Global Electric Vehicle Battery Thermal Management Systems Market Size to Reach USD 30.49 Billion in 2032 | Emergen Research

Rising demand for electric vehicles is a major factor driving Electric Vehicle Battery Thermal Management Systems market revenue growth

Vancouver, Aug. 31, 2023 (GLOBE NEWSWIRE) — The global market for Electric Vehicle Battery Thermal Management Systems reached a value of USD 4.70 Billion in 2022. Forecasts from recent analysis by Emergen Research suggest that this market is poised to achieve a revenue Compound Annual Growth Rate (CAGR) of 20.50% throughout the projected period. The impetus behind the growth in revenue within the electric vehicle battery thermal management systems market can be attributed to several factors. These factors include the escalating demand for electric vehicles, the increased integration of advanced technologies into lithium-ion batteries, government regulations and incentives, the expanding landscape of automotive Original Equipment Manufacturers (OEMs), as well as collaborative partnerships among suppliers and advancements in technology

The efficacy of these systems in managing the temperature of electric vehicles significantly influences their overall performance, dependability, and resilience, among other critical aspects. Electric cars rely on maintaining an optimal temperature range, which avoids extremes of heat or cold, to ensure their proper functioning. Within an electric vehicle, it’s crucial that the battery pack, power electronics, and motor operate efficiently at temperatures that are within the ideal range. This maintenance of optimal temperature conditions ensures the preservation of the battery’s charge, its overall health, and its capacity. Similarly, power electronic systems and motors demonstrate their peak operational capabilities when operating within these optimal temperature thresholds.

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The year 2023 is expected to witness yet another remarkable milestone for electric vehicle (EV) sales, further solidifying their foothold in the market and contributing to nearly a fifth of the total revenue share. This surge in EV sales marks a significant turning point in the automotive industry, catalyzing transformative effects that extend to the energy sector as well. According to insights from the Global Electric Vehicle Outlook and additional research, global electric car sales exceeded 10 million units in 2022. This year, the numbers are projected to ascend by an impressive 35% to reach 14 million units. This rapid growth in sales has propelled electric car market share from 4% in 2020 to 14% in 2022, with a further anticipated increase to 18% in the current year.

The escalating global embrace of Electric Vehicles (EVs) has prompted renowned brands like Tesla Model S, Nissan Leaf EV, BMW i3, Hyundai Kona Electric, as well as prominent Indian players including TATA with NEXON EV, Mahindra REVA, and two-wheeler entities such as ATHER, OLA Electric, SIMPLE, and Hero, to venture into the commercialization of EVs.

Despite this remarkable growth trajectory, challenges persist within the realm of thermal management for EV batteries. Predominant issues encompass leakage, corrosion, clogging, environmental concerns, and the natural aging of components. These hurdles have the potential to curtail the expansion of the global electric vehicle battery thermal management systems market revenue.

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Scope of Research

Report Details	Outcome
Market Size in 2022	USD 4.70 Billion
CAGR (2023–2032)	20.50%
Revenue Forecast to 2032	USD 30.49 Billion
Base Year for Estimation	2022
Historical Data	2019–2021
Forecast Period	2023–2032
Quantitative Units	Revenue in USD Billion and CAGR in % from 2023 to 2032
Report Coverage	Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Segments Covered	Propulsion type, technology, vehicle type, battery type, and region
Regional Scope	North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
Country Scope	U.S., Canada, Mexico, Germany, France, UK, Italy, Spain, Benelux, Rest of Europe, China, India, Japan, South Korea, Rest of APAC, Brazil, Rest of LATAM, Saudi Arabia, UAE, South Africa, Turkey, and Rest of Middle East & Africa
Key Companies Profiled	Valeo, Hanon Systems., SAMSUNG SDI CO., LTD, VOSS Automotive GmbH, MAHLE GmbH, Dana Limited, GENTHERM, Robert Bosch GmbH, Continental AG., LG Chem
Customization Scope	10 hours of free customization and expert consultation

Major Companies and Competitive Landscape

The global electric vehicle battery thermal management systems market is fairly fragmented, with a number of large and medium-sized players accounting for the majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective solutions. Some major companies included in the global EV battery thermal management systems market report are:

• Valeo
• Hanon Systems.
• SAMSUNG SDI CO., LTD.
• VOSS Automotive GmbH
• MAHLE GmbH
• Dana Limited
• GENTHERM
• Robert Bosch GmbH
• Continental AG.
• LG Chem.

Strategic Development

• On 15 December 2022, NXP® Semiconductors announced the signing of a Memorandum Of Understanding (MOU) with Delta Electronics, Inc. (Delta) to develop traction inverter and power conversion platforms for next-generation electric cars. A collaborative lab between NXP and Delta has been announced to expedite electrification options and the creation of real-time applications based on the S32Z and S32E real-time processors from NXP as well as the S32K39 microcontroller for smart actuation, domain, and zonal control, and safety processing.

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Some Key Highlights From the Report

• The Hybrid Electric Vehicle (HEV) segment accounted for a significantly large revenue share in 2022. Global automotive industries have recently switched their development patterns away from conventional engine mechanical components and toward digital transformation of electrification components in advanced propulsion vehicles. A growing technology for new propulsion systems, such as Hybrid Electrical Vehicles (HEV), is produced as a result of the industrial influence on worldwide development trends in automotive electrification designs. Global standards for advanced propulsion systems aim to increase vehicle fuel economy and reduce pollution emissions from vehicles. Automotive lubricants, such as drivetrain fluids or thermal coolants, come into touch with the integrated electric motor (e-motor) and thermal management components in many HEV or EV advanced system designs. As a result, in addition to the conventional lubricant qualities, consideration must be given to electrical and thermal characteristics, hence driving revenue growth of this segment.  
• The solid-state segment accounted for largest revenue share in 2022. The All-Solid-State Lithium Batteries (ASSLBs), which provide a compelling combination of high energy density and exceptional safety performance, have emerged as a very promising battery technology for the next generation. This is brought on by the possible security issues with liquid lithium-ion batteries. Diverse kinds of Solid-State Electrolytes (SSEs) have been created to suit the complex criteria of ASSLBs, and they are essential parts of ASSLBs. Notably, with their remarkable capacity to provide the quickest ion movement, sulfides have attracted significant interest among SSEs.
• The market in Asia Pacific accounted for largest revenue share in 2022. With the presence of an automotive center and rising annual production of vehicles, the region is expected to dominate the global market in terms of revenue share during the forecast period. This can be attributed to growing urbanization, increased disposable incomes, and rising standard of life, which are leading to changes in people’s tastes. Government agencies and major automakers are working hard to electrify transportation to reduce carbon emissions. For instance, on 27 June 2023, TI Fluid Systems (TIFS), a major global provider of automotive fluid system technology, will build two new e-Mobility Innovation Centers (eMICs) in Japan and South Korea later this year.  

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Emergen Research has segmented the global electric vehicle battery thermal management systems market on the basis of propulsion type, technology, vehicle type, battery type, and region:

• Propulsion Type Outlook (Revenue, USD Billion; 2019-2032)
  • Battery Electric (BEV)
  • Plug-in Hybrid (PHEV)
  • Hybrid Electric (HEV)
• Technology Outlook (Revenue, USD Billion; 2019-2032)
  • Air Cooling and Heating
  • Liquid Cooling and Heating
  • Phase Change Material (PCM)
• Vehicle Type Outlook (Revenue, USD Billion; 2019-2032)
  • Passenger Cars
  • Commercial Vehicle
• Battery Type Outlook (Revenue, USD Billion; 2019-2032)
  • Conventional

• • Solid-state

• Regional Outlook (Revenue, USD Billion; 2019-2032)
  • North America
    1. U.S.
    2. Canada
    3. Mexico
  • Europe
    1. Germany
    2. France
    3. U.K.
    4. Italy
    5. Spain
    6. Benelux
    7. Rest of Europe
  • Asia Pacific
    1. China
    2. India
    3. Japan
    4. South Korea
    5. Rest of APAC
  • Latin America
    1. Brazil
    2. Rest of LATAM
  • Middle East & Africa
    1. Saudi Arabia
    2. UAE
    3. South Africa
    4. Turkey
    5. Rest of MEA

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