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Automotive Battery Thermal Management System Global Market Insights: Growth Drivers, Size & Forecasts to 2029
Automotive Battery Thermal Management System
What Is the Forecasted Market Growth Rate of the Automotive Battery Thermal Management System Industry?
In recent times, there has been a significant expansion in the market size of the automotive battery thermal management system. The market, which was valued at $3.69 billion in 2024, is expected to increase to $4.34 billion in 2025, registering a compound annual growth rate (CAGR) of 17.6%. Factors such as governmental policies promoting electric vehicles, declining prices of EV batteries, and an upsurge in the demand for electric vehicles have contributed to the growth witnessed during the historic period.
How Will the Automotive Battery Thermal Management System Market Size Evolve From 2025 to 2029?
The market for thermal management systems for automotive batteries is predicted to experience a swift expansion in the coming years. The market is set to reach a value of $8.46 billion in 2029, with a strong compound annual growth rate (CAGR) of 18.1%. The growth anticipated for the forecast period can be linked to the rapid expansion in e-commerce, the rise in fuel costs, and restrictions on the sale of gasoline and diesel vehicles. Key trends for the forecast period are expect to be the focus on advanced thermal interface materials for improved heat resistance, the development of intelligent battery thermal management methods for optimum heating and cooling, the manifestation of innovative technologies, and a concentration on partnerships and collaborations to broaden both product range and geographic reach.
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What Are the Main Growth Drivers in the Automotive Battery Thermal Management System Market Today?
Growth in the automotive battery thermal management system market is anticipated due to the surge in popularity of electric vehicles. The increasing fuel costs, carbon emissions, among others, are collectively driving the adoption of electric vehicles worldwide. The burgeoning demand for electric vehicles is likely to enhance the use of automotive battery thermal management systems since they're critical for the vehicle's safe and efficient operation. A U.S. Energy Information Administration (EIA) report in August 2024 cited that the combined U.S. sales of hybrid, plug-in hybrid electric, and battery electric vehicles (BEVs) leaped from 17.8% of total new light-duty vehicle (LDV) sales in the first quarter of 2024 to 18.7% in the second quarter. Thus, the escalating demand for electric vehicles is projected to fuel the need for automotive battery thermal management systems in the upcoming years.
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Which Automotive Battery Thermal Management System Market Segment Is Expected to Lead Through 2029?
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
Which Market Trends Are Expected to Dominate Automotive Battery Thermal Management System Industry Growth?
Innovative approaches employing thermoelectric technology are becoming increasingly popular and crucial in the automotive battery thermal management system market. The major players in this market are making progress with novel technologies and carrying out intensive research and development in the field of automotive battery thermal management systems in order to cater to industry requirements and bolster their market stance. Take for example, Modine Manufacturing Company, an American thermal management solutions manufacturer, who in May 2022, unveiled their Evantage Thermal Management systems aimed for commercial chassis. The Evantage BTMS enhances the temperature spectrum for the full range of batteries using a singular unit, while simultaneously reducing power consumption.
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Which Companies Hold the Largest Market Share in the Automotive Battery Thermal Management System Sector?
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
Where Is the Automotive Battery Thermal Management System Market Experiencing the Highest Growth?
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.
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