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.The electric vehicle battery thermal management system (EV BTMS) market size is forecast to increase by USD 17.53 billion, at a CAGR of 31.68% between 2022 and 2027. The market's growth hinges on multiple factors, notably the rising demand for Electric Vehicles (EVs) and their expanding applications across various sectors. Concurrently, there has been a significant surge in the market driven by advancements in lithium-ion performance. These improvements have directly contributed to enhancing the range and efficiency of EVs, making them more appealing to consumers and businesses alike. As the demand for environmentally friendly transportation solutions continues to escalate, coupled with ongoing innovations in technology and thermal management systems, the EV market is poised for substantial growth and widespread adoption in the coming years.
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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. Furthermore, the report includes historic market data from 2017 to 2021.
The market is witnessing significant growth due to the increasing adoption of Lithium-ion batteries in Passenger vehicles, including BEVs (Battery Electric Vehicles), HEVs (Hybrid Electric Vehicles), PHEVs (Plug-in Hybrid Electric Vehicles), FCVs (Fuel Cell Electric Vehicles), and EVs with different propulsion types. The BTMS plays a crucial role in optimizing battery life, ensuring safety, and enhancing vehicle range by regulating the temperature of battery cells and modules. Raw materials used in battery production and CO2 emissions are major concerns for automakers. The BTMS helps in reducing the risk of explosion and improving battery longevity by managing the thermal conditions effectively. Consumer awareness about charging infrastructure, charging time, and super-fast chargers is driving the demand for advanced BTMS solutions. Climatic conditions and ventilation systems are essential factors affecting battery power and performance. Regulations and standards for battery thermal management are being established to ensure safety and efficiency. The market for EV BTMS is expected to grow with increasing subsidies and incentives for electric vehicles and advancements in battery technology. Our researchers analyzed the data with 2022 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.
The increasing demand for EVs and their expanded applications are notably driving market growth. The Electric Vehicle (EV) Battery Thermal Management System (BTMS) market is experiencing significant growth due to the increasing sales of Lithium-ion batteries in BEVs and PHEVs. In 2022, over 10.5 million new EVs were sold worldwide, marking a 55% increase from the previous year. China led the sales of BEVs, with Europe and the US following closely. The demand for EVs is driven by advancements in electric vehicle technologies, improvements in charging infrastructure, and socio-economic factors such as living standards and spending capacity.
Moreover, components of the EV BTMS include Phase Change Materials (PCMs) that regulate battery temperature, reducing CO2 emissions and extending battery life. Automakers such as Continental, LG Chem, Chevrolet Bolt, Tesla Motors, and Gentherm are investing in innovative technologies like nanotechnology and smart windows to enhance capacity and temperature control. Therefore, these factors will drive the global market during the forecast period.
The increasing use of software and sensors for intelligent BMS is an emerging trend in the market growth. The Electric Vehicle (EV) market's adoption of high-density Lithium-ion batteries and fast chargers has led to increased heat generation in battery packs. This issue is particularly prevalent in EVs due to the minimal surface area of high-density batteries, which reduces heat dissipation. Fast chargers, which quickly fill capacity in a few hours, further exacerbate this problem. To address these challenges, Automakers are investing in advanced Battery Thermal Management Systems (BTMS).
Moreover, one such solution is Phase Change Materials (PCM), which absorb and release heat as they transition between solid and liquid states. This technology helps maintain optimal battery temperature, extending life and reducing CO2 emissions. R&D initiatives are underway to introduce new BTMS technologies, such as solid-state batteries and nanotechnology Therefore, during the forecast period, these factors are anticipated to fuel the global market's expansion.
Environmental concerns are major challenges impeding market growth. The market experiences significant investment in Lithium-ion batteries solutions. Each cell in the battery pack necessitates monitoring through a BMS for efficient operation, leading to high initial costs. The integration of EV BTMS technology into vehicles involves extensive research and development, raw material procurement, and implementation into battery units and onboard vehicle components.
Moreover, automakers focus on enhancing battery life and reducing CO2 emissions by investing in advanced technologies like Phase Change Materials (PCM) and solid-state batteries. Key players in the market include Continental, LG Chem, Chevrolet Bolt, Tesla Motors, and Gentherm. The adoption of EVs, including BEVs, PHEVs, and HEVs, is influenced by factors such as vehicle sales, living standards, and spending capacity. Hence, these factors challenge the overall growth of the global market during the forecast period.
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.
Market Customer Landscape
companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the 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 companies, including:
Qualitative and quantitative market research and growth analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. In market growth analysis, 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.
The market share growth by the li-ion segment will be significant during the forecast period. The Electric Vehicle (EV) market's significant growth can be attributed to the increasing adoption of Lithium-ion batteries as the primary power source. Automakers prioritize the use of these batteries in Propulsion Types such as BEVs, PHEVs, and HEVs due to their high energy density and low CO2 emissions. The market plays a crucial role in ensuring the optimal performance and longevity of these batteries. Components like Phase Change Materials (PCM) are integral to the EV BTMS, as they help maintain the battery's temperature for improved safety and efficiency.
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The li-ion segment was valued at USD 1.38 billion in 2017 and continued to grow until 2021. Lithium-ion batteries, including NCA, NCM, LMO, LTO, and LFP, require careful thermal management due to their distinct characteristics. Key players in the market include Continental, LG Chem, Chevrolet Bolt, Tesla Motors, and Gentherm. Advancements in technology, such as solid-state batteries and nanotechnology, are expected to revolutionize the market. The market's growth is influenced by factors like battery capacity, vehicle sales, living standards, spending capacity, and government subsidies. Therefore, such factors will boost the market segment during the forecast period.
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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. The market in APAC is experiencing significant growth due to the increasing sales of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) in China, Singapore, Japan, and South Korea. China is the leading contributor to this market's expansion, driven by the high volume of EV sales. The shift towards alternative fuel vehicles in emerging Asian markets is facilitating the growth of the market. Stricter emission norms are compelling Original Equipment Manufacturers (OEMs) to expand their offerings of BEVs and PHEVs, leading to increased demand for advanced battery technologies, such as solid-state batteries with solid electrolytes and low self-discharge rates. This report provides an in-depth quantitative analysis of the market, including a comprehensive supplier-buyer network analysis. Solid power and solid-state battery startups are also playing a crucial role in the development of next-generation automotive batteries, which require efficient heat dissipation systems to ensure optimal performance. Therefore, all these factors will boost the EV market growth during the forecast period.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2023 to 2027, as well as historical data from 2017 to 2021 for the following segments.
The market is experiencing significant growth due to the increasing adoption of electric vehicles (EVs) worldwide. The EV BTMS plays a crucial role in maintaining the optimal temperature of electric vehicle batteries, ensuring their longevity and efficient performance. Components such as Li-ion batteries, PCM (Phase Change Materials), and coolants are essential in EV BTMS. The market is driven by factors like the growing demand for cleaner transportation, government initiatives to reduce carbon emissions, the size of electric engines, and advancements in battery technology. The market is segmented based on components, vehicle types, and regions. Passenger cars and commercial vehicles are the major segments in the market. The market is competitive, with key players like Bosch, Continental AG, and Magna International leading the market. These companies focus on innovation and the development of advanced thermal management systems to cater to the growing demand for electric vehicles. The future of the market looks promising, with the increasing focus on sustainable transportation and the continuous advancements in battery technology.
Market Scope |
|
Report Coverage |
Details |
Page number |
175 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 31.68% |
Market growth 2023-2027 |
USD 17.53 billion |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
29.8 |
Regional analysis |
APAC, North America, Europe, South America, and Middle East and Africa |
Performing market contribution |
APAC at 52% |
Key countries |
US, China, Japan, South Korea, and Germany |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
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 |
Market dynamics |
Parent market analysis, market research report, Market forecasting , Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
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. |
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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
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