CHICAGO, May 27, 2024 /PRNewswire/ -- Battery Thermal Management System market size is projected to grow from USD 3.7 Billion in 2024 to USD 8.5 Billion by 2030, at a CAGR of 14.7%, according to a new report by MarketsandMarkets. The increasing demand for electric vehicle and battery safety is expected to increase the demand for BTMS. Additionally, continuous innovation in BTMS components will boost the demand for BTMS.
Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=184479896
Browse in-depth TOC on "Battery Thermal Management System Market"
100 - Tables
100 - Figures
400 - Pages
Battery Thermal Management System Market Scope:
Report Coverage | Details |
Market Revenue in 2024 | USD 3.7 Billion |
Estimated Value by 2030 | USD 8.5 Billion |
Growth Rate | Poised to grow at a CAGR of 14.7% |
Market Size Available for | 2019-2030 |
Forecast Period | 2024-2030 |
Forecast Units | Value (USD Billion) |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
Segments Covered | Propulsion (BEV, PHEV, FCEV), Offering (BTMS With Battery, BTMS Without Battery), Technology (Active, Passive, Hybrid), Battery Type, Battery Capacity, Vehicle Type and Region |
Geographies Covered | Asia Pacific, Europe, North America, and Rest Of The World |
Report Highlights | Updated financial information / product portfolio of players |
Key Market Opportunities | Growing potential of modular design |
Key Market Drivers | Innovation in EV battery system |
BEV segment is expected to have largest share in the global BTMS market
The BEV segment is expected to grow the largest in terms of value. The region accounts for the largest BEV market, with countries such as China, Japan, and South Korea leading BEV sales. Strong government support and favorable policies are the major factors for the fast growth of BEVs in the region, along with the fast popularization of the BTMS market. The cost of the BEV of local players in this region is low compared to that in other regions, leading to a high demand for various low-cost BTMS in this market. For instance, in January 2024, XING Mobility (China), a company known for its innovative approach to EV technology, has recently introduced its latest advancement in battery technology with the debut of the Next-Gen Immersion Cooling Battery. These advancements will further drive the BTMS market in the BEV segment.
<100 KWH battery capacity segment is estimated to exhibit the largest growth in global BTMS market
<100 KWH battery capacity segment is expected to have significant growth opportunities in the BTMS market during the forecast period. This battery capacity range offers a balance between range and practicality. It satisfies the needs of consumers who desire an EV capable of longer distances without the added cost or weight of extremely high-capacity batteries. The infrastructure development supports the adoption of EVs with larger battery capacities and proper thermal management as consumers feel more confident about long-distance travel and quick charging options. With the improving range, the sales of vans falling under the segment are estimated to rise, which will boost the EV battery market in the <100 kWh segment. For instance, the 2024 Audi e-tron GT is a sedan with a 93-kWh battery pack that provides a range of around 300 miles (483 kilometers; it uses liquid-cooled systems for its batteries to provide optimum performance. Thus, the launch of EVs with a battery capacity of <100 kWh will drive the segment.
US to lead the BTMS market in North America
The US is predicted to lead the North American BTMS market. The US is a leading market in the automotive industry, renowned for its innovation, technology adoption, and vast network of manufacturers, suppliers, and consumers. With a diverse landscape ranging from the cold winters of Alaska to the scorching summers of Arizona, the demand for effective BTMS is paramount. As EV adoption continues to rise, driven by environmental concerns and government incentives, the importance of efficient thermal management solutions becomes even more pronounced. The climate across the US varies significantly from region to region, presenting unique challenges for automotive thermal management systems. In northern states such as Minnesota and Maine, frigid temperatures during winter months can severely impact battery performance and longevity. Conversely, in southern states such as Texas and Florida, extreme heat poses similar challenges, accelerating battery degradation and reducing overall efficiency. The growing demand for EVs in the US presents a significant opportunity for companies specializing in BTMS.
Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=184479896
Battery Thermal Management System Market Dynamics:
Drivers:
- Innovation in EV battery system
Restraints:
- Complexities associated with design components.
Opportunities:
- Growing potential of modular design
Challenge:
- Irregular operation of BTMS in extreme temperature
Key Market Players of Battery Thermal Management System Industry:
Prominent players in the Battery Thermal Management System Market include Robert Bosch (Germany), Gentherm (US), Continental AG (Germany), Denso (Japan), BorgWarner Inc. (US), Webasto Group (Germany), among others.
The break-down of primary participants is as mentioned below:
- By Company Type: OEMs - 24%, Tier 1 -67% and Tier 2 & 3 - 9%,
- By Designation: CXO - 33%, Managers - 52%, and Executives - 15%
- By Region: North America - 26%, Europe - 30%, Asia Pacific - 35%, and ROW-9%
Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=184479896
Automotive Battery Thermal Management System Industry Recent Developments:
- In February 2024, Denso Corporation's collaboration with Betterfrost and the Ontario Vehicle Innovation Network represents a significant advancement in addressing the range limitations of EVs in extreme heat and cold.
- In February 2024, The acquisition between Modine and Scott Springfield Manufacturing to diversify its product offerings by incorporating air-handling units into its portfolio.
- In February 2024, The partnership between GM and LG Chem underscores a commitment to advancing state-of-the-art battery technology. By prioritizing thermal management solutions, they aim to address key challenges such as battery degradation, overheating, and safety concerns.
Automotive Battery Thermal Management System Market Size - Key Benefits of Buying the Report:
- The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall BTMS market and the subsegments.
- This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies.
- The report also helps stakeholders understand the market pulse and provides information on key market drivers, restraints, challenges, and opportunities.
This report provides insights on:
- Analysis of key drivers (Rising adoption of Electric Vehicles, Innovation in EV battery system, and Stringent regulatory and safety standards), restraints (Complexities associated design components and Inadequate infrastructure for EV charging in emerging market), opportunities (Growing potential of modular design, Increasing R&D investment for advance battery thermal solution, implementation of BTMS for optimal battery performance, and innovation within e-compressor by key OEMS), and challenges (Safety concerns associated with battery reliability and irregular operation of BTMS in extreme conditions) influencing the growth of the BTMS market.
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the BTMS market.
- Market Development: Comprehensive information about lucrative markets - the report analyses the BTMS market across varied regions.
- Market Diversification: Exhaustive information about new products & services, untapped geographies, recent developments, and investments in the BTMS market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and service offerings of leading players like Robert Bosch (Germany), Gentherm (US), Continental AG (Germany), Denso (Japan), BorgWarner Inc. (US), Webasto Group (Germany) among others in the BTMS market.
- Strategies: The report also helps stakeholders understand the pulse of the BTMS market and provides them information on key market drivers, restraints, challenges, and opportunities
Related Reports:
Wireless Charging Market for Electric Vehicles - Global Forecast to 2030
Electric Vehicle Market - Global Forecast 2030
Automotive Terminal Market - Global Forecast to 2025
EV Battery Market - Global Forecast to 2033
Get access to the latest updates on Battery Thermal Management System Companies and Battery Thermal Management System Industry Growth
About MarketsandMarkets:
MarketsandMarkets has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets.com or follow us on Twitter, LinkedIn and Facebook.
Contact:
Mr. Aashish Mehra
MarketsandMarkets INC
630 Dundee Roa
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: sales@marketsandmarkets.com
Visit Our Website: https://www.marketsandmarkets.com/
Logo: https://mma.prnewswire.com/media/1951202/4609423/MarketsandMarkets.jpg
View original content:https://www.prnewswire.co.uk/news-releases/battery-thermal-management-system-market-worth-8-5-billion-by-2030--marketsandmarkets-302155894.html
