Press release
Global Automotive Battery Thermal Management System Market to Reach $8.76 Billion by 2029, Growing at 18.8% CAGR
Automotive Battery Thermal Management System Market Trends
The anticipated surge in electric vehicle adoption is likely to spur the expansion of the automotive battery thermal management system market. This rise in adoption is driven by factors such as increasing fuel prices, carbon emissions, among others. The broad use of automotive battery thermal management systems for efficient and safe vehicle operation arises from this swift increase in electric vehicle demand. For example, a report in August 2024 by The U.S. Energy Information Administration (EIA) revealed that hybrid cars, plug-in hybrid electric cars, and battery electric vehicle (BEV) sales in the U.S. combined grew from 17.8% of all fresh light-duty vehicle (LDV) sales in Q1 2024 to 18.7% in Q2 2024. As a consequence, a surge in electric vehicle demand is projected to stimulate automotive battery thermal management system demand throughout the forecasting period.
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What is the future CAGR of the automotive battery thermal management system market, and how will it impact industry expansion?
The market for automotive battery thermal management systems has seen swift expansion in the past few years. Its size is projected to increase from $3.69 billion in 2024 to $4.4 billion in 2025, boasting a compound annual growth rate (CAGR) of 19.1%. Factors that contributed to this growth in the historical period include government efforts to promote electric vehicles, decreased costs of EV batteries, and escalating demand for electric vehicles.
The market for automotive battery thermal management systems is projected to expand rapidly in the forthcoming years, reaching a valuation of $8.76 billion in 2029, growing at a compound annual growth rate (CAGR) of 18.8%. This anticipated growth during the projected period is due to factors such as the burgeoning e-commerce sector, rising fuel prices, and the curb on the sale of petrol and diesel vehicles. The forecast period is likely to witness trends such as the emphasis on advanced thermal interface materials for enhanced temperature resilience, development of smart thermal management strategies for batteries to optimize heating and cooling, innovation in technologies, as well as a focus on partnerships and strategic collaborations to broaden product range and global footprint.
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What are the most significant trends transforming the automotive battery thermal management system market today?
There is a rising trend towards the use of thermoelectric technology-based innovative solutions within the automotive battery thermal management system market. To meet industry needs and reinforce their market position, major firms within this sector are making strides in new technology development and research pertaining to the automotive battery thermal management system. An instance of this is Modine Manufacturing Company, an American provider of thermal management solutions. This company released Evantage Thermal Management Systems for commercial chassis in May 2022. Evantage BTMS effectively regulates the temperature for a wide range of batteries using a single unit whilst also reducing power consumption.
Which key market segments comprise the automotive battery thermal management system market and drive its revenue growth?
The automotive battery thermal management system market covered in this report is segmented -
1) By Technology: Liquid Cooling And Heating, Air Cooling And Heating, PCM And Other Technologies
2) By Battery Type: Conventional, Solid State
3) By Vehicle Type: Passenger, Commercial
Subsegments:
1) By Liquid Cooling And Heating: Liquid Cooling Systems, Liquid Heating Systems
2) By Air Cooling And Heating: Active Air Cooling Systems, Passive Air Cooling Systems
3) By PCM (Phase Change Materials) And Other Technologies: PCM Thermal Management Systems, Thermoelectric Cooling Systems, Hybrid Systems
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What regions are at the forefront of automotive battery thermal management system market expansion?
Asia-Pacific was the largest region in the automotive battery thermal management system market in 2024, 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.
Who are the leading players fueling growth in the automotive battery thermal management system market?
Major companies operating in the automotive battery thermal management system market include 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 Ampere*x 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, Entere*x 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
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What Is Covered In The Automotive Battery Thermal Management System Global Market Report?
•Market Size Forecast: Examine the automotive battery thermal management system market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the automotive battery thermal management system market for a structured understanding.
•Key Players Overview: Analyze major players in the automotive battery thermal management system market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the automotive battery thermal management system market.
•Segment Contributions: Evaluate how different segments drive overall growth in the automotive battery thermal management system market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the automotive battery thermal management system market.
•Industry Challenges: Identify potential risks and obstacles affecting the automotive battery thermal management system market.
•Competitive Landscape: Review strategic developments in the automotive battery thermal management system market, including expansions, agreements, and new product launches.
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