EV Battery Thermal Management Systems Market

The EV Battery Thermal Management Systems Market is expected to witness a CAGR of around 20.1% during the forecast period, 2022-2029.

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Market Dynamic

Key Drivers and Emerging Trends

The EV battery thermal management systems market size is expected to grow at a notable CAGR over the forecast period primarily due increasing adoption of electric vehicles and strict rules for reducing the emission of harmful gases from vehicles globally. Additionally, battery thermal management systems help in improving battery power and longevity, and also reduce the size of electric engines in electric vehicles. Moreover, various organizations including Electric Vehicle Charging Association (EVCA), CHAdeMO Association, AVERE (The European Association for Electromobility) among others are working for the growth and development of the electric vehicle market. Furthermore, the growing trend towards the adoption of emission-free vehicles by transport companies and the growing electric buses market will fuel the EV battery thermal management system market over the forecast period.

Restraint in the EV Battery Thermal Management Systems Market

However, the disruption in the supply chain and decline in automotive production due to the outbreak of COVID 19 are expected to hamper the market growth over the forecast period. Additionally, the high cost of electric vehicles may further hamper market growth.

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Type – Segment Analysis

Based on the type, the passive system is expected to hold a prominent share in the market owing to the low cost associated with passive thermal management systems and their components in comparison to the active system. The passive thermal management relies on heat transfer by convection, conduction, and radiation, without consuming battery power, which is further expected to contribute to the market growth.

Application – Segment Analysis

Based on the application, the commercial vehicle is expected to grow at a high rate over the forecast period. This can primarily be attributed to the increasing use of vehicles for fleet management, transportation, ridesharing, and others. Moreover, the strict vehicle emission regulations across the world, rise in fuel prices, and increasing use of electric vehicles by e-commerce companies are further accelerating the market growth.

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Regional – Segment Analysis:

Asia Pacific is expected to grow at a significant CAGR during the forecast period owing to the growing economy, increasing population, and rising adoption of fuel-efficient vehicles. According to the International Energy Agency (IEA), China accounted for 47% of the global electric car sales in 2019. This is expected to promote market growth in the Asia-Pacific.

Top Market Players

Several leading EV Battery Thermal Management Systems companies operating in the market, include, Robert Bosch GmbH, Denso Corporation, Continental AG, BorgWarner Inc., Hitachi, Ltd., Eaton Corporation Plc, Renesas Electronics Corporation, Infineon Technologies AG, Dana Limited, and Visteon Corporation, among others.

Key Developments:

• • In 2020, BorgWarner Inc. has completed its acquisition of Delphi Technologies. The combination of BorgWarner and Delphi Technologies is expected to strengthen BorgWarner’s power electronics products, commercial vehicle, and aftermarket businesses.

Segments Covered in the Report:

The global EV Battery Thermal Management Systems market has been segmented on the basis of type, application, and key regions. Based on type, the market is segmented into active and passive. Based on the application, the market is segmented into passenger cars and commercial vehicles.

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Key questions answered in this research report:

• • At what pace is global EV Battery Thermal Management Systems market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in EV Battery Thermal Management Systems Market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global EV Battery Thermal Management Systems Market?
  • Which type generated maximum revenues in 2021 and identify the most promising type during the forecast period?
  • What are the various application of global EV Battery Thermal Management Systems Market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global EV Battery Thermal Management Systems Market by Type

• • Active
  • Passive

Global EV Battery Thermal Management Systems Market by Application

• • Passenger Cars
  • Commercial Vehicles

Global EV Battery Thermal Management Systems Market by Region

• • North America EV Battery Thermal Management Systems Market (Option 1: As a part of the free 25% customization)
    • By Type
    • By Application
    • US Market All-Up
    • Canada Market All-Up
  • Europe EV Battery Thermal Management Systems Market (Option 2: As a part of the free 25% customization)
    • By Type
    • By Application
    • UK Market All-Up
    • Germany Market All-Up
    • France Market All-Up
    • Spain Market All-Up
    • Rest of Europe Market All-Up
  • Asia-Pacific EV Battery Thermal Management Systems Market (Option 3: As a part of the free 25% customization)
    • By Type
    • By Application
    • China Market All-Up
    • India Market All-Up
    • Japan Market All-Up
    • Rest of APAC Market All-Up
  • RoW EV Battery Thermal Management Systems Market (Option 4: As a part of the free 25% customization)
    • By Type
    • By Application
    • Brazil Market All-Up
    • South Africa Market All-Up
    • Saudi Arabia Market All-Up
    • UAE Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Market All-Up

Major Players Operating in the EV Battery Thermal Management Systems Market (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • Robert Bosch GmbH 
  • Denso Corporation
  • Continental AG
  • BorgWarner Inc.
  • Hitachi, Ltd.
  • Eaton Corporation Plc
  • Renesas Electronics Corporation
  • Infineon Technologies AG
  • Dana Limited
  • Visteon Corporation