Dublin, March 27, 2023 (GLOBE NEWSWIRE) -- The "Automotive Battery Thermal Management System Global Market Opportunities and Strategies to 2032" report has been added to ResearchAndMarkets.com's offering.
The automotive battery thermal management system market reached a value of nearly $2,626.2 million in 2022, having grown at a compound annual growth rate (CAGR) of 12.8% since 2017.
The market is expected to grow from $2,626.2 million in 2022 to $6,306.2 million in 2027 at a rate of 19.1%. The market is then expected to grow at a CAGR of 18.3% from 2027 and reach $14,634.0 million in 2032.
Growth in the historic period resulted from government initiatives for electric vehicles, reducing cost of EV batteries and growing demand for electrical vehicles.
Going forward, rapid growth in ecommerce, increasing fuel costs and restrictions on sales of petrol and diesel vehicles will drive the growth. Factors that could hinder the growth of the automotive battery thermal management system market in the future include counterfeit products and the Russia-Ukraine war.
The automotive battery thermal management system market is segmented by technology into liquid cooling and heating, air cooling and heating and PCM and other technologies. The air cooling and heating market was the largest segment of the automotive battery thermal management system market segmented by technology accounting for 53.6% of the total in 2022. Going forward, the liquid cooling and heating market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by technology, at a CAGR of 19.0% during 2022-2027.
The automotive battery thermal management system market is segmented by battery type into conventional and solid state. The conventional market was the largest segment of the automotive battery thermal management system market segmented by battery type accounting for 100.0% of the total in 2022. Going forward, the conventional market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by battery type, at a CAGR of 17.0% during 2022-2027.
The automotive battery thermal management system market is segmented by vehicle type into passenger and commercial. The passenger market was the largest segment of the automotive battery thermal management system market segmented by vehicle type accounting for 85.3% of the total in 2022. Going forward, the passenger market is expected to be the fastest growing segment in the automotive battery thermal management system market segmented by vehicle type, at a CAGR of 19.2% during 2022-2027.
Asia Pacific was the largest region in the automotive battery thermal management system market, accounting for 39.3% of the total in 2022. It was followed by North America, and then the other regions. Going forward, the fastest-growing regions in the automotive battery thermal management system market will be Asia Pacific, and, Western Europe where growth will be at CAGRs of 22.0% and 20.9% respectively. These will be followed by North America, and, Middle East where the markets are expected to grow at CAGRs of 17.1% and 10.9% respectively.
The top opportunities in the automotive battery thermal management system market segmented by technology will arise in the air cooling and heating segment, which will gain $1,779.3 million of global annual sales by 2027.
The top opportunities in segment by battery type will arise in the conventional segment, which will gain $3,141.7 million of global annual sales by 2027.
The top opportunities in segment by vehicle type will arise in the passenger segment, which will gain $3,157.0 million of global annual sales by 2027. The automotive battery thermal management system market size will gain the most in China at $742.4 million.
Market-trend-based strategies for the automotive battery thermal management system market include focusing on advanced thermal interface materials to improve temperature resistance, developing smart battery thermal management techniques for better heating and cooling, developing innovative technologies and focusing on partnerships and collaborations to expand product portfolio and geographic presence.
Player-adopted strategies in the automotive battery thermal management system market include focusing on future mobility through strategic collaborations and partnerships, launching new battery management solutions, addressing the challenges in automotive electrification and focusing on reducing carbon footprint.
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The report covers the following chapters:
Introduction and Market Characteristics
- Brief introduction to the segmentations covered in the market, definitions and explanations about automotive battery thermal management system market.
Key Trends
- Highlights the major trends shaping the global automotive battery thermal management system market. This section also highlights likely future developments in the market.
Global Market Size and Growth
- Global historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and drivers and restraints that support and control the growth of the market in the historic and forecast periods.
Regional Analysis
- Historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values and growth and market share comparison by region.
Market Segmentation
- Contains the market values (2017-2032) and analysis for for segment by technology, by battery type and by vechile type in the market.
Regional Market Size and Growth
- Regional market size (2022), historic (2017-2022) and forecast (2022-2027), and (2027-2032) market values, and growth and market share comparison of countries within the region. This report includes information on all the regions Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa and major countries within each region.
Competitive Landscape
- Details on the competitive landscape of the market, estimated market shares and company profiles of the leading players.
Key Mergers and Acquisitions
- Information on recent mergers and acquisitions in the market covered in the report. This section gives key financial details of mergers and acquisitions, which have shaped the market in recent years.
Market Opportunities And Strategies
- Describes market opportunities and strategies based on findings of the research, with information on growth opportunities across countries, segments and strategies to be followed in those markets.
Conclusions And Recommendations
- This section Includes recommendations for automotive battery thermal management system providers in terms of product/service offerings geographic expansion, marketing strategies and target groups.
Appendix
- This section includes details on the NAICS codes covered, abbreviations and currencies codes used in this report.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 312 |
| Forecast Period | 2021 - 2031 |
| Estimated Market Value (USD) in 2021 | $2626.2 Million |
| Forecasted Market Value (USD) by 2031 | $14634 Million |
| Compound Annual Growth Rate | 18.7% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- BorgWarner Inc
- Robert Bosch GmbH
- Hanon Systems
- Valeo
- Mahle GmbH
For more information about this report visit https://www.researchandmarkets.com/r/7ojwzy
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