LONDON, April 29, 2021 /PRNewswire/ — In a recent research report, Fairfield Market Research suggests that the global automotive battery thermal management system (BTMS) market is set to observe a highly promising growth outlook in the near future. Over the forecast period 2021–2026, automotive BTMS market size will expand at a staggering CAGR of nearly 36%, projects the report. While the market valuation registered in 2020 roughly equated US$666 Mn, the critical functional role of automotive battery thermal management systems in electric vehicles (EVs) will account for an ascending demand pattern over the course of forecast study.
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Evolving Consumer Demographics and Regulatory Support Offer a Collective Push
The number of consumers seeking fuel-efficient high-performance vehicles is constantly on rise. With gradually rising interest in e-mobility concepts and growing acceptance from evolving demographics, the report indicates an influx of potential opportunities coming in for the active players in automotive battery thermal management system market.
Tightening regulatory grip around vehicle emissions further complements the scenario. The latest California Zero Emission Vehicle Program (ZEV) that aims to have 1.5 million ZEV cars on road by 2025, and more such initiatives will work to the advantage of automotive BTMS market. With a majority of governments offering favourable financing options, subsidies, and incentives on every electric vehicle purchase, it is highly likely that EV sales will spiral over the near future. This will create a hotbed of opportunities for companies in automotive battery thermal management system market.
Asia Pacific Spearheads; Maximum Uptake for Passenger Vehicles
While some of the fast-developing Asian economies such as Japan, China, India, and South Korea stand as the hub for BTMS manufacturers, Asia Pacific registered the revenue share of over 60% in the global automotive BTMS market in 2020. The report attributes dominance of this region to increasing demand for alternative fuel vehicles and surging investments in the region’s EV market. Passenger vehicles will reportedly remain the largest category with substantial uptake of automotive battery thermal management systems.
Key Market Players Prefer Strategic Partnerships and Contractual Deals
Apart from the big six (Dana Limited, VOSS Automotive GmbH, Continental AG, RobertBosch GmbH, LG Chem, and MAHLE GmbH) that maintain dominance in global automotive BTMS market, many other prominent players are stirring the competition. BYD Company Ltd, Valeo, Contemporary Amperex Technology Co., Limited (CATL), Calsonic Kansei Corporation, Gentherm Incorporated, Hanon Systems, Grayson Thermal Systems, and Samsung SDI Co., LTD. are some of the companies profiled in report.
LG Chem had entered strategic partnerships with biggies such as Tesla Motors, and Chevrolet in 2015. The former deal aimed at an upgraded EV model with an improved battery, whereas the latter involved specific product supply for Chevrolet Bolt. Gentherm Incorporated, later the same year, announced the launch of its new production plant based out of Mexico.
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Innovation Plays Key to Unlock Competitive Advantage
Automakers have been taking an aggressive stance to win the EV game, which is leading to significant developments in BTMS landscape as well. Given the temperature-sensitive nature of Li-ion batteries that power up EVs, Tesla Inc. has been working on the performance of its EVs in colder climatic conditions. The company has made measurable investments in BTMS innovations that would enhance EV performance on snow and ice.
Giants in global automotive space are also augmenting investments in launching innovative battery thermal management systems. After Chevrolet’s Bolt EV and Jaguar Car’s I-PACE, Audi AG follows suit by introducing a new automotive BTMS for its e-tron. Recently, Hyundai Motor India Limited announced the launch of its new automotive battery thermal management system for an upcoming new generation of electric vehicles. The key differentiator here is, however, its liquid-cooling feature that replaces fans otherwise preferred for cooling of Li-ion battery packs of EVs. This BTMS design innovation is expected to benefit the company in establishing a stronger foothold in global landscape.
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SOURCE Fairfield Market Research