AUTOMOTIVE BATTERY THERMAL MANAGEMENT SYSTEM MARKET TO REACH USD 3.2 BILLION BY 2024 | CAGR 16.9% – FORENCIS RESEARCH

Global Automotive Battery Thermal Management System Market: Key Highlights

• According to the new market research report “Automotive Battery Thermal Management System Market by Battery Type (Solid-State Battery, Conventional Battery), by Technology (Air Cooling And Heating System, Liquid Cooling And Heating System, Direct Refrigerant Cooling And Heating System, Phase Change Material (PCM) System, Thermo-Electric System, Others), by Application (Battery Electric Vehicles (BEVS), Plug-In Hybrid Electric Vehicles (PHEVS), Hybrid Electric Vehicles (HEVS), Fuel Cell Electric Vehicles), by Vehicle Type (Passenger Car, Commercial Vehicle), by End User (OEM, Aftermarket), by Region (Asia Pacific, Europe, Middle East & Africa, South America, North America) – Global Forecast (2019 to 2024)”, the global automotive battery thermal management system market is estimated to reach USD 3.2 Billion by 2024 at a CAGR of around 16.9% during the review period.
• Automotive battery thermal management system increases the temperature of battery and maintains the optimum operating temperature to maximize output efficiency and prolong battery life
• The system has heating and cooling capabilities to maintain the battery cell temperature within the specified time range and plays a vital role in controlling the thermal behavior of the battery.
• The increasing demand for alternative fuel vehicles in the segment and supportive government policies and subsidies are expected to drive the demand for the automotive battery thermal management system market 

Global Automotive Battery Thermal Management System Market: Key Market Dynamics

• Increasing demand of electric vehicle from emerging economies due to rapid industrialization has expected to surge the demand for the product market
• Rise in adoption of advanced lithium-ion batteries and need for thermal protection due to safety consideration has expected to surge the market demand
• Higher manufacturing cost associated with automotive battery thermal management system has expected to hinder the market growth

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Global Automotive Battery Thermal Management System Market: Regional Overview

• North America

The automotive battery thermal management system market in the North America region is projected to witness high demand due to the rising number of accidents, resulting in loss of lives and properties. According to US National Highway Traffic Safety Administration (NHTSA), 88% of rear-end collisions occur due to the negligence of the driver or following the other vehicle closely. Thus, rising safety concerns has expected to surge the demand for the product market.

• Europe

Europe is expected to witness steady growth in Automotive Battery Thermal Management system during the forecasted period owing to the stringent government regulations regarding occupant and pedestrian safety for vehicles. For instance, countries like Germany, the United Kingdom, and France are promoting Euro NCAP, a car assessment program activity to ensure the safety. Thus, implementation of such programs has expected to drive the product market growth.

Global Automotive Battery Thermal Management System Market: Key Players Overview

• Honeywell International Inc.:

In March 2017, Continental expanded its production capacity by opening its first production plant outside Germany in China. The company invested more than USD 24 million to produce high-performance coated materials for a wide range of applications.

• LG Chem:

LG Chem was incorporated in 1947 and is one of the become a world-class corporation that creates new value for our customers. The company operates through petrochemical and ABS business segments.

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