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Electric Vehicle Battery Thermal Management Systems Market to Hit $12.1 Billion By 2027 | Grand View Research, Inc

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Electric Vehicle Battery Thermal Management Systems Market to Hit $12.1 Billion By 2027 | Grand View Research, Inc

July 26
05:56 2020
Electric Vehicle Battery Thermal Management Systems Market to Hit $12.1 Billion By 2027 | Grand View Research, Inc

Grand View Research, Inc. – Market Research And Consulting.
According to report published by Grand View Research, the global electric vehicle battery thermal management systems market size was valued at USD 1.6 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 28.5% from 2020 to 2027.

According to a recent report by Grand View Research, Inc., the global electric vehicle battery thermal management systems market size is expected to reach USD 12.1 billion by 2027. The importance of thermal management systems used in electric vehicles holds great importance as the performance of the vehicle can rapidly fluctuate depending on how warm or cool it is. The overheating of these batteries can severely affect the vehicle’s movement and can pose a severe safety concern. Keeping an electric vehicle’s battery at optimum temperature can help in preserving its health, capacity, and length of charge.

The rising popularity of battery-powered vehicles has forced manufacturers to develop improved battery heat management systems, this is where the thermal management system comes into the picture as it is an essential system to maintain the battery’s adequate temperature for proper functioning.Since these batteries allow limited operational range on a single charge and need to be recharged from time to time manufacturers had to innovate and thus developed fast-charging batteries. However, these fast-charging batteries emit more heat, which needs to be taken care of to avoid damage to the battery cells. Battery manufacturers are therefore focusing on developing advanced methods of cooling to regulate these batteries’ high temperatures, which is expected to fuel demand growth in the years to come.

The global electric vehicle battery thermal management systems market can be segmented on the basis of system type and application. The passive thermal management systems provide hundreds of watts of cooling and heating power along with the costs associated with its components is lesser when compared to other cooling systems. Owing to this, the segment accounted for more than 78% of the global revenue share in 2019. However, the active thermal management systems segment that involves the use of air or liquid for cooling or heating the battery cells is expected to register rapid growth in the coming years as this system increases battery life and efficiency when compared to other cooling systems.

The passenger vehicle segment is increasing at an exponential rate. Due to the government incentives, increased awareness about global temperature rise, stringent emission norms, and increasing disposable income, consumers are now adopting electric vehicles instead of the Internal Combustion Engine (ICE) vehicles. Moreover, not just the passenger vehicle segment has exhibited tremendous growth but the commercial vehicle segment is experiencing rapid growth since the past few years owing to the extraordinary savings in the running cost that these battery-operated buses and lightweight trucks provide.

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Global EV battery thermal management systems market size, by system type, 2016 - 2027 (USD billion)

Key Takeaways 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

Global EV battery thermal management systems market share, by application, 2019 (%)

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Recent Trends and Developments:

  • In April 2019,  NORMA Group received an order from a leading Chinese car manufacturer to develop and supply thermal management systems for electric vehicles to ensure thermal management of the electric motor, power electronics, charging technology, and the driver’s cabinet.  
  • In July 2019, Under the UK government’s Faraday Battery Challenge, the i-CoBat project was started which aims to create an electric vehicle (EV) battery pack which is cooled through immersion using MIVOLT, a biodegradable cooling fluid developed by specialist manufacturer M&I Materials. 
  • In May 2020, Lexus announced a warranty of 10 years and 600,000 miles for its all-electric UX300E SUV car with its original battery pack. The manufacturer is confident to deliver on its promise mainly due to its improved battery pack involving active air cooling system, heating elements for each module, and rubber sealing for water and dust.

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Electric Vehicle Battery Thermal Management Systems Market Segmentation

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)

  • Active
  • Passive

EV BTMS Application Outlook (Revenue, USD Million, 2016 – 2027)

  • Passenger
  • Commercial

EV BTMS Regional Outlook (Revenue, USD Million, 2016 – 2027)

  • North America
    • U.S.
    • Canada
  • Europe
    • U.K.
    • Germany
    • France
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
  • Rest of the World (RoW)

List of Key Players of Electric Vehicle Battery Thermal Management Systems Market

  • Robert Bosch GmbH
  • GENTHERM Incorporated
  • Valeo
  • Dana Incorporated
  • Mahle GmbH
  • Hanon Systems
  • Voss Automotive GmbH
  • 3M
  • Grayson
  • Polymer Science, Inc.
  • Lord Corporation

About Grand View Research

Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.

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