Dublin, Oct. 27, 2021 (GLOBE NEWSWIRE) -- The "Automotive Battery Thermal Management System Market - Global Industry Analysis (2017 - 2020) - Growth Trends and Market Forecast (2021 - 2026)" report has been added to ResearchAndMarkets.com's offering.
In line with soaring electric vehicle (EV) sales, demand for automotive battery thermal management system (BTMS) is also experiencing an upsurge as thermal management of battery packs is an extremely important factor decisive in shaping performance of EVs. Over the five-year forecast period 2021 - 2026, the global automotive battery thermal management system market is expected to progress at a robust double-digit rate. A recent market intelligence report suggests that while EV sales are ramping up supported by favourable government initiatives, demand for automotive BTMS will unlikely decelerate over the near future.
Key Insights into Automotive Battery Thermal Management System Market:
Automotive battery thermal management system market set to exhibit a staggering CAGR of approximately 36% through 2026
Heightening popularity of battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs) is accelerating automotive BTMS
Ban on new ICE vehicle sales in a sizeable number of countries to largely benefit automotive BTMS market
Passenger vehicles continue to be the most lucrative segment
Asia Pacific accounted for nearly 60% of the global market revenue in 2019
DANA, VOSS Automotive, Continental, LG Chem, Robert Bosch, and Mahle capture a dominating revenue share in global market
Amidst the global COVID-19 pandemic, automotive industry as a whole and EV space are yet to recover from an abrupt, sharp decline. Sales of battery thermal management systems are also having a setback. However, the market recovery will take place as the pandemic subsides in the near future, says the author in this report.
Automotive Battery Thermal Management Systems Get a Leg-up from EV-supportive Government Programs
Governments from across the globe are under pressure of fuel emission regulations and many of them have targeted sustainability with respect to same by the year 2050. Many countries have set rigorous carbon emission regulations for vehicles, which has been working to the advantage of electric vehicle manufacturers. Government initiatives such as the latest California Zero Emission Vehicle Program (ZEV) have also been driving a paradigm shift away from conventional internal combustion engine (ICE) vehicles.
Around 13 countries, under similar zero emission targets, have so far imposed a ban on new ICE vehicle sales and rather boost EVs. Moreover, developing Asian economies are inclined towards announcing easy financing schemes, subsidies, and incentives on every EV purchase. Automotive battery thermal management systems are thus receiving a strong thrust in global market. In 2019, Asia Pacific registered a share of 60% in global market valuation, led by China, Japan, India, and South Korea. The role of governments here has been pivotal in market build-up. Leaders in automaking such as BAIC Motor Corporation., Ltd (China), and Mitsubishi Motors (Japan) are making massive investments in electric vehicles, which is benefiting the BTMS market in the region.
Passenger Vehicles Reign Supreme with Noteworthy Opportunity for BTMS Manufacturers
While EV market gathers momentum, sales of electric cars also experience an upward trend. Passenger cars have been representing the most lucrative vehicle segment for electric vehicle companies, OEMs, and battery thermal management system manufacturers. More recently, passenger vehicles are enjoying prospering demand as more people are considering a mobility shift from public transit to personal conveyance.
With growing affordability, electric cars are coming up as a viable mobility alternative, which also indicates a remarkable boost to uptake of battery thermal management systems by this segment. Shared mobility has also been a popular and economical trend over the recent past and continues to be the choice of a sizeable commuting population. Automotive BTMS companies are expected to capture the selling opportunity in this segment as well.
Key Topics Covered:
1. Executive Summary
2. Automotive Battery Thermal Management System Market Outlook
3. Global Automotive Battery Thermal Management System Market Outlook, 2017 - 2026
4. North America Automotive Battery Thermal Management System Market Outlook, 2017-2026
5. Europe Automotive Battery Thermal Management System Market Outlook, 2017-2026
6. Asia Pacific Automotive Battery Thermal Management System Market Outlook, 2017-2026
7. Latin America Automotive Battery Thermal Management System Market Outlook, 2017-2026
8. Middle East & Africa Automotive Battery Thermal Management System Market Outlook, 2017-2026
9. Competitive Landscape
BYD Company Ltd.
Contemporary Amperex Technology Co., Limited. (CATL)
Robert Bosch GmbH
Calsonic Kansei Corporation
Samsung SDI Co., LTD.
Others (Grayson, Hanon Systems, GENTHERM, Voss Automotive GmbH)
For more information about this report visit https://www.researchandmarkets.com/r/uhifld
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