Market Scope
The Vehicle battery thermal management system market is estimated to grow at approximately 16% CAGR during the forecast period. The production of electric vehicles as a viable substitute to fuel-driven vehicles can contribute to the market demand. Performance of EVs and hybrid electric vehicles and lifespan of batteries can bode well for the market. BTMS can determine the acceleration of EVs and displays the battery health for optimum driving conditions.
Segmentation
By vehicle type, it is divided into commercial and passenger. The latter is expected to dominate the global Vehicle battery thermal management system market owing to popularity of EVs and subsidies provided by nations to assure its sales. On the other hand, the commercial vehicle segment can capture a significant market share due to demand for lightweight trucks and battery-driven buses.
By technology, it is segmented into thermos electric, phase change material (PCM), air system, and liquid system. Air system and liquid system segments are projected to lead in the market till the end of the forecast period.
By propulsion, it is segmented into PHEV, BEV, HEV, and FCV. The BEV segment is likely to lead in the market. This is attributed to maximum subsidies offered for these vehicles and increasing number of BEVs offered by automotive manufacturers. Dip in battery prices and decreased battery charging times can boost the segment demand in the global automotive BTMS market.
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Regional Analysis
The market is segmented based on America, Asia Pacific, Europe, and Rest of the World. Asia Pacific is expected to dominate the market by the end of the forecast period due to government plans for electric vehicles. For instance, Chinese companies such as BYD Co. and BAIC Motor Corp., and Japanese companies, such as Nissan and Mitsubishi, are investing huge amount money on electric vehicles. Incentives given to customers and electrification of transportation modes can bode well for the market.
Americas has assumed the second position in the global battery thermal management system. Adoption of lithium-ion batteries is expected to facilitate market demand over the forecast period. Recently, Hyundai Kona Electrics has decided to include heat pump systems for converting heat into power for its EV driving customers in the U.S.
Awareness of emission norms, subsidies for purchase of EVs, and development of thermoelectric coolers can drive the automotive BTMS market. The quiet and reliable nature of thermoelectric coolers can convert heat into electricity with ease ensuring the smooth functioning of EVs. The liquid coolant in these coolers can remove heat during active operations and several simulations are conducted of these systems to ensure their precision. Moreover, the shift from internal combustion engines to electric vehicles can work in favor of the market.
Battery thermal management system (BTMS) is integrated within electric vehicles for increasing the life of lithium-ion battery cells. Evolution of electric vehicles coupled with stringent norms for controlling emissions can make it mandatory for attaching BTMS with powertrain.
Competitive Landscape
Mahle, Robert Bosch, Calsonic Kansei, CapTherm Systems, Hanon Systems, Continental, VOSS Automotive, Valeo, GenTherm, DANA, Samsung SDI, and LG Chem are major manufacturers of the global Vehicle battery thermal management system market.
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