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Automotive Battery Thermal Management System Market Worth $4.24 Billion by 2025
February 23, 2018 | PRNewswireEstimated reading time: 2 minutes
The report “Automotive Battery Thermal Management System Market by Propulsion (BEV, HEV, PHEV, & FCV), Technology (Active and Passive), Vehicle Type (Passenger & Commercial), Battery Type (Conventional & Solid-State), Battery Capacity, and Region - Forecast to 2025", published by MarketsandMarkets, the market is projected to grow at a CAGR of 16.05% during the forecast period, from $1.29 billion in 2017 to $4.24 billion by 2025. Factors such as improved battery performance and efficiency, integration of Automotive Battery Thermal Management System with other electric thermal management systems, and stringent emission regulations by governments have forced the manufacturers to move towards the adoption of hybrid and electric vehicle technology.
BEVs are estimated to showcase the largest demand for Automotive Battery Thermal Management System
The BEV segment is estimated to hold the largest share of the Automotive Battery Thermal Management System Market. The demand for Automotive Battery Thermal Management System in BEVs is influenced by the total sales of BEVs. According to MarketsandMarkets analysis, the BEV sales are projected to grow from 431.3 thousand units in 2017 to 7.2 million units by 2025.
Active technology to be the fastest growing segment of the Automotive Battery Thermal Management System Market
The active technology segment is projected to witness the fastest growth during the forecast period. The growth of this segment can be attributed to the increased efficiency, improved battery performance, and long life from active technology battery thermal management system. The growth can also be attributed to the high growth projections of BEVs in countries such as China and Japan. For instance, China has an ambitious plan of going all electric by 2025. Hence, this system is expected to experience the highest growth during the forecast period.
Asia Pacific is expected to be the largest market for Automotive Battery Thermal Management System
The Automotive Battery Thermal Management System Market for the Asia Pacific is estimated to be the largest, owing to the presence of key countries such as China, Japan, India, and South Korea, which constitute the highest sales of electric and hybrid vehicles globally. According to MarketsandMarkets analysis, China and Japan constitute 50-55% share of the total electric vehicles sold globally. Hence, the Asia Pacific region is estimated to be the largest market for Automotive Battery Thermal Management System.
The Automotive Battery Thermal Management Systems market is dominated by a few global players. Some of the key manufacturers operating in the market are LG Chem (South Korea), Continental (Germany), Gentherm (US), Valeo (France), Calsonic Kansei (Japan), DANA (US), Hanon Systems (Korea), Samsung SDI (Korea), Mahle (Germany), VOSS Automotive (Germany), and CapTherm Systems (Canada). There are certain key innovators gaining attention in the Automotive Battery Thermal Management System Market including LG Chem (South Korea), Tesla (US), and Robert Bosch (Germany).
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MarketsandMarkets provides quantified B2B research on 30,000 high growth niche opportunities/threats which will impact 70% to 80% of worldwide companies' revenues. Currently servicing 5000 customers worldwide including 80% of global Fortune 1000 companies as clients. Almost 75,000 top officers across eight industries worldwide approach MarketsandMarkets for their painpoints around revenues decisions.
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