SAN FRANCISCO, July 15, 2020 /PRNewswire/ -- The global electric vehicle battery thermal management systems market size is expected to reach USD 12.1 billion by 2027, registering a CAGR of 28.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Thermal management systems are used in electric vehicles (EVs) for maintaining the heating temperature of the batteries used in these vehicles. These batteries provide power to the motors for the traction of the vehicle and therefore, the vehicle movement is entirely dependent on battery health. Hence, the need to control the battery heat becomes critical for the seamless operation of EVs.
Key suggestions from the report:
The passive segment held the largest revenue share of over 78% in 2019. This growth was credited to the benefits offered by these systems including low cost and ease of installation in the vehicle
- The active segment is expected to register the highest CAGR from 2020 to 2027 owing to the benefits of these products, such as enhanced efficiency and improved battery life
- Passenger vehicles segment accounted for the majority share in 2019 primarily owing to the high penetration of EVs in this segment
- The commercial segment is expected to expand at steady a CAGR over the forecast period due to the increasing demand for battery-powered buses and lightweight trucks
- Asia Pacific is expected to be the largest as well as fastest-growing regional market from 2020 to 2027 owing to the highest production and adoption of EVs in the region
Read 80 page research report with ToC on "Electric Vehicle Battery Thermal Management Systems Market Size, Share & Trends Analysis Report By Application (Passenger, Commercial), By System Type (Passive, Active), By Region, And Segment Forecasts, 2020 - 2027" at: https://www.grandviewresearch.com/industry-analysis/electric-vehicle-battery-thermal-management-systems-market
Stringent government regulations have been observed in various nations for controlling the carbon emissions from the vehicles. Also, governments are taking initiatives to boost the adoption of EVs. For instance, the Chinese government has waived off the purchase taxes on EVs till 2020. In addition, most of the countries are planning for a complete transformation from Internal Combustion Engine (ICE) vehicles to battery EVs. As a result, the sales of new and more efficient EVs have increased. This trend is expected to fuel the growth of the overall market in the coming years.
Automobile manufacturers across the globe are increasingly investing in R&D to develop new methods and systems for maintaining & controlling the battery temperatures. For instance, in 2019, Robert Bosch GmbH announced a cloud-connected software service for battery management, which is capable of monitoring and managing the electric battery remotely. Such innovations and developments are projected to bolster the market growth.
Grand View Research has segmented the global electric vehicle battery thermal management systems market on the basis of system type, application, and region:
- EV BTMS System Type Outlook (Revenue, USD Million, 2016 - 2027)
- EV BTMS Application Outlook (Revenue, USD Million, 2016 - 2027)
- EV BTMS Regional Outlook (Revenue, USD Million, 2016 - 2027)
- North America
- Asia Pacific
- South Korea
- Rest of the World (RoW)
- List of Key Players of Electric Vehicle Battery Thermal Management Systems Market:
- Robert Bosch GmbH
- GENTHERM Incorporated
- Dana Incorporated
- Mahle GmbH
- Hanon Systems
- Voss Automotive GmbH
- Polymer Science, Inc.
- Lord Corporation
Find more research reports on Automotive & Transportation Industry, by Grand View Research:
- Electric Vehicle Market – The market is driven by initiatives taken by governments of various countries to promote the manufacturing of electric vehicles (EVs). For instance, in 2019, the government of Germany and auto manufacturers agreed to raise cash incentives under the "Environment Bonus" plan for battery powered cars.
- Electric Vehicle Battery Market– The growing emphasis of leading automakers, including Bayerische Motoren Werke AG, General Motors, and Ford Motors on rolling out electric vehicles is expected to drive the market growth.
- Electric Powertrain Market – Increasing sales of electric vehicles, such as hybrid and pure electric vehicles, is a prominent factor fueling market growth.
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Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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