DUBLIN : The “Automotive Battery Thermal Management System Global Market Report 2022” report has been added to ResearchAndMarkets.com‘s offering.
The global automotive battery thermal management system market is expected to increase from $2.15 billion in 2021 to $2.59 billion in 2022 at a compound annual growth rate (CAGR) of 20.4%. The automotive battery thermal management system market is expected to reach $4.95 billion in 2026 at a CAGR of 17.6%.
The main types of technologies adopted by automotive battery thermal management systems include PCM, liquid cooling and heating, and air cooling and heating. The PCM refers to the heart of a Li-Ion battery pack as the PCM or PCB (protection circuit module or board). PCM safeguards Li-Ion battery packs from overcharging, over-discharging, and over-draining, therefore it is widely used to prevent Li-Ion battery packs from exploding, firing, or being damaged. The automotive battery thermal management systems are used in two types of batteries including the conventional and solid state. They are used in both passenger and commercial vehicles.
Asia Pacific was the largest region in the automotive battery thermal management system market in 2021, and it is also expected to be the fastest-growing region in the forecast period. The regions covered in the automotive battery thermal management system market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The rise in demand for electric vehicles is expected to propel the growth of automotive battery thermal management system market going forward. Rise in fuel prices, carbon emissions, and many other factors are mutually contributing towards rapid growth in adoption of electric vehicles across the globe. The rapid growth in demand for electric vehicles is expected to boost the utilization of automotive battery thermal management systems, as they are widely used for safe and effective functioning of the vehicle.
For instance, according to the news article published by the Economic Times in 2021, the demand for the electric vehicles will increase up to 15 times in the coming 6 months and the demand will be driven by the increase in fuel prices and also the incentives rolled out by the state government and central government. Leading e-commerce companies are beginning to consider electrifying delivery vehicles and ordering new products as the government actively promotes the use of e-mobility to reduce crude oil imports and reduce vehicle pollution. Therefore, rise in demand for electric vehicles is expected to boost the demand for automotive battery thermal management systems during the forecast period.
Innovative solutions based on thermoelectric technology is a key trend gaining popularity in the automotive battery thermal management system market. Major companies in the automotive battery thermal management system market are advancing in their new technologies and research and development of the automotive battery thermal management system to meet industry demands and strengthen their business position. For instance, in May 2022, Modine Manufacturing Company, a USA-based manufacturer of thermal management solutions launched Evantage Thermal Management systems for commercial chassis. Evantage BTMS optimizes the temperature range for the entire range of batteries with a single unit, while minimizing power draw.
