Battery Thermal Management System Market By Propulsion (Battery Electric Vehicle (BEV) , Plug-in Hybrid Electric Vehicle (PHEV) , Fuel Cell Electric Vehicle (FCEV)) , By Technology (Active Systems, Passive Systems) By Vehicle Type (Passenger Vehicles, Commercial Vehicles, Others) By Battery Type (Lithium-Ion Battery, Nickel-Metal Hydride (NiMH) Battery, Lead-Acid Battery, Solid-State Battery) : Global Opportunity Analysis and Industry Forecast, 2024-2030
Battery Thermal Management System Market
The battery thermal management system market was valued at $3.2 billion in 2023 and is projected to reach $7.3 billion by 2030, growing at a CAGR of 12.4% from 2024 to 2030.
A battery thermal management system (BTMS) is an arrangement in batteries that facilitates their efficient cooling and heating. Along with temperature regulation, the system allows supercharging, minimizes cell-to-cell temperature variations, prevents malfunctions & thermal runaways, and maximizes the life of batteries. BTMS primarily finds applications in portable electronics, electric vehicles (EVs), and energy storage systems.
Expansion of the consumer electronics industry is a key driver of the battery thermal management system market. Rapid surge in the adoption of smartphones and other portable electronics is boosting the demand for effective thermal management solutions for batteries. In addition, the integration of BTMS with renewable energy sources for enhanced reliability is propelling the development of the market. In recent times, the use of phase change materials (PCMs) for temperature regulation is trending in the market. PCMs are serving as a feasible solution for simplified thermal management by reducing the maintenance requirements and enhancing the system reliability.
However, the development & integration of BTMS requires significant capital, which limits its adoption and hampers the widespread expansion of the market. On the contrary, as the EVs industry continues to expand, the battery thermal management system market is anticipated to witness several remunerative opportunities in the future. Increase in the purchase of EVs is fueling the requirement for efficient and reliable batteries. For instance, the automotive lithium-ion battery demand increased by approximately 65% in 2022, rising from 330 GWh in 2021 to 550 GWh in 2022. This surge in the capacity of batteries for EVs is poised to open new avenues for the battery thermal management system market.
Segment ReviewThe battery thermal management system market is segmented into propulsion, technology, vehicle type, battery type, and region. On the basis of propulsion, the market is divided into battery electric vehicle (BEV), plug-in hybrid electric vehicle (PHEV), and fuel cell electric vehicle (FCEV). By technology, it is bifurcated into active systems and passive systems. Depending on vehicle type, it is classified into passenger vehicles, commercial vehicles, and others. As per battery type, it is categorized into lithium-ion battery, nickel-metal hydride (NiMH) battery, lead-acid battery, and solid-state battery. Region wise, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Key FindingsOn the basis of propulsion, the plug-in hybrid electric vehicle (PHEV) segment is expected to dominate the market during the forecast period.
By technology, the active systems segment is projected to acquire a high stake in the market throughout the forecast period.Depending on vehicle type, the passenger vehicles segment is anticipated to garner a high share of the market by 2030.
As per battery type, the lithium-ion battery segment is predicted to be the highest shareholder during the forecast period.
Region wise, Asia-Pacific is expected to be the highest revenue generator by 2030.
Competition AnalysisThe major players of the global battery thermal management system market include Robert Bosch GmbH, GENTHERM, VALEO, Dana Limited, MAHLE GmbH, Hanon Systems, VOSS Automotive, Inc, 3M, Grayson Automotive Services Limited, and ContiTech Deutschland GmbH. These major players have adopted various key development strategies such as business expansion, new product launches, and partnerships, to strengthen their foothold in the competitive market.
Key Market SegmentsBy PropulsionBattery Electric Vehicle (BEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Electric Vehicle (FCEV)
By TechnologyActive Systems
Passive Systems
By Vehicle TypePassenger Vehicles
Commercial Vehicles
Others
By Battery TypeLithium-Ion Battery
Nickel-Metal Hydride (NiMH) Battery
Lead-Acid Battery
Solid-State Battery
By RegionNorth America
U.S.
Canada
Mexico
Europe
France
Germany
Italy
Spain
UK
Rest of Europe
Asia-Pacific
China
Japan
India
South Korea
Australia
Rest of Asia-Pacific
LAMEA
Brazil
South Africa
Saudi Arabia
Rest of LAMEA
Key Market PlayersRobert Bosch GmbH
GENTHERM
VALEO
Dana Limited
MAHLE GmbH
Hanon Systems
VOSS Automotive, Inc
3M
Grayson Automotive Services Limited
ContiTech Deutschland GmbH