Luton, Bedfordshire, United Kingdom, March 10, 2023 (GLOBE NEWSWIRE) --
Exactitude Consultancy, the market research and consulting wing of Ameliorate Digital Consultancy Private Limited has completed and published the final copy of the detailed research report on the Vehicle Battery Thermal Management System Market.
Global Vehicle Battery Thermal Management System Market stands at US$ 2.09 billion in 2022 and is anticipated to grow at a CAGR of 20.4% over the following Five years to reach US$ 9.49 billion by 2029.
Vehicle Battery Thermal Management System Market Growth in upcoming years
The technologies and products used to control the temperature of the batteries in electric and hybrid cars are referred to as vehicle battery thermal management system (BTMS) products. This is a significant market sector because temperature control is essential to the effectiveness, performance, and longevity of car batteries.
In order to control the temperature of batteries and keep them from overheating or becoming too cold, BTMS solutions usually combine cooling and heating technologies. Cooling blowers, liquid cooling systems, air conditioning systems, and insulation materials are a few of the essential parts of a BTMS system.
In the upcoming years, the market for Vehicle Battery Thermal Management System solutions is anticipated to expand considerably due to the rising popularity of electric and hybrid vehicles. In areas where there is a high desire for electric vehicles, like Europe, China, and North America, this growth is anticipated to be especially robust.
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Key Growth Drivers
- Increasing Adoption of Electric Vehicles
- Government Incentives and Regulations
- Technological Advancements
- Increasing Focus on Sustainability
- Growing Demand for Range and Performance
Key Trends
Integration with Vehicle Control Systems: To increase the efficacy and efficiency of vehicle control systems, BTMS solutions are increasingly being integrated with them. With better monitoring and temperature control made possible by this integration, the performance and longevity of the batteries used in electric vehicles will eventually be increased.
Advancements in Cooling and Heating Technology: The evolution of the Vehicle Battery Thermal Management System industry is being driven by the creation of new cooling and heating technologies. For instance, the efficacy and efficiency of BTMS solutions can be greatly enhanced by the use of cutting-edge refrigerants, phase-change materials, and smart control systems.
Focus on Lightweight and Compact Design: There is an increasing demand for lightweight and small-footprint BTMS solutions as electric cars become more widespread. This is influencing the creation of new materials and design ideas that can help BTMS components become lighter and smaller, eventually enhancing the effectiveness and range of electric vehicles.
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Competitive Insight
Some of the notable market players operating in the global Vehicle Battery Thermal Management System Market covered in this report are:
- Modine Manufacturing Company
- Continental AG
- Gentherm
- Dana Limited
- Hanon Systems
- Valeo
- Mahle GMBH
- Robert Bosch GMBH
- Grayson
- Voss Automotive GMBH. *The Company List Is Indicative
Recent Developments
- Continental expanded its production capacity by opening its first production plant outside Germany in China. The company invested more than USD 24 million to produce high-performance coated materials for a wide range of applications.
- LG Chem was the main supplier of the electric vehicle batteries that power the Chevrolet Bolt. The companies have thus entered into a new partnership to supply Chevrolet (US) with its range of products. It would supply products such as the DX cool plate for the Bolt.
Browse the full “Vehicle Battery Thermal Management System Market by Propulsion Type (BEV: Battery Electric Vehicles, PHEV: Plug-in electric vehicles and HEV: Hybrid Electric Vehicles), by Technology (Air cooling and heating, Liquid Cooling and heating and PCM: Protection circuit module), by Battery type (Conventional and solid state) , by vehicle type (Passenger cars and commercial vehicles) and Region, Global trends and forecast from 2023 to 2029” Report and TOC at https://exactitudeconsultancy.com/reports/13344/vehicle-battery-thermal-management-system-market/
Segment Overview
The Vehicle Battery Thermal Management System market is segmented By Technology, By Battery type, and By Propulsion Type.
| By Propulsion Type | By Technology | By Battery type |
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Regional Insights
Asia Pacific region accounted for the largest share of the market.
Asia Pacific region accounted for the largest market share for vehicle battery thermal management system in the year 2022. The region is likely to dominate the market in the forecast period as well. Due to the presence of growing economies, there is a rapid increase in urbanization, improvement in the standard of living and rising disposable income which led to the market growth. Also the government of the countries in this region are taking initiatives for the reduction of carbon emissions by electrifying transportation.
North America- Due to the widespread use of electric and hybrid vehicles in the region, particularly in the United States, the North American market is anticipated to be one of the largest markets for BTMS solutions. The US government has also passed laws and incentives to encourage the use of electric cars, which is anticipated to increase demand for BTMS solutions.
Quantitative Analysis
- Market size, estimates, and forecasts from 2023 - 2029
- Market size and revenue estimates for product up to 2029
- Market revenue estimates for application up to 2029
- Market revenue estimates for type up to 2029
- Regional market size and forecast up to 2029
- Company financial
What are the Key Data Covered in this Vehicle Battery Thermal Management System Market Report?
- CAGR of the market during the forecast period 2023-2029
- Detailed information on factors that will drive Vehicle Battery Thermal Management System Market growth during the next Six years
- Precise estimation of the Vehicle Battery Thermal Management System Market size and its contribution to the parent market
- Accurate predictions on upcoming trends and changes in consumer behaviour.
- The growth of the Vehicle Battery Thermal Management System industry across North America, Europe, APAC, South America, the Middle East, and Africa
- A thorough analysis of the market’s competitive landscape and detailed information on vendors
- Comprehensive details of factors that will challenge the growth of Vehicle Battery Thermal Management System Market vendors
To know an additional revised 2023 list of market players, request a sample report: https://exactitudeconsultancy.com/reports/13344/vehicle-battery-thermal-management-system-market/#request-a-sample
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