Automotive Battery Thermal Management System Market to Reach $18.7 Billion, Globally by 2032 at 15.6% CAGR: Allied Market Research

Request PDF Brochure: https://www.alliedmarketresearch.com/request-sample/75047 Request PDF Brochure:https://www.alliedmarketresearch.com/request-sample/75047 Drivers, restraints, and opportunities: The global automotive battery thermal management system market is being driven by a variety of factors including the rise in popularity of EVs and HEVs, need to enhance battery performance, enhanced ride quality and heat insulation for cabin comfort, and surge in demand for heavy duty...

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Drivers, restraints, and opportunities:

The global automotive battery thermal management system market is being driven by a variety of factors including the rise in popularity of EVs and HEVs, need to enhance battery performance, enhanced ride quality and heat insulation for cabin comfort, and surge in demand for heavy duty and electronic components. However, the growth of the automotive battery thermal management system market is restrained by high development cost associated with automotive battery thermal management systems. Furthermore, innovation in battery cooling systems is expected to create new avenues for growth in the automotive battery thermal management system industry in the future.

COVID-19 Scenario:

The conventional segment to maintain its dominance throughout the forecast period

Based on type, the conventional segment held the highest market share in 2022, accounting for nearly three-fifths of the global automotive battery thermal management system market revenue and is projected to rule the roost in terms of revenue during the forecast period. Also, the same segment is projected to manifest the highest CAGR of 16.1% from 2023 to 2032. The growth is attributed to the rise in integration with battery pack that allows more precise temperature control and reduces the overall weight and complexity of the system.

The active segment to rule the roost throughout the forecast timeframe

By technology, the active segment accounted for the largest share in 2022, contributing to more than half of the global automotive battery thermal management system market revenue and is estimated to maintain its leadership status throughout the forecast period. The same segment is expected to portray the largest CAGR of 16.17% from 2023 to 2032. This is because they deliver high efficiency in maintaining the battery-pack in the desired temperature range, in case of liquid-based ones.

The Battery Electric Vehicle (BEVs) segment to maintain its leadership status throughout the forecast period

By propulsion, the Battery Electric Vehicle (BEVs) segment contributed to the major share in 2022, holding more than two-fifths of the global automotive battery thermal management system market revenue and is likely to dominate the market from 2023 to 2032. The same segment is expected to witness the fastest CAGR of 16.32% during the forecast period. The battery electric vehicles are gaining traction due to their advantages like changing perception toward adoption of electric vehicles, simple technology usage, and low maintenance as compared to other electric vehicles.

Asia-Pacific to maintain its dominance by 2032

Based on region, Asia-Pacific held the highest market share in terms of revenue in 2022, accounting for nearly half of the global automotive battery thermal management system market revenue. The same region would portray the fastest CAGR of 16.54% during the forecast period. The growth of the market is attributed to the rise in adoption of EVs in the region to curb the emission of greenhouse gases.

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Leading Market Players:

The report analyzes these key players in the global automotive battery thermal management system market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.

Key Benefits for Stakeholders

Automotive Battery Thermal Management System Market Key Segments:

Type

Vehicle Type

Technology

Propulsion

By Region

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