The global market for EV Battery Thermal Management System valued at USD 2.86 Billion in 2022 is projected to reach a revised size of USD 13.58 Billion by 2030, growing at a CAGR of 21.5% over the period 2023-2030.
The global market for EV Battery Thermal Management System valued at USD 2.86 Billion in 2022 is projected to reach a revised size of USD 13.58 Billion by 2030, growing at a CAGR of 21.5% over the period 2023-2030.
Battery thermal management system (BTMS) is used to maintain a battery pack of electric vehicles at an optimum average temperature during the electrochemical processes occurring in cells. High battery temperatures can reduce performance, shorten battery life, and pose a risk of explosion. Therefore, battery thermal management system is essential for all battery modules. The main purpose of battery thermal management system is regulation of temperature of the battery cell to extend the life of the battery.
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Leading Key Players Covered In EV Battery Thermal Management System Market:
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These companies are devising key strategies such as acquisitions, merges, collaborations, partnerships, new product launches, regional expansions, and targeting untapped markets to gain competitive advantage over other players working in the market.
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Segmentation of EV Battery Thermal Management System Market:
By Type:
By Technology:
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Geographic Segment Covered in the Report
· North America (U.S., Canada, Mexico)
COVID-19 Impact Analysis on EV Battery Thermal Management System Market
The commercial impact of COVID-19 on EV battery temperature management systems is unknown and is anticipated to last for a few years. Governments all around the world were driven by the COVID-19 outbreak to impose strict import-export bans and lockdowns for the majority of 2020 and a few months of 2021. This caused the supply of crucial raw materials for parts of electric vehicles to suddenly fall. The COVID-19 pandemic badly disrupted supply chains and manufacturing schedules, which had a detrimental influence on automotive production and sales in 2020 and the market for electric vehicle battery management systems.
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Jan 12, 2024
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