EV Battery Thermal Management System Market to Grow by USD 46.9 Billion from 2024-2028, Driven by Rising EV Demand and Applications--Powered by AI

NEW YORK, Oct. 7, 2024 /PRNewswire/ -- Report on how AI is driving market transformation- The global electric vehicle battery thermal management system (EV BTMS) market  size is estimated to grow by USD 46.9 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  47.99%  during the forecast period.  Increasing demand for evs and their expanded applications is driving market growth, with a trend towards advances in thermal management technology: PCM and GIHP.  However, high capital and maintenance cost  poses a challenge. Key market players include BMS Powersafe, Dana Inc., Dober, DuPont de Nemours Inc., Eberspacher Gruppe GmbH and Co.KG, Ewert Energy Systems Inc., Exponential Power Inc., Gentherm Inc., Hanon Systems, Infineon Technologies AG, Leclanche SA, Lithium Balance AS, MAHLE GmbH, Renesas Electronics Corp., Robert Bosch GmbH, STMicroelectronics International N.V., Texas Instruments Inc., Turntide Technologies Inc., Valeo SA, and VOSS Automotive GmbH.

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Key Market Trends Fueling Growth

The Electric Vehicle (EV) battery thermal management system (BTMS) market is experiencing significant growth due to the introduction of high-density batteries and fast chargers in the EV market. These advancements have led to increased heat generation in battery packs, as high-density batteries occupy less space and have minimal surface area for heat dissipation. Fast chargers also rapidly fill battery capacity, generating more heat. To address these challenges, DX EV BTMS is being adopted, while research and development continue to introduce new technologies. The upcoming trends in EV BTMS are phase change materials (PCM) and gas injection heat pump (GIHP) systems. PCM absorbs heat quickly and uses it to change its internal structure, acting as an alternative to passive air cooling for small battery packs. Conventional heaters, such as PTC heaters, have been replaced by heat pumps, which improve battery capacity by 12% in cold climates. GIHP, which uses a gas injector to push refrigerant to the compressor, shared with the AC in the EV, achieves 26% improved efficiency in city driving conditions and consumes 30% less energy to heat from -20°C to 0°C. These factors are expected to drive the growth of the global EV BTMS market during the forecast period. 

The Electric Vehicle (EV) Battery Thermal Management System (BTMS) market is experiencing significant growth, driven by the increasing popularity of EVs in both the passenger car and commercial vehicle sectors. Key players in the market include Continental, LG Chem, and Gentherm. New trends include the use of solid-state batteries and nanotechnology for improved efficiency and temperature management. Lithium-ion batteries are the heart of EVs, and maintaining their temperature is crucial for optimal performance and longevity. OEMs like Tesla Motors, Chevrolet, and others are investing in advanced BTMS to enhance vehicle range, reduce charging time, and improve consumer comfort through features like smart windows and seat comfort. Industrial products and the BEV segment are major contributors to the market's growth. HEVs, PHEVs, and FCVs also benefit from BTMS, as they require temperature management for their batteries as well. Government subsidies, improving charging infrastructure, and consumer awareness are also boosting market growth. Battery capacity, temperature control, and battery prices are key factors influencing the market. As vehicle sales increase and living standards improve, spending capacity for electric vehicles also rises. CO2 emission norms and the push towards reducing carbon emissions further fuel the demand for EVs and their BTMS. The market includes various components like electric drive, inverter, converter modules, and the electric thermal module. Belt Starter Generators and other electronic components are also essential for effective BTMS. The future of the EV BTMS market looks promising, with advancements in technology and increasing consumer acceptance of electric vehicles. 

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Market Challenges

• The global Electric Vehicle Battery Thermal Management System (EV BTMS) market faces significant challenges due to high capital expenditures for battery installation and BMS solutions implementation. Each battery cell in the pack necessitates monitoring through a Battery Management System (BMS), requiring complete integration. The increasing power demands in the automotive sector necessitate high reliability, as a single cell failure can lead to system failure. The EV BTMS technology's high initial cost for research, development, battery integration, and vehicle onboard unit integration through sensors and software is a significant barrier for small- and medium-sized vendors. Additionally, high maintenance costs from the end-user side to keep the BMS active can result in incorrect outputs and potential battery harm due to various electronic units and sensors. These factors are expected to hinder the growth of the global EV BTMS market during the forecast period.
• The Electric Vehicle (EV) battery thermal management system (BTMS) market is witnessing significant growth due to the increasing adoption of electric vehicles (EVs) by automakers. Tata Motors' Nexon EV, for instance, utilizes BTMS to manage battery heat, ensuring optimal performance and longevity. However, challenges persist, such as aging rate and battery module life in high-power applications. Fires or explosions due to thermal runaway remain a concern, as seen in the Tesla car fire incident. Cold weather and impedance also impact battery performance. New technologies, like solid-state batteries from startups like Solid Power, offer high energy efficiency and a high power-to-weight ratio, as well as low self-discharge. These advancements aim to address the challenges of conventional lithium-ion batteries, which include heat dissipation and raw material availability. The BTMS market requires a supplier-buyer network and in-depth analysis of components, including battery type (BEV, PHEV, HEV), propulsion type, and technology. Quantitative analysis of challenges, such as aging rate and battery module life, is crucial for ensuring CO2 emissions reduction and maintaining battery life. CHAdeMO and PCM are key players in this market, providing charging solutions and thermal management components, respectively.

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Segment Overview 

This electric vehicle battery thermal management system (ev btms) market report extensively covers market segmentation by

1. Battery Type
• 1.1 Li-ion
• 1.2 Lead-acid
• 1.3 Others
2. Vehicle Type
• 2.1 Passenger vehicle
• 2.2 Commercial vehicle
3. Geography 
• 3.1 APAC
• 3.2 North America
• 3.3 Europe
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Li-ion-  The Li-ion (lithium-ion) batteries segment is poised for significant growth in the Electric Vehicle Battery Thermal Management System (EV BTMS) market due to the escalating demand for Li-ion batteries in the EV industry. With the declining price of battery technology and mass production, Li-ion batteries have become the preferred choice for EV manufacturers. These batteries, which belong to the family of lithium-metal chemistries, are manufactured using various combinations of anode and cathode materials, such as lithium-nickel-cobalt-aluminum oxide (NCA), lithium-nickel-manganese-cobalt (NCM or NMC), lithium-manganese spinel (LMO), lithium titanate (LTO), and lithium iron phosphate (LFP). Each cathode combination offers distinct safety, cost, and performance characteristics. Li-ion batteries are favored for their higher current density, longer power-holding capacity, longer shelf life, smaller and lighter size, and minimal maintenance requirements compared to other battery technologies. The batteries' long life and lack of maintenance reduce downtime for EVs. Li-ion batteries are available in cylindrical, prismatic, and laminate shapes, each with unique characteristics, enabling customized battery packs based on end-user requirements. Thermal management solutions for Li-ion batteries must address high voltage, temperature, current, and battery state of charge (SoC) management. These factors are expected to fuel the expansion of the Li-ion batteries segment in the global EV BTMS market.

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Research Analysis

The Electric Vehicle (EV) Battery Thermal Management System (BTMS) market is a critical component in the growing EV industry, focusing on regulating the temperature of Lithium-ion batteries in various propulsion types, including BEVs, HEVs, FCVs, and PHEVs. BTMS ensures optimal battery performance, longevity, and safety under diverse climatic conditions. The system uses passive components like Phase Change Materials (PCMs) and active cooling techniques to manage temperature. CO2 emissions are significantly reduced as EVs emit zero tailpipe emissions. Consumer awareness, subsidies, charging infrastructure, battery prices, and vehicle range are essential factors influencing the market's growth. Charging time and super-fast chargers are also crucial considerations. The risk of explosion is minimized through effective temperature regulation. The market comprises cells, battery modules, and ventilation systems. Regulation of temperature is crucial for battery power, longevity, and passenger vehicle applications.

Market Research Overview

The Electric Vehicle (EV) market is experiencing significant growth with the increasing adoption of Lithium-ion batteries as the primary power source. EVs, including Battery Electric Vehicles (BEVs), Plug-in Hybrid Electric Vehicles (PHEVs), and Hybrid Electric Vehicles (HEVs), require advanced thermal management systems (TMS) to maintain optimal battery temperature. TMS plays a crucial role in extending battery life by preventing overheating and ensuring efficient energy usage. The system uses Passive Thermal Management Components (PTCs) like Phase Change Materials (PCMs) and active cooling systems to manage temperature. EV battery thermal management is essential for reducing CO2 emissions, as automakers strive to meet stricter emission norms. The market for EV TMS is driven by the increasing sales of passenger cars and commercial vehicles, rising consumer awareness, and government subsidies. The market comprises various components, including cooling systems, electronic components like inverters and converter modules, and conventional cooling systems like air cooling and liquid cooling. The technology used in TMS includes nanotechnology, smart windows, and solid-state cooling. Battery capacity, temperature, and power consumption are significant factors influencing the design and cost of TMS. The market is expected to grow as the automotive industry shifts towards electric propulsion types like BEVs, PHEVs, and HEVs. The use of advanced cooling systems, power consumption optimization, and cost reduction through the use of lightweight materials are key trends in the market. However, challenges like thermal design, flow channels, coolant model and flow, power requirements, and reliability must be addressed to ensure the safety and efficiency of EV TMS. The market for EV TMS is expected to grow significantly due to the increasing demand for electric vehicles, advancements in technology, and the need to reduce carbon emissions. The market is competitive, with various players offering innovative solutions to meet the demands of the industry.

Table of Contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation

• Battery Type
• Li-ion
• Lead-acid
• Others
• Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
• Geography
• APAC
• North America
• Europe
• South America
• Middle East And Africa

7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: [email protected]
Website: www.technavio.com/

SOURCE Technavio

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