Automotive Battery Thermal Management Market : Growth Trends, Size, Share, Opportunities, Revenue, Regional Outlook, Industry Demand
The growing popularity of electric vehicles across the globe will serve as a prominent growth contributor for the automotive battery thermal management market during the forecast period. The rising disposable income is also encouraging many individuals to buy passenger vehicles, which will further influence the growth of the automotive battery thermal management market.
Battery thermal management systems are prominently used for tackling poor performance and battery overheating. An efficient automotive battery thermal management system can help contribute significantly to battery life and can assist in extending the overall lifespan of the battery. In addition, the use of automotive battery thermal management systems ensures a proper thermal working environment and enhances the overall durability of the battery. Thus, these benefits help in boosting the growth prospects of the automotive battery thermal management market.
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On the basis of component, the automotive battery thermal management market can be segmented into air filter, water pump, condenser, electric compressor, heater control unit, heat exchanger, and others. The utilization of automotive battery thermal management systems in applications such as air conditioning systems, transmission systems, engine cooling, electric vehicle battery thermal system, heated steering, and others will bring profitable growth.
How is the Competitive Landscape of Automotive Battery Thermal Management Market?
The automotive battery thermal management market has a diverse range of players. Many players are involved in intense competition for increasing their revenues. R&D activities form an important component of the overall growth structure of the automotive battery thermal management market. The players indulge in these activities for developing new techniques and mechanisms that assist in increasing their sales.
Strategic collaborations also play a crucial role in the growth of the automotive battery thermal management market. Mergers, acquisitions, joint ventures, and partnerships help in boosting the growth of the automotive battery thermal management market.
Some well-entrenched players in the automotive battery thermal management market are Robert Bosch GmbH, BorgWarner, MAHLE GmbH, Denso Corporation, Valeo, ZF Friedrichshafen, and Aptiv Inc.
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What are Key Trends across Automotive Battery Thermal Management Market?
Booming Electric Vehicles Sales to Influence Growth of Automotive Battery Thermal Management Market
The sales of electric cars are increasing at a rapid rate around the world. According to the statistics by the International Energy Agency (IEA), the global electric car stock hit 10 Mn, which is a 43% increase over 2019. The findings further highlighted that nearly two-third of new electric car registrations accounted for battery electric vehicles (BEVs). These findings shed light on the growing influence of electric vehicles across the globe, eventually increasing the demand for automotive battery thermal management systems.
Development of Batteries with High Charging Capabilities to Bring Considerable Growth for Automotive Battery Thermal Management Market
Manufacturers of electric vehicle (EV) batteries are increasing their efforts to increase the operational range of batteries. This aspect leads to high heat generation, which can negatively impact the life of battery cells. Thus, the players are focusing on developing advanced cooling mechanisms to control the high battery temperatures. For instance, Masterflux recently introduced the eBTMS (electric battery thermal management system) platform for optimizing the needs of cooling in EVs for efficient batter cooling.
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What are Regional Dimensions of Automotive Battery Thermal Management Market?
Europe is prognosticated to account for the highest growth share in terms of regional contribution for the automotive battery thermal management market. The stringent emission norms introduced by various countries in the European Union is expected to increase the sales of EVs, ultimately contributing to the growth of the automotive battery thermal management market. Asia Pacific is also estimated to emerge as a rapid growth-generating region for the automotive battery thermal management market. The presence of automotive manufacturing industries in India, China, and Japan will serve as a vital growth-boosting factor.
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