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The global electric vehicle battery thermal management system (EV BTMS) market size is estimated to grow by USD 17,527.94 million between 2022 and 2027 accelerating at a CAGR of 31.68%.
This report extensively covers market segmentation by battery type (li-ion, lead-acid, and others), vehicle type (passenger vehicle and commercial vehicle), and geography (APAC, North America, Europe, South America, and Middle East and Africa). It also includes an in-depth analysis of drivers, trends, and challenges.
The growth of the market depends on several factors, including the increasing demand for EVs and their expanded applications and EV BTMS surges in lithium-ion battery performance, improving the range of EVs.
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The COVID-19 pandemic in 2020 negatively impacted the EV BTMS market in APAC. However, the lifting of travel restrictions, the resumption of operations in the manufacturing sector, and the initiation of large-scale COVID-19 vaccination drives in 2021 increased the demand for EV batteries and EV BTMS. Furthermore, companies have been also increasing investment in EV production with supportive government initiatives. Hence, all these factors will consequently boost the growth of the market in APAC during the forecast period.
Our researchers analyzed the data with 2022 as the base year and the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing demand for EVs and their expanded applications are notably driving market growth. Battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) are directly driving the market under consideration. More than 10.5 million brand-new BEVs and PHEVs were sold globally in 2021, a 55% increase from the previous year. Additionally, a sizable rise in all-electric vehicle sales was seen in 2022. The market for BEVs is anticipated to increase during the forecast period as a result of factors like improvements in charging infrastructure, advances in electric vehicle technology, and improving socioeconomic circumstances.
Current uses of EV powertrains include 48V systems, start-stop/micro-hybrid systems, and regenerative braking systems in conventional internal combustion engine vehicles. As a result, the demand for an EV BTMS solution that enables a broader operating temperature range improves the battery's lifespan, and extends the range of EVs has increased significantly. Therefore, these factors will drive the global EV BTMS market during the forecast period.
The increasing use of software and sensors for intelligent BMS is an emerging trend in the market growth. Global positioning systems (GPS), contemporary power train systems, air conditioning systems, power windows, and display drives that provide real-time information about the battery charge levels are some of the cutting-edge features that EVs and PHEVs are increasingly outfitted with. All of these features require a significant amount of power. EVs demand frequent charging and experience faster battery power loss. As a result, there is a growing need for rechargeable batteries to have an effective and optimal work cycle, which has fueled the expansion of the global EV BTMS market in the automobile sector.
Accuracy, fault detection, and resilience of the system's integrated controller are what define BMS. In order to build an intelligent BMS, it is becoming more popular to create and use integrated circuits and sensors that collect precise information. With an accuracy of + 0.5% for current and + 0.1% for voltage over the course of their lifetime, these BMSs can track and identify minute changes in the battery's voltage and current through sensors. Therefore, during the forecast period, these factors are anticipated to fuel the global EV BTMS market's expansion.
Environmental concerns are major challenges impeding market growth. Around the globe, EV charging stations are being installed rapidly. Most EV charging sites use coal-fired power plants for their electricity. Around the globe, the installation and growth of EV charging infrastructure are taxing coal plants and increasing their workload. Due to the harmful exhaust fumes that coal plants release through their exhausts, they are a significant cause of environmental pollution. The high quantity of electric energy needed for battery manufacturing at EV battery factories adds to the load on conventional power plants.
Furthermore, as they adhere to strict emission standards, modern internal combustion engine (ICE) vehicles generate fewer emissions. Modern ICE cars use selective catalytic converter systems and advanced catalytic converters to lower vehicle emissions. Hence, these factors challenge the overall growth of the global EV BTMS market during the forecast period.
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The market share growth by the li-ion segment will be significant during the forecast period. The segment is expected to witness rapid growth owing to factors like the high demand for lithium-ion batteries from the EV industry and the declining price of battery technology.The li-ion segment was valued at USD 1,378.55 million in 2017 and continued to grow until 2021. The most popular battery technology is lithium-ion because it has the highest current density, longest power-holding capacity, and longest shelf life of any battery technology currently on the market. The price of these batteries is anticipated to drop significantly with mass production and various government incentives. This means that during the forecast period, there will be a sharp increase in demand for lithium-ion batteries for EVs. Due to their exceptional electrochemical performance and capacity, lithium-ion batteries have also become the most promising option for energy storage in EVs. These batteries lessen the weight of EVs and give EV manufacturers more flexibility because they are lighter and smaller than lead-acid batteries of comparable capacities. Additionally, the batteries essentially need no maintenance, which reduces the chances of downtime in EVs powered by lithium-ion batteries. Therefore, such factors will boost the EV battery thermal management system market segment during the forecast period.
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The passenger car segment of the global EV BTMS market is constantly undergoing changes in terms of technological development. Technological upgrades are primarily driven by the dynamic nature of emission regulations, fuel efficiency standards, safety standards, and the pressure to decrease production costs. A passenger car makes use of a significant number of interior electronics to provide comfort, such as lighting, heating, air conditioning, and audio systems. The battery also acts as a source for starting the vehicle. In addition, they are used to power electric vehicles. Governing bodies of various countries are planning to ban the sales of gasoline and diesel engine vehicles by 2040. For instance, Norway, the UK, France, and Germany have formulated a plan to systematically decrease the sales of gasoline and diesel vehicles by replacing them with electric vehicles by 2050. Increasing regulation for automotive manufacturers and a decrease in the cost of EVs are driving the growth of passenger vehicles, which in turn drives the demand for the passenger vehicles segment of the global EV BTMS market during the forecast period.
APAC is estimated to contribute 52% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
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The EV battery thermal management system market for electric vehicles in APAC is expanding as a result of the high sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in China, Singapore, Japan, and South Korea. Due to the significant amount of EVs sold there, China is the single largest contributor to the regional market. The regional market for electric vehicle battery thermal management systems is expanding as a result of the rising emphasis on alternative fuel vehicles in Asia's emerging economies. The expansion of OEMs' BEV and PHEV product portfolios and the expansion of the regional EV battery thermal management system market are both being fueled by the increasingly strict emission regulations in emerging markets.
The expanding EV charging network in China, Japan, and other APAC nations is a major factor in the growth of the regional EV BTMS market as well as the sales of EVs. Over the past five years, the nation's demand for EVs has multiplied, which has caused the number of EV charging stations to increase. China had more than 470,000 fast EV charging stations and 677,000 slow EV charging stations as of 2021, the IEA reports. Some of the prominent vendors based out of APAC are Marelli Holdings Co. Ltd., Renesas Electronics Corp., and others. These vendors are working on the development of next-generation electronic units/devices that need advanced heat dissipation solutions. In addition, government initiatives for the adoption of renewable energy, such as solar cells, will drive the development of innovative technologies in the regional market under focus. Therefore, all these factors will boost the EV battery thermal management system market growth during the forecast period in APAC.
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Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the Electric Vehicle Battery Thermal Management System (EV BTMS) Market.
Dober - The company focuses on offering water treatment solutions, chematic detergents, cooling tower treatments, performance fluids, and operations software. The key offerings of the company include an electric vehicle battery thermal management system (EV BTMS) and an electric vehicle cooling system.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Electric Vehicle Battery Thermal Management System (EV BTMS) Market Customer Landscape
The report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Electric Vehicle Battery Thermal Management System (EV BTMS) Market Scope |
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Report Coverage |
Details |
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Page number |
175 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 31.68% |
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Market growth 2023-2027 |
USD 17,527.94 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
29.8 |
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Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
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Performing market contribution |
APAC at 52% |
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Key countries |
US, China, Japan, South Korea, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
BMS Powersafe, Dana Inc., Dober, DuPont de Nemours Inc., Eberspacher Gruppe GmbH and Co.KG, Ewert Energy Systems Inc., Exponential Power Inc., Gentherm Inc., Hanon Systems, Infineon Technologies AG, Leclanche SA, Lithium Balance AS, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, STMicroelectronics NV, Texas Instruments Inc., Turntide Technologies Inc., Valeo SA, and VOSS Automotive GmbH |
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Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
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Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this report to meet your requirements. Get in touch
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Battery Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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