Key Automotive Battery Thermal Management System Market Trend 2024-2033: Increasing Embrace of Thermoelectric Technology
Automotive Battery Thermal Management System Global Market Report 2024 - Market Size, Trends, And Global Forecast 2024-2033
The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—for a limited time only!
LONDON, GREATER LONDON, UNITED KINGDOM, December 20, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
What Is Driving the Growth of the Automotive Battery Thermal Management System Market?
The automotive battery thermal management system market size has shown significant growth in recent years driven by government initiatives for electric vehicles, reducing cost of EV batteries and the growing demand for electrical vehicles. Projections show that the market will grow from $3.13 billion in 2023 to $3.74 billion in 2024, at a compound annual growth rate CAGR of 19.7%.
Is There a Significant Market Demand for Automotive Battery Thermal Management Systems?
The automotive battery thermal management system market is expected to witness rapid growth in the coming years. It is expected to reach a total value of $7.45 billion in 2028, growing at a CAGR of 18.8%. The growth in the forecast period can be attributed to the rapid growth in e-commerce, rising fuel costs, and restrictions on sales of petrol and diesel vehicles.
Checkout the detailed market analysis in the sample report: https://www.thebusinessresearchcompany.com/sample.aspx?id=7173&type=smp
What Are the Major Industry Trends for Automotive Battery Thermal Management Systems?
Major trends observed in the forecast period include focusing on advanced thermal interface materials to enhance temperature resistance, developing smart battery thermal management techniques for better heating and cooling, innovating technologies, and focusing on partnerships and collaborations to expand product portfolio and geographic presence. The rise in demand for electric vehicles, partly fueled by increase in fuel prices and concern over carbon emissions, is expected to drive market growth. Per data from the International Energy Agency, EV sales had nearly doubled in 2021 and are expected to reach 14 million units by 2023, reflecting a growth rate of 35%
Who Are the Key Players in the Automotive Battery Thermal Management System Market?
Major companies operating in this domain include BorgWarner Inc, Robert Bosch GmbH, Hanon Systems, Valeo, Mahle GmbH, Denso Corporation, Panasonic Corporation, Dana Incorporated, Gentherm Incorporated, and LG Chem Ltd, amongst others. Recent advancements have been a cornerstone of their competitive strategies; for instance, in May 2022, Modine Manufacturing Company, launched Evantage Thermal Management systems to optimize the temperature range for a wide spectrum of batteries while minimizing power consumption.
Get the full report with in-depth market insights: https://www.thebusinessresearchcompany.com/report/automotive-battery-thermal-management-system-global-market-report
How Is the Automotive Battery Thermal Management System Market Segmented?
1 By Technology: Liquid Cooling And Heating, Air Cooling And Heating, PCM And Other Technologies
2 By Battery Type: Conventional, Solid State
3 By Vehicle Type: Passenger, Commercial
What Are the Regional Insights of the Automotive Battery Thermal Management System Market?
Asia-Pacific emerged as the largest region in the automotive battery thermal management system market in 2023 and is projected for the fastest growth through the forecast period. Other regions mapped in this report include Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Browse Through More Similar Reports By The Business Research Company:
Electric Cars Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/electric-cars-global-market-report
Electric Car Charger Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/electric-car-charger-global-market-report
EV Battery Recycling Global Market Report 2024
https://www.thebusinessresearchcompany.com/report/ev-battery-recycling-global-market-report
Learn More About The Business Research Company
The Business Research Company has published over 15000+ reports in 27 industries, spanning 60+ geographies. The reports draw on 1,500,000 datasets, extensive secondary research, and exclusive insights from interviews with industry leaders.
Contact us at: The Business Research Companyhttps://www.thebusinessresearchcompany.com/
Americas +1 3156230293
Asia +44 2071930708
Europe +44 2071930708
Email us at info@tbrc.info
Follow us on:
LinkedIn: The Business Research Companyhttps://in.linkedin.com/company/the-business-research-company
YouTube: The Business Research Companyhttps://www.youtube.com/channel/UC24_fI0rV8cR5DxlCpgmyFQ
Global Market Model: The Business Research Companyhttps://www.thebusinessresearchcompany.com/global-market-model
Oliver Guirdham
The Business Research Company
+44 20 7193 0708
email us here
Visit us on social media:
Facebook
X
LinkedIn
Distribution channels: Automotive Industry, Business & Economy, Companies, International Organizations, World & Regional
Legal Disclaimer:
EIN Presswire provides this news content "as is" without warranty of any kind. We do not accept any responsibility or liability for the accuracy, content, images, videos, licenses, completeness, legality, or reliability of the information contained in this article. If you have any complaints or copyright issues related to this article, kindly contact the author above.
Submit your press release