Automotive Battery Thermal Management System Market Would Touch a Whopping US$4,252.1 Mn by 2026

The global automotive battery thermal management systems (BTMS) market has been thriving as the automotive industry inches towards electrification. The rise of electric vehicles (EV) has given the global market for automotive BTMS a strong opportunity for the forecast period of 2021 to 2026. Fairfield Market research states that the global automotive battery thermal management systems (BTMS) market will register a CAGR of 36% over the forecast period. Fairfield Market Research indicates that the global automotive BTMS market will be worth US$4,252.1 Mn in 2026 from US$666 Mn in 2020.

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Supportive EV Regulations to Augment Global Battery Thermal Management Systems Matter

The primary function of automotive BTMS is to prevent the batteries in EVs from external threats and maintain their thermal functioning. The growing demand for fuel-efficient vehicles and high-performing vehicles are expected to drive the global market for automotive BTMS in the coming years. The market is also expected to receive a boost as countries strategize to phase out internal combustion engine (ICE) vehicles to reduce carbon emissions. Countries, the UK, Norway, Netherlands, and Canada are arduously working on phasing out conventional vehicles in the forthcoming years. A strong stance on reducing vehicular pollution is expected to create excellent opportunities for the global automotive battery thermal management systems (BTMS) market as EVs will replace conventional vehicles.

The pro-EV regulatory framework is expected to accelerate the global BTMS market in the coming years. Subsidies are expected to encourage consumer sentiment to opt for EVs. For instance, India offers exemptions on custom duty for EV parts, which has eased production costs. In addition, the Modified Special Incentive Package Scheme offers a 20% subsidy on capital in special economic zones and a 25% subsidy outside of Special Economic Zones (SEZs) for electronics manufacturers. Such initiatives are expected to bring down the cost of EVs, boosting sales. The changing scenario of automotive electrification is likely to give the global BTMS market an impetus too.

Passenger Vehicles to Remain Dominant as Personal Transport Becomes an Urgent Need Amidst Pandemic

The passenger vehicles segment holds a lion’s share in the global market due to availability. This segment is expected to expand as the market witnesses a constant introduction of alternative fuel vehicles, such as bio-diesel vehicles, hydrogen vehicles, and propane vehicles. The segment also stands to benefit from the dominant sentiment to own vehicles for personal purposes as commuting via public transport becomes a threat amidst the ranging COVID-19 pandemic. This is expected to boost EV sales as end users also try to make conscious purchases, fuelling opportunities for automotive BTMS players.

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Asia Pacific Paces Ahead with Strong Presence of Key Players

Geographically speaking, the global automotive battery thermal management systems (BTMS) market will be led by Asia Pacific. Favourable government initiatives across developing nations of Japan, India, and China are expected to keep this regional market in the unmatched lead. As of 2019, the Asia Pacific automotive battery thermal management systems (BTMS) market held a share of 60% in the global market. Strong presence of key players such as MITSUBISHI MOTORS CORPORATION in Japan and BAIC Motor Corp. in China is likely to bring in huge investment in EV production, directly boosting the market for automotive BTMS.

Some of the key players operating in the global automotive BTMS market are MAHLE GmbH, VOSS Automotive GmbH, Dana Limited, Continental AG, LG Chem, and Robert Bosch GmbH.  

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