Rising global move towards the electric horizon has set open millions of opportunities for grabs in the automotive battery thermal management system market. The need for innovation, and constant need to find better alternatives to improve engines has put traditional players in the battery management systems at loggerheads with new developments, which promises to make the market an innovative, and exciting prospect. The rising demand for electric vehicles from consumers has confirmed worldwide belief among electric vehicle manufacture that the development is eminent, and promises dynamic growth for the market during 2018-2026 period.
According to a recent TMR report, the market will rise at a magnificent 38.04% CAGR during the forecast period. The increased interest in automotive battery thermal management system market by several new players, and rising innovations sponsored by major global vehicle manufacturing companies are expected to drive growth in near future. The increased worldwide government push towards an electric horizon, and stringent regulations and infrastructure developments towards supporting growth of electric vehicles will provide the much needed impetus for growth during the same period. In countries like China, electric vehicle infrastructure supported with advanced IoV has already been implemented in key regions, which is expected to drive growth of new opportunities in the region.
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OEM Segment Remains Most Promising in the Automotive Battery Thermal Management System Market
Batteries have always been an essential component of engine, and vehicle management. However, these are expected to rise in status in electric vehicle, as earlier their function was limited to supporting functions like lighting, ignition, and entertainment systems among others. However, electric systems shift its usage to the key necessity of additional storage of electrical energy, and growth in new applications such as IoT which make way for new functions like automated driving. The key demand for energy efficiency, and vital role of thermal management systems in these functions are expected to create lucrative opportunities for new players in the automotive battery thermal management system market. with economies of scale, electric vehicles are expected to surge in sales. According to recent estimates, electric vehicles will constitute 40% of total sales in passenger vehicles by 2040. Moreover, the growing demand for battery cooling, and energy efficiency, will drive major growth for the market during the forecast period.
Charging Remains a Key Pain Point in the Market
The rising demand for innovation in the market is focussed on several key areas including simplicity of operations, and management. The nature of coolant used in batteries also comes in different varieties including liquid, and air. The growing diversity in various batteries systems however has created challenge for the charging facilities as standard, and reliable solution remains far out of sight. Currently, companies like Tesla are leading the way to creating charging infrastructure. However, the cost-effectiveness of these systems yet remains a challenge. The pain point in the market can be a significant opportunity for new entrants as simple, and inexpensive thermal management operation will drive major growth in the largest growing OEM segment in the market.
The global automotive battery thermal management system market can be segmented as follows:
Automotive Battery Thermal Management System Market, by System Type
Automotive Battery Thermal Management System Market, by Technology
- Liquid Cooling and Heating
- Air Cooling and Heating
Automotive Battery Thermal Management System Market, by Battery Capacity
- 48V and Above
Automotive Battery Thermal Management System Market, by Battery Type
- Solid State
Automotive Battery Thermal Management System Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Automotive Battery Thermal Management System Market, by Electric Vehicle Type
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Automotive Battery Thermal Management System Market, by Region/ by Country/ Sub-region
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa (MEA)
- South Africa
- Rest of MEA
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