Electric Vehicle Battery Thermal Management System (EV BTMS) Market to grow by USD 17,527.94 million from 2022 to 2027
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20 Jul, 2023, 11:30 ET
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NEW YORK, July 20, 2023 /PRNewswire/ -- The electric vehicle battery thermal management system (EV BTMS) market size is forecast to increase by USD 17,527.94 million from 2022 to 2027, at a CAGR of 31.68%, according to the recent market study by Technavio. The growth of the market will be driven by the Increasing demand for EVs and their expanded applications. The new cooling method for EV BTMS: DX and EV BTMS surges lithium-ion battery performance improving the range of EVs. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report
Technavio has extensively analyzed 15 major vendors, including BMS Powersafe, Dana Inc., Dober, DuPont de Nemours Inc., Eberspacher Gruppe GmbH and Co.KG, Ewert Energy Systems Inc., Exponential Power Inc., Gentherm Inc., Hanon Systems, Infineon Technologies AG, Leclanche SA, Lithium Balance AS, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, STMicroelectronics NV, Texas Instruments Inc., Turntide Technologies Inc., Valeo SA, and VOSS Automotive GmbH and Vendor Offering for any 2 Vendors
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Expense Management Software Market - Segmentation Assessment
This report extensively covers market segmentation by battery type (li-ion, lead-acid, and others), vehicle type (passenger vehicle and commercial vehicle), and geography (APAC, North America, Europe, South America, and Middle East and Africa).
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Electric Vehicle Battery Thermal Management System (EV BTMS) Market - Market Dynamics
Key Electric Vehicle Battery Thermal Management System (EV BTMS) Market Driver
The increasing demand for EVs and their expanded applications are notably driving market growth. BEVs and PHEVs are the main drivers of the market, with over 10.5 million new BEVs and PHEVs sold worldwide in 2021, representing a 55% increase compared to the previous year. The sales of all-electric vehicles also experienced significant growth in 2022. The market for BEVs is expected to continue expanding in the forecast period due to factors such as the development of charging infrastructure, advancements in electric vehicle technology, and improving socioeconomic conditions. The utilization of EV powertrains has extended to various applications, including 48V systems, start-stop/micro-hybrid systems, and regenerative braking systems in conventional internal combustion engine vehicles. Consequently, there is a substantial demand for EV BTMS solutions that can enhance the battery's lifespan, widen the operating temperature range, and extend the driving range of electric vehicles. Hence, these factors will propel the global EV BTMS market in the forecast period.
Significant Electric Vehicle Battery Thermal Management System (EV BTMS) Market Trends
The increasing use of software and sensors for intelligent BMS is an emerging trend supporting market growth. Cutting-edge features such as GPS, contemporary powertrain systems, air conditioning systems, power windows, and real-time battery charge level displays are increasingly incorporated into EVs and PHEVs. These features require a significant amount of power, leading to frequent charging and faster battery power loss in electric vehicles. As a result, there is a growing demand for effective and optimized work cycles in rechargeable batteries, driving the expansion of the global EV BTMS market in the automotive sector. The key characteristics of a BMS are accuracy, fault detection, and resilience of the integrated controller. Integrated circuits and sensors that collect precise information are gaining popularity in the development of intelligent BMSs. These BMSs can track and identify even the smallest changes in battery voltage and current through sensors, offering an accuracy of +0.5% for current and +0.1% for voltage throughout their lifetime. Therefore, these factors are expected to drive the growth of the global EV BTMS market during the forecast period.
Major Electric Vehicle Battery Thermal Management System (EV BTMS) Market Challenge
Environmental concerns are major challenges hindering market growth.
The rapid installation of EV charging stations worldwide is increasing the workload on coal-fired power plants, which are commonly used as the electricity source for these stations. Coal plants are known for releasing harmful exhaust fumes and contributing to environmental pollution. Additionally, the high energy requirements of EV battery manufacturing further burden conventional power plants. In contrast, modern internal combustion engine (ICE) vehicles adhere to strict emission standards and employ technologies such as selective catalytic converter systems and advanced catalytic converters to reduce vehicle emissions. These factors pose challenges to the overall growth of the global EV BTMS market during the forecast period.
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Electric Vehicle Battery Thermal Management System (EV BTMS) Market Scope
Report Coverage
Details
Base year
2022
Historic period
2017-2021
Forecast period
2023-2027
Growth momentum & CAGR
Accelerate at a CAGR of 31.68%
Market growth 2023-2027
USD 17,527.94 million
Market structure
Fragmented
YoY growth 2022-2023 (%)
29.8
Regional analysis
APAC, North America, Europe, South America, and Middle East and Africa
Performing market contribution
APAC at 52%
Key countries
US, China, Japan, South Korea, and Germany
Competitive landscape
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled
BMS Powersafe, Dana Inc., Dober, DuPont de Nemours Inc., Eberspacher Gruppe GmbH and Co.KG, Ewert Energy Systems Inc., Exponential Power Inc., Gentherm Inc., Hanon Systems, Infineon Technologies AG, Leclanche SA, Lithium Balance AS, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, STMicroelectronics NV, Texas Instruments Inc., Turntide Technologies Inc., Valeo SA, and VOSS Automotive GmbH
Market dynamics
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period
Customization purview
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.
Table of contents
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Battery Type
7 Market Segmentation by Vehicle Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
About Us
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
ContactTechnavio ResearchJesse MaidaMedia & Marketing ExecutiveUS: +1 844 364 1100UK: +44 203 893 3200Email: [email protected]Website: www.technavio.com
SOURCE Technavio
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