Pune, India, Dec. 02, 2021 (GLOBE NEWSWIRE) -- According to MarketStudyReport, worldwide electric vehicle battery thermal management system market size was valued at USD 2.06 billion in 2020 and is touted to amass USD 11.92 billion by the end of the forecast period 2021-2027, registering a 28.5% CAGR throughout.
As per the report, the market is studied with respect to system type, and application. A summary of the regional markets, along with their individual revenue share and growth pattern over the forecast period is also included. The competitive dashboard is scrutinized by evaluating the partnerships, mergers, and acquisitions undertaken by prominent players in order to unsheathe new expansion opportunities in this vertical.
Rising demand for electric vehicles around the world is acting as a major impetus to market growth. As per the data provided by IEA, there was an inventory of 250,000 light commercial vehicles (LCVs), and 460,000 electric buses in 2018. Thus, rising use of LCV’s and battery-operated buses is likely to propel market remuneration in the upcoming years.
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Furthermore, increasing government initiatives towards promoting funding & policies aimed at improving infrastructure and boosting the economy are positively swaying the market outlook. Growing technological advancements in battery management are expected to stimulate the adoption & demand in the industry.
Despite the positive outlook, reduction in size of batteries, and heating issues caused by fast charging capabilities are likely to hamper the industry growth over 2021-2027.
Market segmentation overview
Based on system type, global electric vehicle battery thermal management system market is arrayed into active, and passive, while considering the application scope, the industry classification comprises commercial vehicle, and passenger vehicle segments.
Regional outlook
The geographical analysis of the industry covers key regions such as North America, Asia Pacific, Europe, and Latin America. Among these, Asia Pacific currently accounts for a substantial market share, owing to burgeoning demand for electric vehicles in the region. Meanwhile, Europe market is anticipated to grow at a remarkable CAGR over 2021-2027, driven by the presence of major component & automobile manufacturers.
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Competitive scope
Prominent companies operating in worldwide electric vehicle battery thermal management system market are Polymer Science Inc., Grayson Automotive Services Ltd., 3M Company, Voss Automotive GmbH, Hanon Systems, Mahle GmbH, Dana Inc., Valeo S.A., Gentherm Inc., and Robert Bosch GmbH.
The report offers a detailed assessment of various product offerings of the listed players. It also emphasizes on expansion strategies undertaken by these players including collaborations, partnerships, and mergers & acquisitions, to equip users with a clear understanding of the competitive hierarchy.
Global Electric Vehicle Battery Thermal Management System Market, by System Type (Revenue, USD Billion, 2018-2027)
- Active
- Passive
Global Electric Vehicle Battery Thermal Management System Market, by Application Scope (Revenue, USD Billion, 2018-2027)
- Commercial Vehicle
- Passenger Vehicle
Global Electric Vehicle Battery Thermal Management System Market, by Geographical Outlook (Revenue, USD Billion, 2018-2027)
North America
- U.S.
- Canada
Europe
- U.K.
- Germany
- France
- Spain
- Italy
- ROE
Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- RoAPAC
Latin America
- Brazil
- Mexico
Rest of the World
Global Electric Vehicle Battery Thermal Management System Market, Competitive Dashboard (Revenue, USD Billion, 2018-2027)
- Polymer Science Inc.
- Grayson Automotive Services Ltd.
- 3M Company
- Voss Automotive GmbH
- Hanon Systems
- Mahle GmbH
- Dana Inc.
- Valeo S.A.
- Gentherm Inc.
- Robert Bosch GmbH
Related Report:
Global Electric Vehicle Charging Cables Market Size study and Regional Forecasts 2021-2027
Global Electric Vehicle Charging Cables Market to reach USD 1267 million by 2027.Global Electric Vehicle Charging Cables Market is valued approximately at USD 260 million in 2020 and is anticipated to grow with a healthy growth rate of more than 25.4% over the forecast period 2021-2027. Electric vehicle charging cables are used in all conductive charging systems- be it at home, on the road or in the garage for quick charging of vehicles. Government initiatives for encouraging people to buy electric vehicles and rising demand for fast charging cables are driving the growth of the market positively. For instance, according to India Brand Equity Foundation (IBEF) report of 2019, government of India in the union budget announced income tax rebates of up to Rs 1.5 lakh (US$ 0.002085 million) to customers on interest paid on loans to buy electric vehicles, with a total exemption benefit of Rs 2.5 lakh (US$ 0.003475 million) over the entire loan period.
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