Enjoy complimentary customisation on priority with our Enterprise License!
The electric vehicle battery thermal management system (ev btms) market size is forecast to increase by USD 46.88 billion at a CAGR of 47.99% between 2023 and 2028.
The electric vehicle battery thermal management system (ev btms) industry research report provides comprehensive data (region-wise segment analysis), with forecasts and estimates in "USD million" for the period 2024-2028, as well as historical data from 2018-2022 for the following segments.
The Electric Vehicle (EV) battery thermal management system (BTMS) market is experiencing significant growth due to the increasing demand for EVs and the advancements in li-ion battery technology. Li-ion batteries, a key component of EVs, are manufactured using various cathode materials such as lithium-nickel-cobalt-aluminum oxide (NCA), lithium-nickel-manganese-cobalt (NCM or NMC), lithium-manganese spinel (LMO), lithium titanate (LTO), and li-ion phosphate (LFP). Each cathode material offers unique safety, cost, and performance characteristics. Effective thermal management is crucial for EV batteries, particularly li-ion, to ensure optimal performance, longevity, and safety. This involves monitoring and controlling battery temperature through cooling systems, power consumption, and thermal design.
Climatic conditions, battery capacity, and charging patterns also impact battery temperature. OEMs are investing in advanced technologies like nanotechnology, smart windows, and solid-state batteries to improve battery performance, reduce charging time, and increase vehicle range. The EV market's growth is driven by factors such as CO2 emission norms, consumer awareness, and government subsidies. The BTMS market is expected to grow as the EV industry continues to evolve, with a focus on improving battery life, reducing costs, and enhancing overall vehicle performance.
Get a glance at the Electric Vehicle Battery Thermal Management System (EV BTMS) Industry report of share of various segments Request Free Sample
The Li-ion segment was valued at USD 1.91 billion in 2018 and showed a gradual increase during the forecast period.
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
For more insights on the market share of various regions, Request Free Sample
The Electric Vehicle (EV) battery thermal management system (BTMS) market In the Asia Pacific (APAC) region is experiencing significant growth due to the increasing sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in countries like China, Singapore, Japan, and South Korea. China is the leading contributor to this market, driven by the high volume of EV sales. The expanding focus on alternative fuel vehicles in emerging Asian markets is facilitating the growth of the regional BTMS market. Strict emission norms In these markets are compelling Original Equipment Manufacturers (OEMs) to expand their BEV and PHEV offerings, thereby fueling market expansion.
Lithium-ion batteries, a key component of EVs, require effective thermal management to ensure optimal performance, battery life, and safety. The market for BTMS is expected to grow as OEMs invest in advanced technologies, such as nanotechnology, solid-state batteries, and smart window systems, to enhance battery capacity, reduce charging time, and improve vehicle range. The increasing consumer awareness and availability of charging infrastructure, coupled with government subsidies, are also contributing to the growth of the market. Despite the challenges of high battery prices and the need for super-fast chargers, the trend towards electric vehicles and net-zero emissions is driving the market forward.
Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
Increasing demand for EVs and their expanded applications is the key driver of the market.
Advances In thermal management technology: PCM and GIHP is the upcoming market trend.
What challenges does the Electric Vehicle Battery Thermal Management System (EV BTMS) Industry face during its growth?
High capital and maintenance cost is a key challenge affecting the industry growth.
Exclusive Customer Landscape
The electric vehicle battery thermal management system (ev btms) market forecasting 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 electric vehicle battery thermal management system (ev btms) market report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their market growth analysis strategies.
Customer Landscape
Companies are implementing various strategies, such as strategic alliances, electric vehicle battery thermal management system (ev btms) market forecast, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence In the industry.
BMS Powersafe - The market encompasses innovative solutions for managing the temperature of batteries in electric vehicles. Key components include battery cold plates, electronics coolers, and e-motor oil coolers. These systems ensure optimal battery performance and longevity by maintaining a consistent temperature, thereby improving range and efficiency. By effectively managing heat dissipation and cold weather performance, EV BTMS solutions contribute significantly to the overall success of electric vehicle technology.
The industry research and growth report includes detailed analyses of the competitive landscape of the market and information about key companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key industry players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
Electric Vehicle (EV) Battery Thermal Management Systems (BTMS) Market: An In-depth Analysis of Technology and Performance The Electric Vehicle (EV) market is experiencing significant growth due to increasing consumer awareness and stringent CO2 emission norms. As the demand for EVs surges, the importance of their key components, such as batteries, becomes increasingly apparent. Among these components, the Battery Thermal Management System (BTMS) plays a crucial role in ensuring the optimal performance and longevity of EV batteries. BTMS is a critical subsystem in an EV that regulates the temperature of the battery pack to maintain its efficiency and safety.
The system is designed to manage the heat generated during charging and discharging cycles and the cold temperatures during operation. This temperature regulation is essential for the battery's overall performance, including power consumption, range, and lifespan. The primary function of BTMS is to maintaIn the battery's average temperature within an optimal range. This temperature control is achieved through various cooling and heating methods. Passive cooling techniques, such as air cooling and natural convection, are commonly used in conventional EVs. In contrast, active cooling systems, such as liquid cooling and phase change materials (PCMs), are employed in high-performance EVs. The BTMS market dynamics are influenced by several factors.
One of the primary factors is the advancement in battery technology. The transition from conventional lithium-ion batteries to solid-state batteries is expected to significantly impact the BTMS market. Solid-state batteries offer advantages such as high energy efficiency, high power-to-weight ratio, and low self-discharge. However, they require advanced cooling systems to manage the heat generated during charging and discharging cycles. Another factor influencing the BTMS market is the increasing demand for EVs in various sectors, including passenger cars and commercial vehicles. The passenger car segment is expected to dominate the market due to the growing popularity of EVs among consumers.
In contrast, the commercial vehicle segment is expected to witness significant growth due to the increasing adoption of EVs in logistics and transportation industries. The BTMS market is also influenced by the regulatory landscape. Governments worldwide are implementing policies to reduce carbon emissions and promote the adoption of EVs. These policies include subsidies, tax incentives, and charging infrastructure development. However, the lack of standardized regulations regarding battery safety and thermal management poses a challenge to market growth. The BTMS market is a complex ecosystem, involving various players, including OEMs, battery manufacturers, and component suppliers. The OEMs are the primary consumers of BTMS, as they integrate the systems into their EVs.
Battery manufacturers, such as LG Chem and Continental, also play a significant role In the market, as they develop and manufacture batteries with integrated BTMS. Component suppliers, such as Gentherm and Lithium-ion battery manufacturers, provide cooling and heating components, such as PCMs and cooling systems. The BTMS market is expected to witness significant growth In the coming years due to the increasing demand for EVs and the need for advanced thermal management systems to ensure their optimal performance and safety. The market is also expected to be driven by the development of advanced battery technologies, such as solid-state batteries, and the increasing adoption of EVs in various sectors.
In conclusion, the Electric Vehicle Battery Thermal Management System (BTMS) market is a critical component of the EV ecosystem. The market is influenced by several factors, including battery technology, regulatory landscape, and market dynamics. The market is expected to witness significant growth due to the increasing demand for EVs and the need for advanced thermal management systems to ensure their optimal performance and safety. The transition to solid-state batteries and the increasing adoption of EVs in various sectors are expected to be key drivers of market growth.
|
Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
182 |
|
Base year |
2023 |
|
Historic period |
2018-2022 |
|
Forecast period |
2024-2028 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 47.99% |
|
Market growth 2024-2028 |
USD 46876.4 million |
|
Market structure |
Fragmented |
|
YoY growth 2023-2024(%) |
33.79 |
|
Key countries |
China, US, Japan, Germany, and South Korea |
|
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
We can help! Our analysts can customize this electric vehicle battery thermal management system (ev btms) market research report to meet your requirements.
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 Opportunity/Restraints
11 Competitive Landscape
12 Competitive 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
Get the report (PDF) sent to your email within minutes.
Complimentary full Excel data with your report purchase.
Get lifetime access to our
Technavio Insights
Quick Report Overview:
Quick Report Overview:
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.
