ALBANY, New York, November 12, 2018 /PRNewswire/ --
The global automotive battery thermal management system market is expected to project a notable growth due to its varied usage and affordability and simplicity. The major players dominating in the global automotive battery thermal management system market are LG Chem Ltd., Continental AG, Robert Bosch GmbH, Calsonic Kansei Corporation, Valeo, GENTHERM, MAHLE GmbH, Dana Incorporated, SAMSUN SDI CO. LTD., CapTherm Systems Inc., VOSS Automotive GmbH, Grayson, and Hanon Systems. These players are focusing on product development based on advanced technologies, and are indulging into strategies of collaborations and mergers and acquisitions.
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According to Transparency Market Research (TMR), the global automotive battery thermal management system market is expected to project a whooping strong CAGR of 38.04% within the forecast period from 2018 to 2026. Based on type of batteries, the Lithium-ion batteries are dominating the entire market, owing to various properties such as lower rate of self-discharge, high energy density, and extended life. Geographically, Asia Pacific region is estimated to lead the global automotive battery thermal management system market, with a highest share of around 45% in 2017 as per the revenue. This revenue is likely to increase in the forthcoming years as well.
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Mergers and Acquisition Strategies to Boost Success of Market Globally
The major success of the market and the players are gradually rising, owing to the increasing strategies adopted by the players all around the world. The changes being experienced in the market as per the production and execution of the strategies are altering the path of growth in the global market. The changing trends are reviewed based on the user reviews and likings. This helps in gaining viability and well as growth in future years. The growth plans are supported by the emergence of new players in the regional and global market. The effective combination of distribution channel is positively helping in the market growth.
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Increase in battery life, lucrative incentives and supportive policies by the government, rise in awareness regarding the climate changes all over the world, decline in cost of electric vehicles, innovation of chargers that charge the electric vehicles faster, and enhanced performance and battery life are the key factors propelling the global electric vehicle market that as a result is augmenting the automotive battery thermal management system as well. Batteries are majorly responsible for the life, power source, efficiency, and performance of the electric vehicles, and these vary as per the change in temperature. As a result, the battery thermal management system plays a vital role in electric vehicles, because it helps in keeping up the battery temperature so as to decrease the cost of life cycle and improve the battery life.
Research and Development Activities Cost to Hinder Market Growth
The combining of automotive battery thermal management system with the electric thermal management systems, issue of world energy crisis, supportive government subsidies, increased spending of infrastructure, and increasing air pollution are among the major factors boosting the popularity and demand in global automotive battery thermal management system market within the forecast period. Nevertheless, the cost of research and development activities regarding the standardization and complication of designs possess a significant threat to the market growth in future. This becomes difficult for the key players to standardize the components of the system, which results in obstructed market growth of automotive battery thermal management system.
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This analysis is based on a recent market research report by Transparency Market Research, titled, "Automotive Battery Thermal Management System Market (System Type - Active, Passive; Technology - PCM, Liquid Cooling and Heating, Air Cooling and Heating; Battery Capacity - 12V, 14V, 24V, 48V and Above; Battery Type - Solid State, Conventional; Vehicle Type - Passenger Vehicles, Commercial Vehicles; Electric Vehicle Type - Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), Hybrid Electric Vehicles (HEV)) - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2018 - 2026."
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Global Automotive Battery Thermal Management System Market has been segmented as follows:
Global Automotive Battery Thermal Management System Market, by System Type
- Active
- Passive
Global Automotive Battery Thermal Management System Market, by Technology
- PCM
- Liquid Cooling and Heating
- Air Cooling and Heating
Global Automotive Battery Thermal Management System Market, by Battery Capacity
- 12V
- 14V
- 24V
- 48V and Above
Global Automotive Battery Thermal Management System Market, by Battery Type
- Solid State
- Conventional
Global Automotive Battery Thermal Management System Market, by Vehicle Type
- Passenger Vehicles
- Commercial Vehicles
Global Automotive Battery Thermal Management System Market, by Electric Vehicle Type
- Battery Electric Vehicles (BEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
- Hybrid Electric Vehicles (HEV)
Global Automotive Battery Thermal Management System Market: by Region/Country/Sub-region
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa
- GCC
- South Africa
- Rest of Middle East & Africa
- Latin America
- Brazil
- Mexico
- Rest of Latin America
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