Dublin, June 25, 2024 (GLOBE NEWSWIRE) -- The "Global Battery Thermal Management System Market by Propulsion (BEV, PHEV, FCEV), Offering (BTMS With Battery, BTMS Without Battery), Technology (Active, Passive, Hybrid), Battery Type, Battery Capacity, Vehicle Type and Region - Forecast to 2030" report has been added to ResearchAndMarkets.com's offering.
The global BTMS market is projected to grow from USD 3.7 billion in 2024 to USD 8.5 billion by 2030, at a CAGR of 14.7%.
The BTMS market is witnessing robust growth driven by increasing demand for electric vehicles and issues related to battery safety may drive the market for BTMS systems. Electric vehicles require advanced sensors and cooling systems in harmony to ensure safe and efficient operation, which is expected to increase the demand for BTMS systems in these vehicles. Growing innovation related to BTMS components like thermal sensors, battery packs, cooling, and other are also expected to drive the BTMS market. 
The study covers the BTMS market across various segments. It aims at estimating the market size and future growth potential of this market across different segments such as battery type, battery capacity, vehicle type, propulsion type, technology type, offering and region.
The study also includes an in-depth competitive analysis of key market players, their company profiles, key observations related to product and business offerings, recent developments, and acquisitions. The report profiles major manufacturers such as Robert Bosch (Germany), Gentherm (US), Continental AG (Germany), Denso (Japan), BorgWarner Inc. (US), Webasto Group (Germany).
Lithium ion battery segment expected to see notable growth opportunities during the forecast period
Lithium-ion batteries employed in EVs exhibit optimal performance within a narrow temperature threshold. Hence, the regulation of this battery pack's temperature emerges as a critical factor for ensuring prolonged battery and cell lifespan. BTMS assumes responsibility for proficient temperature regulation with sensors. With their prices reducing, the demand for these batteries is estimated to rise, which will directly impact the BTMS market and surge further over the forecast period. CATL (China), a major battery manufacturer, has planned to expand its production capacity outside China. It has planned a manufacturing site at Erfurt in Germany that will have a capacity of 14 GWh in 2022 and 60 GWh by 2026. Also, in January 2024, XING Mobility (China) introduced immersion cooling technology for electric vehicle batteries. All these factors are expected to drive the demand for lithium-ion batteries.
Passenger vehicles segment to showcase the biggest growth during the forecast period
The passenger vehicles segment, encompassing a diverse range of vehicles from sedans to SUVs, holds immense potential for the adoption of EVs. As the largest segment in the automotive industry, it serves as a pivotal arena for technological advancements like solid-state batteries and BTMS. Particularly in emerging economies across the Asia Pacific region, where market growth is buoyed by factors such as rising GDP, population, lifestyle improvements, and infrastructure development, the integration of advanced battery technologies becomes crucial. OEMs such as Audi employ a coolant volume of 5.8 gallons, circulated through a 40-meter tube, in conjunction with a standard heat pump in its fully electric model, the e-tron. This system comprises four circuits designed to cool the electric motors, encompassing their rotors, the power electronics, and the charger. Furthermore, the system guarantees that the battery remains within its optimal efficiency range of 25C to 35C across diverse scenarios, spanning from cold starts in winter conditions to rapid highway driving during hot summer periods.
China expected to showcase substantial growth in Asia-Pacific
China stands at the forefront of the global EV revolution, boasting the largest market for new energy vehicles (NEVs) in the Asia Pacific region and beyond. As the world's largest automotive market, China's policies and initiatives significantly shape the trajectory of the EV sector, including advancements in battery technology and thermal management systems. The increasing demand for EVs in China has amplified the importance of effective BTMS.
As EV adoption accelerates, there is a growing emphasis on developing advanced thermal management solutions that can meet the evolving market needs. Chinese companies, in collaboration with domestic and international partners, are at the forefront of developing innovative BTMS. Advanced cooling and heating technologies, coupled with intelligent thermal management algorithms, are being deployed to enhance the efficiency and reliability of EV batteries in diverse operating conditions. For instance, in June 2023, CATL started the production of Qilin battery packs, which are integrated with advanced BTMS technology.
Key Attributes
| Report Attribute | Details |
| No. of Pages | 331 |
| Forecast Period | 2024-2030 |
| Estimated Market Value (USD) in 2024 | $3.7 Billion |
| Forecasted Market Value (USD) by 2030 | $8.5 Billion |
| Compound Annual Growth Rate | 14.7% |
| Regions Covered | Global |
Premium Insights
- Innovation in Battery Technologies and High Demand for Electric Vehicles to Drive Market
- Battery Electric Vehicles to Hold Largest Market Share During Forecast Period
- Passenger Vehicles to Dominate Market During Study Period
- Lithium-Ion Batteries to Grow at Higher CAGR During Study Period
- Hybrid Systems to Command Largest Market Share During Forecast Period
- < 100 kWh Segment to Dominate Market from 2024 to 2030
- BTMS Without Battery Segment to Command Larger Market Share During Study Period
- Asia-Pacific to Account for Largest Market Share in 2024
Market Dynamics
- Drivers
- Rising Adoption of Electric Vehicles
- Innovation in EV Battery Systems
- Stringent Regulatory and Safety Standards
- Restraints
- Complexities Associated with Design Components
- Low Adoption Rate of Electric Vehicles in Emerging Markets
- Opportunities
- Growing Potential of Modular Design
- Increasing R&D Investments for Advanced Battery Thermal Solutions
- Innovation in E-Compressors by Major OEMs
- Challenges
- Safety Concerns Associated with Battery Reliability
- Irregular Operation of Battery Thermal Management Solutions in Extreme Temperatures
Pricing Analysis
- Average Selling Price Trend of Key Players, by Propulsion Type, 2023
- Average Selling Price of Battery Thermal Management Systems, by Propulsion Type, 2021-2023
- Average Selling Price of Battery Thermal Management Systems, by Region, 2023
Case Study Analysis
- Battery Thermal Management Challenges for Tesla
- Advanced Thermal Cell Barrier for EV Battery Packs
- Enhancement of EV Performance with Immersion Cooling Battery Technology
- BMW I3 Battery Thermal Management for Urban Efficiency
Patent Analysis
- Top Patent Applicants
Technology Analysis
- Key Technologies
- Thermoelectric Cooling
- Graphene-based Thermal Interface Material
- Adjacent Technologies
- Liquid Cooling Systems
- Refrigerant-based Cooling Systems
- Complementary Technologies
- Advancements in Thermal Cooling Plates
- Advancements in Thermal Sensors
- Phase Change Material
Companies Featured
- Robert Bosch GmbH
- Gentherm
- Continental AG
- Borgwarner Inc.
- Denso Corporation
- Webasto Group
- VALEO
- Mahle GmbH
- Hanon Systems
- Modine Manufacturing Company
- Grayson Thermal Systems
- LG Chem
- Dana Limited
- Voss Automotive GmbH
- Marelli Holdings Co. Ltd.
- LEM International SA
- Orion BMS
- Renesas Electronics Corporation
- 3M
- Infineon Technologies AG
- Panasonic Holdings Corporation
- Stmicroelectronics
- Polymer Sciences, Inc.
- Carrar
- Zhengzhou Kelin Motor Vehicle Air Conditioning Co. Ltd.
- Calogy Solutions
- ZF Friedrichshafen AG
For more information about this report visit https://www.researchandmarkets.com/r/ww9zlt
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