0

Automotive Battery Thermal Management System Market Expected to Reach $18.7 Billion by 2032—Allied Market Research

 
2022
Automotive Battery Thermal Management System Market

Report Code : A74563

quote The automotive battery thermal management system market is expected to continue growing in the coming years, owing to increasing demand for thermal management system in oil and gas industries. The growing trend towards sustainability is also expected to drive growth in the automotive battery thermal management system market. quote

Vaishnavi Mate- Lead Analyst
Semiconductor and Electronics at Allied Market Research

Get 20% Free Customization In This Report
Follow us on Social Media:       
 

According to a new report published by Allied Market Research, titled, “Automotive Battery Thermal Management System Market," The automotive battery thermal management system market size was valued at $4.6 billion in 2022, and is estimated to reach $18.7 billion by 2032, growing at a CAGR of 15.6% from 2023 to 2032.

The increase in need for enhanced ride quality and heat insulation for cabin comfort in the automobile sector drives 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.

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 preserve greater battery life and enhance 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 to promote market growth in the future. In April 2023,Valeo expanded 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 on the basis of type, vehicle type, technology, propulsion, and region.  On the basis of type, the market is classified into conventional and solid-state. In 2022, the conventional segment dominated the market, in terms of revenue. On the basis of 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. On the basis of 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 (FCEV), and battery electric vehicle (BEVs). 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 significant participants in the automotive battery thermal management system industry.

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 towards sustainability.
  • The growing trend towards sustainability is driving the adoption of eco-friendly products in the production of automotive battery thermal management systems. Automotive battery thermal management system that use processes are in high demand, and manufacturers are investing in the development of environmentally friendly automotive battery thermal management system.
  • 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.

Need More Information

pr-det-talk Talk to David (Europe)

pr-det-talk Talk to Sona Padman (Americas)

5933 NE Win Sivers Drive #205,
Portland, OR 97220 United States

pr-det-phone Toll Free: +1-800-792-5285

pr-det-phone UK: +44-845-528-1300

pr-det-phone Hong Kong: +852-301-84916

pr-det-phone India (Pune): +91 2066346060

pr-det-phone Fax: +1(855) 550-5975

pr-det-phone help@alliedmarketresearch.com

 

For Media Inquiries, Please Contact

Allied Market Research
Contact Toll Free: +1-800-792-5285
Drop us an email at
media@alliedmarketresearch.com

Looking for Customization?

 Customization Request

Have a Question?

 Speak with Analyst

Any Confusion?

 Inquire Before Buying

Have a glance of the Report

  Request Free Sample
 
 

First time buyer?
Check offers and discount on this report
To get this report

Click Here
 
 

quote Automotive Battery Thermal Management System Market by Type (Conventional, Solid), by Vehicle Type (Commercial Vehicles, Passenger Vehicles), by Technology (Active, Passive, Hybrid), by Propulsion (Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicle (PHEVs), Fuel Cell Electric Vehicle (FCEV), Battery Electric Vehicle (BEVs)): Global Opportunity Analysis and Industry Forecast, 2023-2032 quote

View Report
 
 

Avenue: Entire Library membership of Allied Market Research Reports at your disposal

  • Avenue is an innovative subscription-based online report database.
  • Avail an online access to the entire library of syndicated reports on more than 2,000 niche industries and company profiles on more than 12,000 firms across 11 domains.
  • A cost-effective model tailored for entrepreneurs, investors, and students & researchers at universities.
  • Request customizations, suggest new reports, and avail analyst support as per your requirements.
  • Get an access to the library of reports at any time from any device and anywhere.

 
 

WHY ALLIED MARKET RESEARCH?

INFLALLIBLE METHODOLOGY

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

ANALYST SUPPORT

For complete satisfaction

CUSTOMIZATION

On-demand customization of scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save time of readers

 

Featured Readings

 
rep-img

Published Date Nov 2024

Plush Toy Market

Download Sample

Buy Full Version
"Automotive Battery Thermal Management System Market"
Purchase Enquiry

Get fresh content delivered

Get insights on topics that are crucial for your business. Stay abreast of your interest areas.

Get Industry Data Alerts

Why Allied Market Research?

Infallible Methodology

To ensure high-level data integrity, accurate analysis, and impeccable forecasts

Analyst Support

For complete satisfaction

Customization

On-demand customization of the scope of the report to exactly meet your needs

TARGETED MARKET VIEW

Targeted market view to provide pertinent information and save the time of readers