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Automotive Battery Thermal Management System Market to Record Sturdy Growth by 2032
Automotive Battery Thermal Management System Market
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The increase in the need for enhanced ride quality and heat insulation for cabin comfort in the automobile sector drives the 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.
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.
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.
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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 in preserving greater battery life and enhancing 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 in promoting market growth in the future. In April 2023, Valeo expanded its 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).
The automotive battery thermal management system market is segmented based on type, vehicle type, technology, propulsion, and region. Based on type, the market is classified into conventional and solid-state. In 2022, the conventional segment dominated the market in terms of revenue. Based on vehicle type, it is categorized into passenger vehicles and commercial vehicles. The commercial vehicles segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032. Based on technology, it is classified into active, passive, and hybrid. The active segment acquired the largest share in 2022 and is expected to grow at a significant CAGR from 2023 to 2032. By propulsion, it is divided into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell electric vehicles (FCEVs), and battery electric vehicles (BEVs). The battery-electric vehicles segment generated the largest revenue in 2022 and is expected to follow the same trend during the forecast period.
Region-wise, the automotive battery thermal management system market trends are analyzed across North America (the U.S., Canada, and Mexico), Europe (UK, Germany, France, and Rest of Europe), Asia-Pacific (China, Japan, India, South Korea, and Rest of Asia-Pacific), and LAMEA (Latin America, Middle East, and Africa). Asia-Pacific remains a significant participant in the automotive battery thermal management system industry.
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KEY FINDINGS OF THE STUDY
• The automotive battery thermal management system market analysis is expected to continue growing in the coming years, driven by increasing demand for laminated products across various industries, technological advancements, and a growing trend toward sustainability.
• The growing trend toward sustainability is driving the adoption of eco-friendly products in the production of automotive battery thermal management systems. Automotive battery thermal management systems that use processes are in high demand, and manufacturers are investing in the development of environmentally friendly automotive battery thermal management systems.
• Asia Pacific is the largest market for automotive battery thermal management systems, driven by the increasing demand for automotive battery thermal management systems in industries such as oil and gas, manufacturing, and automotive. The region is also home to some of the largest manufacturers of automotive battery thermal management systems.
• The automotive battery thermal management system market is highly competitive, with several major players operating globally. To remain competitive, companies are focusing on product innovation, strategic partnerships, and expanding their distribution networks.
The key automotive battery thermal management system market leaders profiled in the report include MAHLE GmbH, LG Chem, Valeo, Hanon Systems, Samsung SDI Co., Ltd., Dana Limited, Continental AG, Gentherm Inc, Calsonic Kansei Corporation (Marelli Corporation) and Robert Bosch GmbH. These key players adopted several strategies, such as new product launch & development, acquisition, partnership, collaboration, and business expansion to increase the automotive battery thermal management system market share during the forecast period.
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