The Automotive Battery Thermal Management System Market is valued at USD 1.01 Billion in 2016 and is projected to reach USD 4.24 Billion by 2025, at a CAGR of 16.05% during the forecast period. The base year for the report is 2016 and the forecast period is 2017 to 2025.
The active technology of market is expected to have a higher adoption rate in the near future. Factors such as the increased efficiency, improved battery performance, and long lifespan are expected to drive the demand for active technology in the battery thermal management system market. Active technology, which uses air or liquid for heating or cooling the battery cells, has enabled the developers and manufacturers to get maximum efficiency and performance with extended battery life.
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Asia Pacific is estimated to be the largest market for automotive battery thermal management system owing to the increasing sales of electric vehicles in countries such as China and Japan. The electric vehicle sales in China and Japan are expected to increase from 0.49 million units and 1.09 million units in 2016 to 2.17 million units and 2.1 million units in 2022, respectively. The Chinese government’s move of working on a timetable to end the production and sales of gasoline as well as diesel cars is expected to increase the market of electric vehicles in the region. Likewise, the Japanese government’s “Next-Generation Vehicle Strategy 2010” aims at increasing the market share of electric vehicles to 50% of the total vehicle sales by the end of 2020. Thus, the market for market is also slated to increase with the increasing sales of electric vehicles in the region.
The passenger vehicles segment is projected to hold the largest market share during the forecast period. The growth of this segment can be attributed to the various initiatives by government bodies to improve EV adoption rate across the world. The growth can also be attributed to the high growth projections of BEVs and PHEVs in several countries. China, for example, has an ambitious plan of going all electric by 2025. Both these vehicle types have a major market share in the passenger vehicle segment. Hence, this segment is expected to experience the highest growth during the forecast period.
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The ecosystem of the automotive battery thermal management system market consists of battery thermal management system manufacturers such as LG Chem (South Korea), Continental (Germany), GenTherm (US), Robert Bosch (Germany), Valeo (France), Calsonic Kansei (Japan), DANA (US), Hanon Systems (Korea), Samsung SDI (Korea), Mahle (Germany), VOSS Automotive (Germany), CapTherm Systems (Canada), and others.