Pune, India, July 19, 2021 (GLOBE NEWSWIRE) -- According to the report, Global Automotive Battery Thermal Management Systems market size is projected to reach USD 7.13 Billion value at CAGR of 18.5% during the forecast period 2021 to 2026. Factors such as the increasing demand for lithium-ion batteries and the growing adoption of electric vehicles is anticipated to propel the product’s demand worldwide. In June 2021, Amara Raja Batteries, a leading battery manufacturer in India, announced that it will be investing in the development of green technologies that involve lithium-ion batteries. The company is a well-known brand that provided automotive batteries under the brand names Powerzone and Amaron.
The COVID-19 pandemic has had a seismic effect on several economies across the globe. To curb the pandemic spread, the governments of several countries have ordered complete lockdown of industrial and human activities. This is expected to have a significant impact on the market in 2020. However, proactive steps by the industry leaders to revive the automotive industry will bode well for the growth of the market in the near future.
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Based on propulsion type, the market is segmented into battery electric vehicle (BEV), plug in hybrid electric vehicle, and hybrid electric vehicle (HEV).
On the basis of propulsion type, the battery electric vehicle (BEV) segment held a global automotive battery thermal management system market share of about 28.71% in 2020. The segment is expected to experience considerable growth backed by the increasing demand for passenger vehicles across the globe.
Based on the technology type, the market is segregated into air cooling & heating, liquid cooling & heating, and phase change material (PCM). On the basis of battery type, the market is bifurcated into conventional and solid state. Moreover, based on the vehicle type, the market is divided into passenger cars and commercial vehicles. Lastly, on the basis of region, the market is classified into Rest of the World, Europe, Asia-Pacific, and North America.
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The market report provides effective analysis on several factors such as the key drivers and restraints that will impact growth. Additionally, the report provides insights into the regional analysis that covers different regions, contributing to the growth of the market. It includes the competitive landscape that involves the leading companies and the adoption of strategies by them to announce partnerships, introduce new products, and collaboration that will further contribute to the growth of the market in the forthcoming years. Moreover, the research analyst has adopted several research methodologies such as PORTER’s Five Point analysis to extract information about the current trends and industry developments that will drive the market growth during the forecast period.
After the Volkswagen Group announced its decision to shift its focus on developing electric vehicles (EVs), major companies such as Audi, Bentley, and others announced the new EVs. As per a German publication, Süddeutsche Zeitung, Audi plans to phase out its entire ranges of diesel and petrol cars and will ensure a transition to become an all-electric brand. Besides, automotive companies are focusing on developing lightweight electric vehicles that are low on carbon emission and further introduce advanced plug-in infrastructure. These factors are anticipated to favor the global automotive battery thermal management system market growth in the forthcoming years.
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Asia-Pacific – The region is expected to dominate the market during the forecast period. This is ascribable to factors such as the improved standard of living owing to high disposable income, and rapid-paced urbanization that is likely to propel the adoption of automotive battery thermal management systems across the automotive sector in the region. Asia-Pacific stood at USD 0.99 billion in 2020.
Europe – The market in the region is expected to gain traction backed by the increasing production of electric vehicles in countries such as Germany, Italy, and others.
Product Innovation by Eminent Players to Amplify Their Market Positions
The global market is experiencing healthy competition between key players that are striving to establish their footprint by developing innovative automotive battery thermal management systems to cater to the high automotive consumer demand globally. Moreover, other companies are focusing on maintaining their presence by adopting strategies such as collaboration, merger and acquisition, and partnership that will bode well for the growth of the market.
List of Key Companies Covered in the Automotive Battery Thermal Management Systems Market Report:
- Valeo (France)
- Hanon Systems (South Korea)
- SAMSUNG SDI Co, LTD (South Korea)
- VOSS Automotive GmbH (Germany)
- MAHLE GmbH (Germany)
- Dana Limited (U.S)
- GENTHERM (U.S)
- Robert Bosch GmbH (Germany)
- Continental AG (Germany)
- LG Chem (South Korea)
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Global Automotive Battery Thermal Management Systems Market Segmentation:
By Propulsion Type:
- Battery Electric Vehicles (BEV)
- Plug-In Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
By Technology:
- Air Cooling & Heating
- Liquid Cooling & Heating
- Phase Change Material (PCM)
By Battery Type:
- Conventional
- Solid State
By Vehicle Type
- Passenger Cars
- Commercial Vehicles
By Geography:
- North America (USA, Canada)
- Europe (UK, Germany, France, Italy, Spain, Scandinavia and Rest of Europe)
- Asia Pacific (Japan, China, India, Australia, Southeast Asia and Rest of Asia Pacific)
- Latin America (Brazil, Mexico, Rest of Latin America)
- Middle East & Africa (South Africa, GCC, and Rest of Middle East & Africa)
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