This report describes and explains the automotive battery thermal management system market and covers 2017 to 2022, termed the historic period, and 2022 to 2027 termed the forecast period, along with further forecasts for the period 2027-2032. The report evaluates the market across each region and for the major economies within each region.
The automotive battery thermal management system market reached a value of nearly $2,626.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 12.8% since 2017. The market is expected to grow from $2,626.2 million in 2022 to $6,306.2 million in 2027 at a rate of 19.1%. The market is then expected to grow at a CAGR of 18.3% from 2027 and reach $14,634.0 million in 2032.
Growth in the historic period resulted from government initiatives for electric vehicles, reducing cost of EV batteries and growing demand for electrical vehicles.
Going forward, rapid growth in ecommerce, increasing fuel costs and restrictions on sales of petrol and diesel vehicles will drive the growth. Factors that could hinder the growth of the automotive battery thermal management system market in the future include counterfeit products and the Russia-Ukraine war.
The automotive battery thermal management system market is segmented by technology into liquid cooling and heating, air cooling and heating and PCM and other technologies. The air cooling and heating market was the largest segment of the automotive battery thermal management system market segmented by technology accounting for 53.6% of the total in 2022. Going forward, the liquid cooling and heating market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by technology, at a CAGR of 19.0% during 2022-2027.
The automotive battery thermal management system market is segmented by battery type into conventional and solid state. The conventional market was the largest segment of the automotive battery thermal management system market segmented by battery type accounting for 100.0% of the total in 2022. Going forward, the conventional market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by battery type, at a CAGR of 17.0% during 2022-2027.
The automotive battery thermal management system market is segmented by vehicle type into passenger and commercial. The passenger market was the largest segment of the automotive battery thermal management system market segmented by vehicle type accounting for 85.3% of the total in 2022. Going forward, the passenger market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by vehicle type, at a CAGR of 19.2% during 2022-2027.
Asia Pacific was the largest region in the automotive battery thermal management system market, accounting for 39.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the automotive battery thermal management system market will be Asia Pacific, and, Western Europe where growth will be at CAGRs of 22.0% and 20.9% respectively. These will be followed by North America, and, Middle East where the markets are expected to grow at CAGRs of 17.1% and 10.9% respectively.
The automotive battery thermal management system market is highly concentrated, with a small number of large players. The top ten competitors in the market made up to 69.94% of the total market in 2021. BorgWarner Inc was the largest competitor with 13.58% share of the market, followed by Robert Bosch GmbH with 12.45%, Hanon Systems with 11.21%, Valeo with 8.50%, Mahle GmbH with 6.37%, Denso Corporation with 5.39%, Panasonic Corporation with 4.50%, Dana Incorporated with 3.41%, Gentherm Incorporated with 2.27%, and LG Chem Ltd with 2.26%.
The top opportunities in the automotive battery thermal management system market segmented by technology will arise in the air cooling and heating segment, which will gain $1,779.3 million of global annual sales by 2027. The top opportunities in segment by battery type will arise in the conventional segment, which will gain $3,141.7 million of global annual sales by 2027. The top opportunities in segment by vehicle type will arise in the passenger segment, which will gain $3,157.0 million of global annual sales by 2027. The automotive battery thermal management system market size will gain the most in China at $742.4 million.
Market-trend-based strategies for the automotive battery thermal management system market include focusing on advanced thermal interface materials to improve temperature resistance, developing smart battery thermal management techniques for better heating and cooling, developing innovative technologies and focusing on partnerships and collaborations to expand product portfolio and geographic presence.
Player-adopted strategies in the automotive battery thermal management system market include focusing on future mobility through strategic collaborations and partnerships, launching new battery management solutions, addressing the challenges in automotive electrification and focusing on reducing carbon footprint.
To take advantage of the opportunities, the publisher recommends the automotive battery thermal management system companies to focus on advanced thermal interface materials, focus on smart battery thermal management, focus on developing innovative technologies, expand in emerging markets, focus on strategic partnerships, use B2B promotions, continue to target on fastest-growing types of vehicles and target electric vehicle (EV) companies.
The automotive battery thermal management system market reached a value of nearly $2,626.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 12.8% since 2017. The market is expected to grow from $2,626.2 million in 2022 to $6,306.2 million in 2027 at a rate of 19.1%. The market is then expected to grow at a CAGR of 18.3% from 2027 and reach $14,634.0 million in 2032.
Growth in the historic period resulted from government initiatives for electric vehicles, reducing cost of EV batteries and growing demand for electrical vehicles.
Going forward, rapid growth in ecommerce, increasing fuel costs and restrictions on sales of petrol and diesel vehicles will drive the growth. Factors that could hinder the growth of the automotive battery thermal management system market in the future include counterfeit products and the Russia-Ukraine war.
The automotive battery thermal management system market is segmented by technology into liquid cooling and heating, air cooling and heating and PCM and other technologies. The air cooling and heating market was the largest segment of the automotive battery thermal management system market segmented by technology accounting for 53.6% of the total in 2022. Going forward, the liquid cooling and heating market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by technology, at a CAGR of 19.0% during 2022-2027.
The automotive battery thermal management system market is segmented by battery type into conventional and solid state. The conventional market was the largest segment of the automotive battery thermal management system market segmented by battery type accounting for 100.0% of the total in 2022. Going forward, the conventional market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by battery type, at a CAGR of 17.0% during 2022-2027.
The automotive battery thermal management system market is segmented by vehicle type into passenger and commercial. The passenger market was the largest segment of the automotive battery thermal management system market segmented by vehicle type accounting for 85.3% of the total in 2022. Going forward, the passenger market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by vehicle type, at a CAGR of 19.2% during 2022-2027.
Asia Pacific was the largest region in the automotive battery thermal management system market, accounting for 39.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the automotive battery thermal management system market will be Asia Pacific, and, Western Europe where growth will be at CAGRs of 22.0% and 20.9% respectively. These will be followed by North America, and, Middle East where the markets are expected to grow at CAGRs of 17.1% and 10.9% respectively.
The automotive battery thermal management system market is highly concentrated, with a small number of large players. The top ten competitors in the market made up to 69.94% of the total market in 2021. BorgWarner Inc was the largest competitor with 13.58% share of the market, followed by Robert Bosch GmbH with 12.45%, Hanon Systems with 11.21%, Valeo with 8.50%, Mahle GmbH with 6.37%, Denso Corporation with 5.39%, Panasonic Corporation with 4.50%, Dana Incorporated with 3.41%, Gentherm Incorporated with 2.27%, and LG Chem Ltd with 2.26%.
The top opportunities in the automotive battery thermal management system market segmented by technology will arise in the air cooling and heating segment, which will gain $1,779.3 million of global annual sales by 2027. The top opportunities in segment by battery type will arise in the conventional segment, which will gain $3,141.7 million of global annual sales by 2027. The top opportunities in segment by vehicle type will arise in the passenger segment, which will gain $3,157.0 million of global annual sales by 2027. The automotive battery thermal management system market size will gain the most in China at $742.4 million.
Market-trend-based strategies for the automotive battery thermal management system market include focusing on advanced thermal interface materials to improve temperature resistance, developing smart battery thermal management techniques for better heating and cooling, developing innovative technologies and focusing on partnerships and collaborations to expand product portfolio and geographic presence.
Player-adopted strategies in the automotive battery thermal management system market include focusing on future mobility through strategic collaborations and partnerships, launching new battery management solutions, addressing the challenges in automotive electrification and focusing on reducing carbon footprint.
To take advantage of the opportunities, the publisher recommends the automotive battery thermal management system companies to focus on advanced thermal interface materials, focus on smart battery thermal management, focus on developing innovative technologies, expand in emerging markets, focus on strategic partnerships, use B2B promotions, continue to target on fastest-growing types of vehicles and target electric vehicle (EV) companies.
Table of Contents
1. Executive Summary2. Table Of Contents3. List Of Figures4. List Of Tables5. Report Structure18. Competitive Landscape And Company Profiles
6. Introduction And Market Characteristics
7. Major Market Trends
8. Global Market Size and Growth
9. Global Automotive Battery Thermal Management System Market Segmentation
10. Automotive Battery Thermal Management System Market, Regional and Country Analysis
11. Asia-Pacific Market
12. Western Europe Market
13. Eastern Europe Market
14. North America Market
15. South America Market
16. Middle East Market
17. Africa Market
19. Company Profiles
20. Key Mergers And Acquisitions
21. Opportunities And Strategies
22. Automotive Battery Thermal Management Market, Conclusions And Recommendations
23. Appendix
Executive Summary
Automotive Battery Thermal Management System Global Market Opportunities And Strategies To 2032 provides the strategists; marketers and senior management with the critical information they need to assess the global automotive battery thermal management system market as it emerges from the COVID 19 shut down.Reasons to Purchase
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Description:
Where is the largest and fastest growing market for automotive battery thermal management system? How does the market relate to the overall economy; demography and other similar markets? What forces will shape the market going forward? The automotive battery thermal management system market global report answers all these questions and many more.The report covers market characteristics; size and growth; segmentation; regional and country breakdowns; competitive landscape; market shares; trends and strategies for this market. It traces the market’s historic and forecast market growth by geography. It places the market within the context of the wider automotive battery thermal management system market; and compares it with other markets.
The report covers the following chapters
Introduction and Market Characteristics
- Brief introduction to the segmentations covered in the market, definitions and explanations about automotive battery thermal management system market.
Key Trends
- Highlights the major trends shaping the global automotive battery thermal management system market. This section also highlights likely future developments in the market.
Global Market Size and Growth
- Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional Analysis
- Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
Market Segmentation
- Contains the market values (2017-2032) and analysis for for segment by technology, by battery type and by vechile type in the market.
Regional Market Size and Growth
- Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape
- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Key Mergers and Acquisitions
- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Market Opportunities And Strategies
- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations
- This section Includes recommendations for automotive battery thermal management system providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix
- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Scope
Markets Covered:
1) By Technology: Liquid Cooling And Heating; Air Cooling And Heating; PCM And Other Technologies2) By Battery Type: Conventional; Solid State
3) By Vehicle Type: Passenger; Commercial
Companies Mentioned: BorgWarner Inc; Robert Bosch GmbH; Hanon Systems; Valeo; Mahle GmbH
Countries: Australia; China; India; Indonesia; Japan; South Korea; USA; Brazil; France; Germany; UK; Russia
Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa
Time series: Five years historic and ten years forecast.
Data: Ratios of market size and growth to related markets; GDP proportions; expenditure per capita; automotive battery thermal management system indicators comparison.
Data segmentations: country and regional historic and forecast data; market share of competitors; market segments.
Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- BorgWarner Inc
- Robert Bosch GmbH
- Hanon Systems
- Valeo
- Mahle GmbH
Methodology
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Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 312 |
| Published | March 2023 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value ( USD | $ 2626.2 Million |
| Forecasted Market Value ( USD | $ 14634 Million |
| Compound Annual Growth Rate | 18.7% |
| Regions Covered | Global |
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