Battery Thermal Management System Market Size, Share, Competitive Landscape and Trend Analysis Report by Type, by Application and by Battery Type : Global Opportunity Analysis and Industry Forecast, 2023-2032

COVID-19 Impact Analysis

• The COVID-19 pandemic impacted the battery thermal management system and caused a decline in demand for the market.
• The supply chain was interrupted and the availability of raw material was hindered due to the restriction on movement of material. This impacted the market growth for battery thermal management system.
• Industries were shut down to prevent the spread of the virus, which impacted the production activities of the battery manufacturing and eventually caused a decline in market growth for battery thermal management system.
• The automobile sector was badly impacted due to the COVID-19 as all industries were shut down and the demand went to the lowest during that time. This had a direct negative impact on the battery thermal management system as the major battery demand is from the automobile sector.
• The electric vehicles production was also stopped further, which hampers the battery thermal management system market.
• The lockdown restriction upliftment along with the increase in demand from the automobile sector for the batteries the market for battery thermal management system is expected to increase.

Top Impacting Factors

Electric vehicle use grows at a breakneck pace. Government incentives and subsidies, increase in awareness of global warming, strict emission norms imposed by governing bodies, international agreements to reduce pollution from the transportation industry, and advancements in electric vehicle capabilities all drive the demand for electric vehicles globally. This, in turn, propels the demand for battery thermal management system. Designing cooling systems, improving design to reduce power consumption, weight, and cost, and evaluating the thermal design of thermal components are all difficulties related with thermal components. Problems encountered in manufacturing thermal components are also linked to the design of optimal flow channels, coolant selection, and model and flow complexity. When developing thermal components, lowering power consumption without compromising system performance and reliability is a key challenge. Component design complexity in battery thermal management systems is a restraining issue for the battery thermal management systems market. Several governments, including China, Germany, UK, India, and France, have stated plans to phase out the usage of gasoline-powered vehicles in the near future, presenting attractive potential for the global automotive battery thermal management system market.

Market Trends

• In 2019, Robert Bosch GmbH unveiled a new cloud-connected battery management software solution that allows users to remotely monitor and manage the status of electric batteries in electric vehicles. In addition, this assists to extend the battery life by up to 20%. 
• In April 2019, Gentherm, a prominent inventor and marketer of novel thermal management technologies, announced the debut of their thermoelectric battery thermal management system, boosting their credibility among global automotive suppliers.
• On 4th May 2018, the Valeo Company developed a sophisticated thermal management solution for batteries for electric vehicles that helps to extend battery life and enhance range by 30%. In addition, the company provides an electric compressor for battery cooling and climate management. 
• The thick film electric heaters developed by Dana PTG Oakville Technical Center in ON Canada for thermal modulation of battery systems were supervised and led by Dana PTG Oakville Technical Center. Sol gel thick film heaters were designed and integrated directly onto battery cooling heat exchangers. On 5th June 2019, high-performing and durable battery cooling customer demonstration prototypes with heating capabilities were created in partnership with Datec Coatings Corporation, a manufacturer of composite sol gel thick film heaters based in Ontario. This new solution not only regulates the extra heat generated during battery charging and discharging, but also acts as a heater to boost battery performance in low environments. 

Key Benefits of Report

• This study presents the analytical depiction of the battery thermal management system market along with the current trends and future estimations to determine the imminent investment pockets.
• The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the battery thermal management system market share.
• The current market is quantitatively analyzed to highlight the battery thermal management system market growth scenario.
• Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market. 
• The report provides a detailed battery thermal management system market analysis based on competitive intensity and how the competition will take shape in the coming years.