As per the research report by the Transparency Market Research, the global automotive battery thermal management system market is anticipated to amount for a staggering evaluation of US$ 4 billion at the end of the forecast period of 2019 to 2027, i.e. 2027. The report also predicts that the global automotive battery thermal management system market will expand at a substantial growth rate of 37 % in terms of volume over the forecast period of 2019 to 2027. The major and most promising driver for the expansion of the global automotive battery thermal management system market in coming years remains the rising adoption of electric vehicles among global consumers.
Increasing Sales of Hybrid & Plug-In EVs Aid in Expansion of Automotive Battery Thermal Management System Market
Rising sales of hybrid as well as plug-in electric vehicles around the world is also another major driver for the global automotive battery thermal management system market. New corporate trends, supporting green and eco-friendly movements owing to need for reducing CO2 emissions by reducing their gasoline usage are bolstering the expansion of the global automotive battery thermal management system market as well. Moreover, innovations in automobile technologies in order to provide emission free and cost effective transportation solutions have increased the sales in electric vehicles industry as well as the global automotive battery thermal management system market.
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Most prominent types of systems provided by the players in the global automotive battery thermal management system market are active battery thermal management systems and passive battery thermal management systems. Among these two, the active battery thermal management system segment is expected to dominate the global automotive battery thermal management system market in terms of demand in coming years owing to their simple and cost effective nature. Active battery thermal management systems also offer superior performance than passive battery thermal management systems, making them the leading segment in the global automotive battery thermal management system market.
Segments in the global automotive battery thermal management system market based on the battery capacity include 12 V, 24 V, 14 V, and 48 V and above. Although 12 V batteries are widely used in electric vehicles, they have smaller power storage capacity as well as shorter lifespan. This makes the 48 V and above segment more popular in the global automotive battery thermal management system market. Growing popularity of the 48 volt or higher capacities batteries can be attributed to their high power storage as well as fast charging capabilities.
Asia Pacific Dominates the Automotive Battery Thermal Management System Market
Regionally, the global automotive battery thermal management system market can be divided into North America, Asia Pacific, Middle East and Africa, Latin America, and Europe. Asia Pacific is leading the global automotive battery thermal management system market due to the presence of massive number of manufacturers as well as consumers of electric vehicles in regional countries such as China and Japan. Furthermore, rising demand for electric vehicles from India, ASEAN countries, and Australia, coupled with strict emission rules and regulations is also expected to motivate the sales in global automotive battery thermal management system market in Asia Pacific in coming years.
Some of the major incumbent players operating within the global automotive battery thermal management system market include LG Chem Ltd., Valeo, GENTHERM, MAHLE GmbH, VOSS Automobile GmbH, Hanon Systems, Continental AG, Robert Bosch GmbH, Calsonic Kansei Corporation, Dana Incorporated, SAMSUNG SDI Co. Ltd., CapTherm Systems, Inc., and Grayson, among others. Players and manufacturers in the global automotive battery thermal management system market are focused on innovating their product offerings in order to cater to emerging electric vehicle models. They are also increasing their manufacturing capabilities in order to launch and produce new types of lithium ion batteries for the players in automotive and EV industries.
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