Automotive Battery Thermal Management System Market is expected to grow at a CAGR of 16% from 2018 to 2025
The automotive battery thermal management system market is expected to grow at a CAGR of 16% from 2018 to 2025, and is projected to reach USD 3.96 billion by 2025. The factors that primarily drive the automotive battery thermal management system market are increase in adoption of electric vehicles over the traditional ones.
The Asia-Pacific accounted for the largest share in the automotive thermal management system market. The region has a strong presence of battery manufacturers, which supports the development of the segment. In addition, growth in demand for electric vehicles, subsidies for manufacturers and consumers of electric vehicle by government is estimated to drive automotive thermal management system market in this region.
The automotive battery thermal management system market is classified on the basis of propulsion, technology, vehicle type, battery type, battery capacity, and region. The propulsion segment is further classified into BEV, HEV, PHEV, and FCV. The technology segment is further classified into active and passive.
On the basis of vehicle type, the passenger segment is estimated to grow at the highest growth rate during the forecast period. Growth in regulations to encourage use of electric vehicles, from countries such as Germany and France is expected to increase the demand for automotive battery thermal management system for the passenger segment.
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Asia-Pacific is the largest and fastest growing region in the automotive battery thermal management system market. Countries such as China and Japan are the major industry players. This region experiences increase in adoption of electric vehicles, which leads to higher growth in the automotive battery thermal management system. The region hosts major battery manufacturing companies such as LG Chem (South Korea), Calsonic Kansei (Japan), and others.
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Key market players such as LG Chem, Continental, GenTherm, Robert Bosch, Valeo, Calsonic Kansei, Hanon Systems, Samsung SDI, Mahle, VOSS Automotive, and CapTherm Systems are profiled to provide an insight into the competitive scenario of the global automotive thermal management system market.