According to the report, the global automotive battery thermal management system market is expected to expand at a CAGR of 38.5% during the forecast period. Government incentives and subsidies, expansion of charging infrastructure, increase in battery life and performance, surge in awareness about global temperature rise, development of fast electric vehicle chargers, and decline in electric vehicle prices are primarily driving the electric vehicle sector, which in turn is propelling the automotive battery thermal management system market. Batteries are the power source for electric vehicles and their performance, life, and efficiency varies according to temperature.
Thus, the battery thermal management system is an essential part of electric vehicles, as it maintains adequate temperature of the battery in order to enhance battery life and reduce lifecycle cost. According to studies, battery life reduces by two months when the temperature of battery increases 1ºC in the range of 30ºC to 40ºC. Therefore, the battery thermal management system plays a vital role in increasing battery lifespan by maintaining adequate temperature of the battery and subsequently, the demand for this system is expected to increase during the forecast period.
Active battery thermal managements systems are widely utilized, owing to their simplicity and inexpensiveness. In an active battery thermal management system, coolant is force circulated through pipes surrounding the battery cells. The coolant used in a battery thermal management system can be air or liquid. Liquid-based systems are popular, owing to their cost-effectiveness and ability to maintain stable battery temperature. The air-based active battery thermal management system is simple and inexpensive; however, it becomes less effective at higher temperatures such as 40ºC to 55ºC.
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The 12 volt batteries are widely utilized in electric vehicles. These batteries are inexpensive and compact; therefore, several manufacturers use these in electric vehicles. The 12 volt segment of the global automotive battery thermal management system market held a prominent share of the market, in terms of revenue, in 2018. However, the newly developed 48 volt batteries, which have larger power capacity and faster charging speed, owing to their lower power capacity and longer charging time, are gaining popularity. The 48 volt and higher capacity battery segment of the global automotive battery thermal management system market is anticipated to expand at a prominent CAGR of 53.91% during the forecast period.
Regional Analysis of Automotive Battery Thermal Management System Market
In terms of region, the global automotive battery thermal management system market has been segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific held a leading share of the battery thermal management system globally. China accounted for a large number of passenger electric vehicles sold globally. Government initiatives, well-developed electric vehicle charging infrastructure, presence of global electric vehicle manufacturers, increase in per capita income, and raised awareness about the benefits of electric vehicles are fueling the electric vehicle sector in China. Japan is also a prominent market for electric vehicles. India, Australia, and countries in ASEAN are emerging areas for electric vehicles. Therefore, Asia Pacific held about 44% share of the global market, in terms of revenue, in 2018. Its share is anticipated to rise during the forecast period.
This TMR report on the automotive battery thermal management system market is based on a complete and comprehensive evaluation of the market, backed by secondary and primary sources. Market volume is determined by country wise model mapping of vehicle through internal & external proprietary databases, and relevant patent and regulatory databases. The competitive scenario of the automotive battery thermal management system market is supported by an assessment of the different factors that influence the market on a minute and granular level. By thoroughly analyzing the historical data, current trends and announcement by the key players, researchers of the automotive battery thermal management system market arrive at predictions and estimations, and calculate the forecast for the market.
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This report uses an analytical triangulation method to estimate the numbers and figures of the automotive battery thermal management system market, with both a bottom-up and top-down approach.
This detailed assessment of the automotive battery thermal management system market, along with an overview of the landscape, is provided based on a careful examination of the avenues related to this industry. Analysts’ conclusions on how the automotive battery thermal management system market is estimated to expand are based on carefully vetted primary and secondary sources.
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