Electric Vehicle Battery Thermal Management
System Market is expected to grow at a significant CAGR in the upcoming
period as the scope and its applications are rising enormously across the
globe. The electric vehicle battery thermal management system (EV-BTMS) plays
an important role in the control of battery thermal behavior and is integrated
with battery cells. It helps to maintain battery cells in an active state while
providing the necessary power efficiently.
The factors that are playing a major role in the growth of
electric vehicle battery thermal management system market are the rise in
development of enhanced electric vehicles battery, the rising awareness
regarding global temperature rise, the rising demand for electric vehicles, and
the government initiative by offering subsidies and incentives. However, the
presence of substitutes and lack of awareness regarding the benefits of
electric vehicles and its impact on the environment may restrain the overall
market growth in the years to come. Electric vehicle battery thermal management
system market is segmented based on battery type, technology, capacity,
propulsion, vehicle type, and region.
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Vehicle types such as commercial and passenger vehicles
classify electric vehicle battery thermal management system. The passenger
vehicles sector accounted for significant market share of electric vehicle
battery thermal management system and is estimated to continue its dominance in
the years to come.
Globally, Asia Pacific accounted for the substantial market
share of electric vehicle battery thermal management system and is estimated to
lead the overall market in the years to come. The reason behind overall market
growth could be the increasing sales of electric vehicles in the countries like
Japan and China, strict fuel emissions norms, and the presence of key suppliers
and automakers in the region. The developing countries like India and China are
the major consumers of electric vehicle battery thermal management system in
this region. The aspects that may be ascribed to the growth comprise the
developing automotive sector in these regions.
North America and Europe are also estimated to have a positive
influence on future growth. North America is a larger market with significant
market share. The United States is a major consumer of electric vehicle battery
thermal management system in this region. The reason could be the rising
concern regarding air pollution. However, Europe is estimated to grow at the
higher CAGR in the forecast period.
The key players of electric vehicle battery thermal
management system market are CapTherm Systems, LG Chem, CapTherm Systems,
Continental, VOSS Automotive, GenTherm, Mahle, Robert Bosch, Samsung SDI,
Valeo, Hanon Systems, and Calsonic Kansei. These players are concentrating on
inorganic growth to sustain themselves amidst fierce competition.
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