Automotive Battery Thermal Management System Market Outlook: Ensuring Optimal Performance and Efficiency for Electric Vehicles
The automotive industry has witnessed a rapid increase in the adoption of electric vehicles (EVs) over the past decade. EV batteries are designed to work efficiently, but the operating performance of batteries might face some limitations, such as efficiency, lifespan, and cost. Automotive battery thermal management system (BTMS) thus plays an important role in EVs. These systems manage batteries in multiple ways, such as protecting the battery from external environmental factors and controlling the thermal nature of these batteries. Attributing to their critical function in EVs, the global automotive battery thermal management system market is pegged to witness robust demand throughout the near future. Up from the market size of US$666 Mn recorded in 2020, global sales in the automotive battery thermal management systems market will excel at an impressive CAGR of nearly 36% over the forecast period (2021 - 2026). Soaring demand for high-performance, fuel-efficient vehicles, in line with favorable government initiatives such as the California Zero Emission Vehicle Program (ZEV) aims at achieving 1.5 million ZEV cars by the year 2025, will favor the growth of the automotive battery thermal management system market.
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Sales in Automotive Battery Thermal Management System Market Accelerate with Pro-EV Regulatory Frameworks
Governments of various countries have adopted rigorous strategies to increase EV adoption. For instance, in the year 2013, the Chinese government first started to provide a subsidy ranging from RMB 4,000 to RMB 35,000 for every plug-in hybrid electric vehicle (PHEV) purchased and a grant ranging from
RMB 35,000 to RMB 60,000 for every battery electric vehicle (BEV) based on every vehicle’s driving range. The donations decreased by 5% in the year 2014 and by 10% in the year 2015. Such contributions and supportive regulations in several other countries encourage EV sales, augmenting the global automotive battery thermal management system market.
Design Complications Dampen Demand in Automotive Battery Thermal Management System Market
The thermal components face issues such as verifying the thermal designs of features, designing the optimal flow channels, lower power requirements, and reducing the overall vehicle weight and cost. Even increased temperature caused by high power is hazardous and may lead to short circuits or fires. Such complexities in the fundamental designing of automotive battery thermal management systems continue to act as longstanding barriers to the rapid growth of the global automotive battery thermal management system market.
Phase-out of ICE Vehicles Creates Opportunity for Automotive Battery Thermal Management System Market Players
Nearly 13 countries worldwide, including Norway, the UK, Canada, and the Netherlands, have officially declared a phase-out for conventional internal combustion engine (ICE) vehicles to effect within the next few years. California will be the first in the US to ban new ICE vehicle sales soon. Such strong developments create a lucrative revenue generation opportunity for multiple stakeholders in the electric vehicle space, such as EV makers, OEMs, battery and battery technology companies, and automotive BTMS manufacturers. This will remain a major growth influencer for the automotive battery thermal management system market.
Asia Pacific Leads Automotive Battery Thermal Management System Market with Favourable Government Initiatives
Asia Pacific houses the largest automotive thermal battery management system market, accounting for over 60% of the global market revenue 2020. Some fast-developing economies, including China, Japan, India, and South Korea, have become major hubs for automobile production companies. An increase in the demand for EVs in the Asia Pacific region over the recent past will play a positive role in determining the share of the automotive battery thermal management system market. For instance, Japanese companies such as Mitsubishi and Chinese companies such as BAIC Motor Corp. have invested huge amounts of money in EVs. North America follows Asia Pacific’s automotive battery thermal management system market, and Europe owing to exponentially increasing demand for alternative fuel vehicles, which ultimately forms a fertile ground for the progress of the automotive thermal battery management system market.
Passenger Vehicles Continue to Register Maximum Uptake in Automotive Battery Thermal Management System Market
Due to an unprecedentedly expanding market for EVs and alternative fuel vehicles, such as hydrogen vehicles, bio-diesel vehicles, and propane vehicles, passenger vehicles continue to represent the largest segment in the automotive battery thermal management system market. Passenger vehicle manufacturers are expected to enjoy flourishing sales in the immediate future as people prefer private conveyance over public transport. Those who currently do not own a car are also considering new purchases. Given this scenario, there are strong indications that EVs will gain preference among new
buyers rather than conventional fuel vehicles. This, in turn, will mark another selling opportunity for companies in the global automotive battery thermal management system market.
Contracts and Partnerships Drive Competition in Automotive Battery Thermal Management System Market
The automotive battery thermal management system market is dominated by companies such as MAHLE GmbH, VOSS Automotive GmbH, Dana Limited, Continental AG, LG Chem, and Robert Bosch GmbH. These companies have increased their market shares by adopting various strategies, including contracts, agreements, and establishing new production plants. Other prominent players steering the global automotive battery thermal management system market are BYD Company Ltd, Contemporary Amperex Technology Co., Limited (CATL), Valeo, Continental AG, Calsonic Kansei Corporation, Gentherm Incorporated, Samsung SDI Co., LTD., Hanon Systems, and Grayson Thermal Systems.
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