Battery Thermal Management System Market to Reach $8.5 Billion by 2030
The global the battery thermal management systems market size is projected to grow from USD 3.7 Billion in 2024 to USD 8.5 Billion by 2030, at a CAGR of 14.7%. The BTMS market is experiencing robust growth due to the increasing sales of EV, government mandates on battery safety, and advancement in battery technology. Additionally, increasing standards for safer vehicle with new technological developments from BTMS solution providers will boost the revenue growth for BTMS during the forecast period.
Based on Propulsion Type: Based
on propulsion type, the EV battery market is segmented into battery electric
vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), and fuel cell
electric vehicles (FCEVs). With increasing environmental concerns, governments
globally have focused on replacing conventional ICE vehicles with
environment-friendly electric vehicles that run on clean energy. For BEVs,
which solely rely on electric battery packs for propulsion, BTMS helps maintain
optimal battery temperature to ensure efficient charging and discharging
cycles, thus maximizing the vehicle's range and lifespan. BTMS regulates the
temperature of the battery cells to prevent overheating during charging or
discharging, which can degrade the battery's performance and shorten its
lifespan. Developed economies such as the US, Canada, the UK, and Germany and
fast-developing countries such as China, Japan, and South Korea have invested
significantly in EVs. BEVs have gained all benefits owing to the emission-free
technology. Manufacturers, such as Tesla and BYD, have launched EVs in every
segment for which they are procuring BTMS solutions from major providers such
as Valeo, Zhejiang Sanhua Automotive Components, FinDream Solutions, and
others. For instance, BYD Atto 3 procures its battery cooling chillers and
battery cooling hose from FinDream Technology and Sichuan Chuanhuan Technology.
Similarly, Tesla gets its battery cooling water pipes and integrated thermal
management system from TI Automotive LLC.
By Vehicle Type : Based on
vehicle type, the BTMS market is segmented into passenger vehicles and
commercial vehicles. The global automotive industry is currently witnessing
dramatic growth and change due to the introduction of EVs. With the booming EV
market, the integration of advanced BTMS is pivotal for the success of EVs,
especially in rapidly growing markets such as India and China. Automakers,
including industry giants such as Tesla, Volkswagen Group, SAIC, and
Stellantis, have focused on developing efficient battery thermal management
solutions to complement their EV offerings. R&D efforts in the EV sector
are heavily concentrated on improving battery technology and fast charging
capabilities while simultaneously reducing costs. The ability of EV batteries
to maintain maximum capacity without adding excessive bulk or weight is
critical for commercial success, driving the demand for innovative thermal
management solutions that can efficiently regulate battery temperature during
charging and discharging cycles. Many Tier 1 provider of BTMS solutions have
enhanced their capabilities to provide better and more efficient BTMS. For
instance, in June 2023, ZF unveiled its new thermal management system for EVs.
This new system represents a significant advancement in EV technology,
addressing critical challenges associated with battery temperature control and
enhancing overall vehicle performance.
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By Region: North America is
comprised of developed countries such as the US and Canada. It is a regional
hub for many renowned OEMs, which are known for delivering quality and
high-performance vehicles. OEMs in North America, such as Tesla and GM, develop
faster, cleaner, and high-performance EVs. The automotive industry in the
region is one of the most advanced in the world and is known for its
cutting-edge R&D and technological advancements in EVs, owing to the
presence of major commercial automobile manufacturers such as Tesla, MAN,
Proterra, and NFI Group. The region is home to numerous automotive
manufacturers, technology companies, and research institutions that develop
advanced BTMS technologies. Continuous innovation in thermal management
systems, including enhanced cooling and heating solutions, also drives market
growth. In North America, liquid cooling systems are commonly utilized due to
their effectiveness in dissipating heat from the battery pack. In the colder
regions of North America, maintaining battery performance and longevity
requires effective heating systems to prevent damage from low temperatures.
Major Tier 1 provider of BTMS have their presence in this region, such as
Modine Manufacturing, Gentherm, BorgWarner Inc., and others.
By Offerings: Based on the
offering, the BTMS market is divided into two types: BTMS with battery and BTMS
without battery. BTMS with battery is when the battery is pre-configured with
BTMS from the supplier side. When integrated with a battery pack, the BTMS
helps maintain the cells within their preferred temperature range of 15–35°C,
with no more than a 5°C difference between cells, which is achieved through
various cooling methods. The methods include active-type cooling systems or
passive-type cooling systems, depending on the requirements. Many OEMs, such as
BYD, have started using hybrid-type cooling systems, which have the advantages
of both active and passive cooling systems within them. BTMS with battery also
utilizes heat pipes, which have been shown to be effective in keeping battery
temperatures below 50°C. BTMS without a battery is a device that manages and
dissipates heat generated in cells during electrochemical processes. Even
without an actual battery pack, BTMS can be designed and tested to ensure its
effectiveness in maintaining optimal temperatures; this helps develop and
optimize the thermal management system before integrating it with the battery
pack. By using MATLAB and Simulink, engineers can create detailed thermal
models of the battery and simulate the heat transfer process, which helps
analyze design tradeoffs, evaluate performance, and implement control
algorithms for BTMS.
Key Players
The BTMS market is dominated by
global players such as Robert Bosch GmbH (Germany), Continental AG (Germany),
Webasto Group (Germany), Denso (Japan), and BorgWarner Inc. (US), among others.
These companies adopted new product development strategies, expansion,
partnerships & collaborations, and mergers & acquisitions to gain
traction in the market.
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