According to Transparency Market Research (TMR), the global automotive battery thermal management system market is expected to hit $4 Billion at a CAGR of 38.04% from 2018 to 2026. Based on type of batteries, the Lithium-ion batteries are dominating the entire market, owing to various properties such as lower rate of self-discharge, high energy density, and extended life. Geographically, Asia Pacific region is estimated to lead the global automotive battery thermal management system market, with a highest share of around 45% in 2017 as per the revenue. This revenue is likely to increase in the forthcoming years as well.
- Major players dominating in the global automotive battery thermal management system market are LG Chem Ltd., Continental AG, Robert Bosch GmbH, Calsonic Kansei Corporation, Valeo, GENTHERM, MAHLE GmbH, Dana Incorporated, SAMSUN SDI CO. LTD., CapTherm Systems Inc., VOSS Automotive GmbH, Grayson, and Hanon Systems.
- Mergers and Acquisition Strategies to Boost Success of Market Globally
- Increase in battery life, lucrative incentives and supportive policies by the government, rise in awareness regarding the climate changes all over the world, decline in cost of electric vehicles, innovation of chargers that charge the electric vehicles faster, and enhanced performance and battery life are the key factors propelling the global electric vehicle market that as a result is augmenting the automotive battery thermal management system as well.
- Research and Development Activities Cost to Hinder Market Growth
- The combining of automotive battery thermal management system with the electric thermal management systems, issue of world energy crisis, supportive government subsidies, increased spending of infrastructure, and increasing air pollution are among the major factors boosting the popularity and demand in global automotive battery thermal management system market within the forecast period.
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Transparency Market Research