The Automotive Battery Thermal Management System (BTMS) market is expected to skyrocket, making a significant impact in the field of Electric Vehicles (EVs). The pivotal role of BTMS in EVs lies in optimizing the lifespan, efficiency, and cost of batteries. As a direct result of this critical function, the global BTMS market is set for a sharp upward curve in the foreseeable future. With a market size of US$666 Mn noted in 2020, global sales in the automotive battery thermal management systems market are projected to soar at an astounding CAGR of close to 36% from 2021 to 2026. This rise is fuelled by the escalating demand for fuel-efficient, high-performance vehicles in sync with supportive government initiatives like the California Zero Emission Vehicle Program (ZEV), which aims to attain 1.5 million ZEV cars by 2025.
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Accelerated Sales in BTMS Market Owing to Pro-EV Government Policies
Rigorous strategies adopted by various governments to boost EV adoption are the wind beneath the wings of the BTMS market. The Chinese government, for instance, started providing subsidies for every plug-in hybrid electric vehicle (PHEV) purchased, ranging from RMB 4,000 to RMB 35,000, and RMB 35,000 to RMB 60,000 for every battery electric vehicle (BEV), based on the vehicle’s driving range in 2013. Although these subsidies were decreased by 5% in 2014 and by 10% in 2015, such incentives and supportive regulations across the globe continue to stimulate EV sales, thereby propelling the global automotive battery thermal management system market.
Design Hurdles in the BTMS Market
Despite the rapid growth, the BTMS market faces a set of challenges. These include complications in verifying the thermal designs of components, creating optimal flow channels, reducing overall vehicle weight, and lowering power requirements. A temperature increase caused by high power can be detrimental, leading to short circuits or fires. Such intricacies in the fundamental design of automotive battery thermal management systems continue to be formidable roadblocks to the swift expansion of the global BTMS market.
ICE Vehicle Phase-out: An Opportunity for BTMS Market Players
Thirteen countries, including Norway, the UK, Canada, and the Netherlands, have officially announced a phase-out for conventional internal combustion engine (ICE) vehicles within the next few years. California will soon be the first US state to ban new ICE vehicle sales. These developments present a lucrative revenue opportunity for stakeholders in the electric vehicle space such as EV makers, OEMs, battery and battery technology companies, and automotive BTMS manufacturers, thereby favoring the growth of the BTMS market.
Asia Pacific: The Front-runner in the BTMS Market
Accounting for over 60% of the global market revenue in 2020, Asia Pacific is home to the largest automotive thermal battery management system market. The rising demand for EVs in this region, in countries like China, Japan, India, and South Korea, which are major hubs for automobile production companies, is significantly determining the share of the automotive battery thermal management system market. With a number of Japanese companies such as Mitsubishi and Chinese companies like BAIC Motor Corp. investing heavily in EVs, Asia Pacific’s BTMS market is followed closely by North America, and Europe, primarily due to the surging demand for alternative fuel vehicles.
Passenger Vehicles: The Largest Segment in the BTMS Market
With a burgeoning market for EVs, and alternative fuel vehicles, such as hydrogen vehicles, bio-diesel vehicles, and propane vehicles, passenger vehicles continue to represent the largest segment in the BTMS market. As more people opt for private transport over public transport, the market for passenger vehicles is set for a massive expansion, creating new opportunities for companies in the global automotive battery thermal management system market.
Major Players in the BTMS Market
Prominent companies such as MAHLE GmbH, VOSS Automotive GmbH, Dana Limited, Continental AG, LG Chem, and Robert Bosch GmbH dominate the BTMS market. Their market shares have risen through various strategies like contracts, agreements, and setting up new production plants. Other key players shaping the global automotive battery thermal management system market are BYD Company Ltd, Contemporary Amperex Technology Co., Limited (CATL), Valeo, Continental AG, Calsonic Kansei Corporation, Gentherm Incorporated, Samsung SDI Co., LTD., Hanon Systems, and Grayson Thermal Systems.
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