Global Battery Thermal System Market, By Battery Capacity (<100 kWh, 100–200 kWh, 200–500 kWh, >500 kWh), Battery Type (Conventional Batteries, Solid-State Batteries), ICE Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Truck, Bus), Technology (Active Transmission Warm Up, EGR, Engine Thermal Mass Reduction, Reduced HVAC System Loading, Others), Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), 48v Mild Hybrid Vehicle), Component (Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control Unit, Thermoelectric Generator, Electric Compressor, Electric Water Pump, Electric Motor) - Industry Trends and Forecast to 2029.
Market Analysis and Size
Nowadays, vehicles are equipped with numerous innovative technologies that differ in performance, costs, functions and applications. Vehicle becomes more comfortable for the traveler with the use of these features. Battery management is essential for acquiring maximum performance during variety of situations.
The battery thermal management system assists in regulating the battery's thermal behavior. Global Battery Thermal System Market was valued at USD 1478.58 million in 2021 and is expected to reach USD 1947.01 million by 2029, registering a CAGR of 3.50% during the forecast period of 2022-2029. Battery Electric Vehicle (BEV) accounts for the largest vehicle type segment in the respective market owing to the availability of subsidies and support from the government. The market report curated by the Data Bridge Market Research team includes in-depth expert analysis, import/export analysis, pricing analysis, production consumption analysis, and pestle analysis.
Market Definition
A battery thermal management system refers to a type of system that assist in surveying and handling the fluctuations in temperature of several automobile systems. These automobile systems include battery, engine, passenger cabin spaces, power electronics, electric drive units, and distribution, among others.
Report Scope and Market Segmentation
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Report Metric
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Details
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Forecast Period
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2022 to 2029
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Base Year
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2021
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Forecast Period
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2022 - 2029
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Historic Years
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2020 (Customizable to 2019 - 2014)
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Quantitative Units
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Revenue in USD Million, Volumes in Units, Pricing in USD
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Segments Covered
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Battery Capacity (<100 kWh, 100–200 kWh, 200–500 kWh, >500 kWh), Battery Type (Conventional Batteries, Solid-State Batteries), ICE Vehicle Type (Passenger Car, Light Commercial Vehicle (LCV), Truck, Bus), Technology (Active Transmission Warm Up, EGR, Engine Thermal Mass Reduction, Reduced HVAC System Loading, Others), Electric Vehicle Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-In Hybrid Electric Vehicle (PHEV), Fuel Cell Electric Vehicle (FCEV), 48v Mild Hybrid Vehicle), Component (Air Filter, Condenser, Compressor, Water Pump, Motor, Heat Exchanger, Heater Control Unit, Thermoelectric Generator, Electric Compressor, Electric Water Pump, Electric Motor)
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Countries Covered
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U.S., Canada, Mexico, Brazil, Argentina, Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa
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Market Players Covered
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DENSO CORPORATION. (Japan), MAHLE GmbH (Germany), VALEO (France), Hanon Systems, BorgWarner Inc. (India), GENTHERM (US), Schaeffler Technologies AG & Co. KG (Germany), Johnson Electric Holdings Limited (Hong Kong), Dana Limited. (US), Robert Bosch GmbH. (Germany), Eberspächer (Germany), VOSS Automotive GmbH (Germany), Grayson (US), MODINE MANUFACTURING COMPANY (US), Boyd Corporation. (US), SANDEN HOLDINGS CORPORATION. (Japan), among others
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Market Opportunities
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Battery Thermal System Market Dynamics
This section deals with understanding the market drivers, advantages, opportunities, restraints and challenges. All of this is discussed in detail as below:
Drivers:
- Sales of Luxury Vehicles
The increase in the production and sales of luxury cars across the globe owing to the rise in disposable income of population is one of the major factor driving the growth of battery thermal management system market. The rise in demand for these enhanced vehicles escalate vehicle production.
- Favorable Regulations
The presence of strict emission norms imposed by governing bodies in order to reduce pollution from the transportation industry accelerate the market growth. The surge in government incentives and subsidies along with growing awareness of global warming have a positive impact on the market.
- Low Power Consumption
The increase in need to decline power consumption in automobiles further influence the market growth. The design of these systems reduce weight, power consumption, and overall cost.
Additionally, expansion of the automotive sector, surge in investments and increased disposable income positively affect the battery thermal management system market.
Opportunities
Furthermore, adoption of new technologies in lithium-ion batteries extends profitable opportunities to the market players in the forecast period of 2022 to 2029. Also, rise in trend of battery-driven public transport will further escalate the growth of battery thermal management system market.
Restraints/Challenges faced by the Battery Thermal System Market
On the other hand, huge capital and research and development and design complexities in components used for battery thermal management system are expected to obstruct market growth. Also, continues change in technology and limited availability of electric vehicles are projected to challenge the battery thermal management system market in the forecast period of 2022-2029.
This battery thermal management system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the battery thermal management system market contact Data Bridge Market Research for an Analyst Brief. Our team will help you take an informed market decision to achieve market growth.
COVID-19 had a Major Impact on Battery Thermal System Market
The COVID-19 had a negative impact on the battery thermal management system market owing to the strict lockdowns and social distancing to contain the spread of the virus. The economic uncertainty, partial shutdown of the business and low consumer confidence impacted demand battery thermal management system market. The supply chain got hampered during the pandemic along with delay logistics activities. However, the battery thermal management system market is expected to regain its pace during the post pandemic scenario due to the easing on the restrictions.
Global Battery Thermal System Market Scope
The battery thermal management system market is segmented on the basis of battery capacity, battery type, ICE vehicle type, technology, electric vehicle type, and component. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.
Based on battery capacity, battery thermal system market has been segmented into <100 kWh, 100–200 kWh, 200–500 kWh, and >500 kWh.
On the basis of battery type, battery thermal system market has been segmented into conventional batteries, and solid-state batteries.
Battery thermal system market on the basis of ICE vehicle type has been segmented as passenger car, light commercial vehicle (LCV), truck, and bus.
Based on technology, battery thermal system market has been segmented into active transmission warm up, EGR, engine thermal mass reduction, reduced HVAC system loading, and others.
On the basis of electric vehicle type, battery thermal system market has been segmented into battery electric vehicle (BEV), hybrid electric vehicle (HEV), plug-in hybrid electric vehicle (PHEV), fuel cell electric vehicle (FCEV), and 48v mild hybrid vehicle.
Battery thermal system has also been segmented on the basis of component into air filter, condenser, compressor, water pump, motor, heat exchanger, heater control unit, thermoelectric generator, electric compressor, electric water pump, and electric motor.
Battery Thermal System Market Regional Analysis/Insights
The battery thermal system market is analyzed and market size insights and trends are provided by country, battery capacity, battery type, ICE vehicle type, technology, electric vehicle type, and component.
The countries covered in the battery thermal system market report are the U.S., Canada and Mexico in North America, Brazil, Argentina and Rest of South America as part of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe in Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA).
North America dominates the battery thermal system market because of the introduction of advanced technology along with rising number of research and development activities within the region.
Asia-Pacific (APAC) is expected to witness significant growth during the forecast period of 2022 to 2029 due to the prevalence of incentives in the form of subsidies from the government for the adoption of electric vehicle in the region.
The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points such as down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.
Competitive Landscape and Battery Thermal System Market Share Analysis
The battery thermal system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to battery thermal system market.
Some of the major players operating in the battery thermal system market are
- DENSO CORPORATION. (Japan)
- MAHLE GmbH (Germany)
- VALEO (France)
- Hanon Systems, BorgWarner Inc. (India)
- GENTHERM (US)
- Schaeffler Technologies AG & Co. KG (Germany)
- Johnson Electric Holdings Limited (Hong Kong)
- Dana Limited. (US)
- Robert Bosch GmbH. (Germany)
- Eberspächer (Germany)
- VOSS Automotive GmbH (Germany)
- Grayson (US)
- MODINE MANUFACTURING COMPANY (US)
- Boyd Corporation. (US)
- SANDEN HOLDINGS CORPORATION. (Japan)
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