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September 17, 2021, New York, USA - Global Automotive Battery Thermal System Management Market.
With the rise in the production and the manufacturing of electric vehicles, there has been a soaring increase in Automotive Battery Thermal System Management. It is expected to increase at a robust range in the forecast period as there will be a rising demand for the Automotive Battery Thermal management market.
The battery thermal management system is responsible for the air cooling of the system, the liquid cooling of the system, the phase change material cooling system. The biggest advantage of this automotive battery thermal management system is that it not only increases the longevity of the battery but it also helps reduce the size of the electric engines. It is also used to reduce the thermal loads, transfer the heat efficiently and improve the maximum passenger comfort globally.
Automotive battery thermal management is also helpful for controlling the temperature of the cell in a battery pack and for the safe and optimum use of energy. The thermal management system transfers and controls the operating temperature of the vehicles; it improves efficiency and prevents damage to the various components.
Added to that the EV sales are being supported by the government agencies and the demand for automotive battery thermal systems is going to have an increasing long run. Simultaneously with the Electric Vehicle market gaining momentum, electric car sales have also been on the rise. The passenger cars in this segment have proven to be the best bet and they are enjoying the most prospering demand for the vehicles around.
At the same time, there is a growing rate of affordability which at the same time indicates a tremendous boost to the overall situation and it will continue to enjoy a sizeable portion of the population.
The geographical distribution of the Automotive Thermal Management-
Asia-Pacific continues to be the dominant country in the Automotive Thermal Management market; India and China being the primary manufacturing hubs for the market. In addition to the same with the rise in the manufacturing of the hybrid cars of in this market, this sector is fast gaining the speed of the Automotive Thermal Management of battery. The Asia-Pacific is also the largest market for the manufacturing of the OVM’s along with the increasing demand for luxury cars with superior quality car comfort and lots of other advantages such as the heated ventilated seats, hand steering, and rear air conditioning.
Some of the recent developments in the market include-
In the year 2021, Hanon systems had completed the acquisition of the condenser business operations in Europe and the North American market. In the year March 2021, Hanon systems has begun with its new operations in North Korea which will produce a range of new products such as heat pump modules, the coolant valve assemblies. These were all to support the development of hybrid vehicles.
To capture the ever-growing demand in the market top companies are expanding their operations and have been working on developing various innovative strategies to stay ahead of the competition. The next in line is the North American and European markets. This is because of the faster adoption of electric vehicles as compared to the other regions in the forecast period. It is estimated that by 2040, nearly 54% of the car sales are going to be electric along with 33% of the car fleet is completely going to be electric.
The passenger car segment is expected to be the largest market for automotive thermal systems. The top 6 countries in the Global Automotive Battery Thermal management market are China, Japan, Germany, India, South Korea, and the United States. The key factor for the rising demand for the passenger car segment is the rise in the per capita income and the highly improved standard of living.
Also, there has been a growing inclination towards the comfort and luxury demand for vehicles with various improvements in the standard of living.
The European government has formulated various policies and projects which have paved the way for the thermal energy management market and at the same time the advancement of the electricity manifestation.
The Auto part suppliers are also accelerating the various efforts required for the global competitiveness in the environment and accelerating the pace of the Global Automotive Battery Thermal Management.
The Covid 19 effect on this market-
The outbreak of the Covid 19 pandemic has to some extent impacted the overall supply of the Global Automotive Battery Thermal Management market. The major impact has been in logistics and production which has impacted the market severely.
The pandemic also affected the major growth overall as the top automotive players in the market such as Fiat, Volkswagen, General Motors, and BMW suspended their production due to the lockdowns.
The major constraints for the Automotive Battery Thermal Management market-
The industry is not devoid of any market restraints. The local manufacturers must follow the norms required by the governing body. However, different emissions keep on changing in the different regions. The lack of standardization prevents the manufacturers from sourcing the various raw materials; this can in turn hamper the exports business.
The other significant challenge is also the huge capital and the ever-increasing Research and development cost.
The waster recovery segment in this market is expected to be the highest factor and is estimated to grow at a CAGR of 10.2% during the forecast period.
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