Electric Vehicle Battery Thermal Management Systems Market Segments & Growth Forecast
The global electric vehicle battery thermal management systems market size is expected to reach USD 12.1 billion by 2027, registering a CAGR of 28.5% from 2020 to 2027, according to a new report by Grand View Research, Inc. Thermal management systems are used in electric vehicles (EVs) for maintaining the heating temperature of the batteries used in these vehicles. These batteries provide power to the motors for the traction of the vehicle and therefore, the vehicle movement is entirely dependent on battery health. Hence, the need to control the battery heat becomes critical for the seamless operation of EVs.
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Stringent government regulations have been observed in various nations for controlling the carbon emissions from the vehicles. Also, governments are taking initiatives to boost the adoption of EVs. For instance, the Chinese government has waived off the purchase taxes on EVs till 2020. In addition, most of the countries are planning for a complete transformation from Internal Combustion Engine (ICE) vehicles to battery EVs. As a result, the sales of new and more efficient EVs have increased. This trend is expected to fuel the growth of the overall market in the coming years.
Automobile manufacturers across the globe are increasingly investing in R&D to develop new methods and systems for maintaining & controlling the battery temperatures. For instance, in 2019, Robert Bosch GmbH announced a cloud-connected software service for battery management, which is capable of monitoring and managing the electric battery remotely. Such innovations and developments are projected to bolster the market growth.
Electric Vehicle Battery Thermal Management Systems Market Report Highlights
- The passive segment held the largest revenue share of over 78% in 2019. This growth was credited to the benefits offered by these systems including low cost and ease of installation in the vehicle
- The active segment is expected to register the highest CAGR from 2020 to 2027 owing to the benefits of these products, such as enhanced efficiency and improved battery life
- Passenger vehicles segment accounted for the majority share in 2019 primarily owing to the high penetration of EVs in this segment
- The commercial segment is expected to expand at steady a CAGR over the forecast period due to the increasing demand for battery-powered buses and lightweight trucks
- Asia Pacific is expected to be the largest as well as fastest-growing regional market from 2020 to 2027 owing to the highest production and adoption of EVs in the region
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