Electric Vehicle Battery Thermal Management System Market Growth
The electric vehicle battery thermal management system market is projected to grow significantly from $2.3 billion in 2021 to $8.4 billion by 2031, at a compound annual growth rate (CAGR) of 14.6% from 2022 to 2031.
Market Overview
The Asia-Pacific region dominates the market in terms of revenue, followed by Europe, North America, and LAMEA. China leads the EV battery thermal management system market in the Asia-Pacific region, while India is expected to grow at a significant rate during the forecast period.
Key Drivers
- The rapid growth of the automobile sector
- Government subsidies and incentives for electric vehicles
- Advancements in fast charging technology and lithium-ion batteries
- Growing economies in countries like China, India, Brazil, and South Africa
Impact of COVID-19
The COVID-19 pandemic has caused uncertainty in the battery thermal management system market by delaying supply chains, hampering business growth, and generating uncertain demand scenarios. The lockdowns and social distancing measures led to a decline in global demand for automobiles, affecting the electric vehicle battery thermal management system market.
Market Segmentation
The market is segmented based on type, technology, propulsion type, vehicle type, and region. By technology, the air cooling and heating segment accounted for the highest revenue in 2021 due to its cost-effectiveness and widespread adoption.
Future Projections
- The passive segment is expected to register significant growth during the forecast period.
- The liquid cooling and heating segment is projected to lead the global market.
- The battery electric vehicle segment is expected to dominate the market.
- Europe is anticipated to register the highest CAGR during the forecast period.
Key Players
Major players in the EV battery thermal management system market include Modine Manufacturing Company, Continental AG, Gentherm, Dana Limited, Hanon Systems, Valeo, MAHLE GmbH, Robert Bosch GmbH, Grayson, and VOSS Automotive GmbH.
