based manufacturer of thermal management solutions launched Evantage Thermal Management systems for commercial chassis. Evantage BTMS optimizes the temperature range for the entire range of batteries with a single unit, while minimizing power draw.
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Major Key Players of the Market:
Merck KGaA, Agilent Technologies Inc, Thermo Fisher Scientific Inc, Waters Corporation, PerkinElmer Inc., Mallinckrodt, LGC Standards, Restek Corporation, GFS Chemicals Inc, RICCA Chemical Company, Spectro Analytical Labs, Takara Bio Inc, Shimadzu corporation, GL sciences Inc, Tosoh corporation, TCI chemicals, Abbott Laboratories, Sysmex Corporation, Mindray Medical International Limited, Shanghai Kehua Bio-Engineering Co. Ltd, Cambridge Isotope Laboratories, Seron Technologies, Starna Scientific ltd, Bernd Kraft GmbH, VICI AG International, Armin, European Directorate for the Quality of Medicines & HealthCare (EDQM), Nanolek, Wessling Romania SRL, Anahem, Trilogy Europe B.V, Alpen Pharma AG, Spex Certiprep, Accustandard, Cayman Chemical Company, Chiron As, T&E-Analítica, OLib, SGS, JLA Argentina, Galab Peru, NSF-INASSA, Huber group, Eurofins, Alicorp, Gulf Bio Analytical, GHP Testing & Calibration Lab, Lab Gulf, Novartis Pharma, Rafa Labs, Julphar, Industrial Analytical (Pty) Ltd, USP, Mettler-Toledo LLC, OI Corporation, Bruker Corporation
Automotive Battery Thermal Management System Market 2024 Key Insights:
• 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%.
• Electric Vehicle Demand Driving Growth In Automotive Battery Thermal Management Systems Market
• Increasing Embrace Of Thermoelectric Technology In Automotive Battery Thermal Management Systems
• 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
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