Increased Focus on Thermal Management Systems for EVs Generates Revenue Streams
Electric vehicles (EVs) are being highly publicized as a greener and more economical transportation options as compared to conventional vehicles. This has triggered innovations in automotive battery thermal management systems for emission-free driving and cheaper maintenance of vehicles among consumers. As such, battery electric vehicles are predicted for explosive growth in terms of revenue, where the market value share is estimated to leap from ~40% in 2018 to ~80% by 2027 in the automotive battery thermal management system market.
Increase in sales of plug-in electric vehicles and hybrid EVs are some of the key drivers contributing to the growth of the automotive battery thermal management system market. This trend is prominent in the U.S. Hence, companies in the market for automotive battery thermal management systems should eye opportunities in North America, since the market in the region is expected to witness significant growth. Eco-friendly trends are boosting the credibility of companies due to reduction in gasoline usage and CO2 emissions.
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Deep Understanding of Working Ambient Temperature Helps Improve Battery Performance
One of the key focus areas for ongoing development of EVs caters to innovations in their energy storage systems. Likewise, lithium-ion (Li-ion) batteries are being pervasively used in automobiles to serve as efficient energy storage solutions. Hence, manufacturers in the automotive battery thermal management system market are increasing their production capabilities to introduce new variants of Li-ion batteries such as Li-Co lithium-ion (LCO), Li-Fe lithium-ion (LFP), and Li-Mn lithium-ion (LMO), among others. Companies in the market for automotive battery thermal management systems are increasing their research efforts in understanding the working ambient temperature to improve battery performance.
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Battery performance is highly dependent on the working ambient temperature. Since the battery state of health (SOH) is significantly influenced by changes in temperature, companies in the automotive battery thermal management system market are increasing their efficacy to understand the working ambient temperature. This is primarily important for companies in the market for automotive battery thermal management systems to address the issues of batteries used in vehicles of countries with hot climates.
Storing Thermal Energy in Reservoir Helps to Prevent Waste Heat Generation
Nowadays, EVs are using large packs of Li-ion batteries, owing to their reasonable energy density and efficiency metrics. However, companies in the automotive battery thermal management system market need to address the issue of waste heat generation.
The automotive battery thermal management system market is progressing at a rapid CAGR of ~38% during the forecast period. However, the problem of heat losses in automotive battery thermal management systems significantly cause efficiency degradation in energy systems, thus slowing down market growth. Hence, companies are increasing R&D in cleaner and smarter energy systems to overcome the obstacles of waste heat generation.
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Thermal management in efficient heat storage systems is an emerging trend grabbing the attention of companies in the market for automotive battery thermal management systems. Various thermal management strategies such as storing the thermal energy in a reservoir for a defined period of time and later deploying it for future needs are benefitting both stakeholders and end users.
Thermoelectric-based Solutions Support Increasing Adoption of 48V Li-ion Batteries in Vehicles
Thermoelectric battery thermal management systems are helping companies gain global recognition. For instance, in April 2019, Gentherm-a leading developer and marketer of innovative thermal management technologies, announced the launch of their thermoelectric battery thermal management system, which helped them boost their credibility among automotive suppliers on a global level.
The increasing adoption of the 48V Li-ion batteries has fueled the demand for innovative automotive battery thermal management systems. Moreover, the 48V & above battery capacity segment of the automotive battery thermal management system market is estimated to witness high growth by 2027. In order to capitalize on this profitable trend, companies in the automotive battery thermal management system market are increasing the availability of thermoelectric-based solutions. Manufacturers are introducing innovative solutions based on thermoelectric technology that can be fully integrated as a structural part in the battery housing.
Automotive Battery Thermal Management System Market: Overview
- Batteries are the power source for electric vehicles. The performance or output of batteries varies according to the surrounding temperature, such that their performance is affected by excessive temperature; therefore, maintaining an adequate temperature for batteries is essential in order to achieve proper functioning and efficiency of the battery cells.
- Hybrid electric vehicles have different levels of blending, such as different levels of fuel mixture, and based on the blending level and capacity of electric vehicles, number of cells, battery size, and type varies accordingly. The performance and life of the battery system of electric vehicles is affected by the surrounding temperature. Thus, battery thermal management systems are generally integrated with battery cells. The battery thermal management system maintains the battery temperature, at which the battery output is optimum.
Key Drivers and Restraints of Automotive Battery Thermal Management System Market
- Adoption of electric vehicles is increasing at an exponential rate. Government incentives and subsidies, increased awareness about global temperature rise, stringent emission norms imposed by governing bodies, international agreements to reduce pollution from the transportation industry, and increase in capabilities of electric vehicles are fueling the demand for electric vehicles across the globe. This, in turn, is propelling the demand for battery thermal management system.
- Governments of several nations, such as China, Germany, the U.K., India, and France, have announced a ban on the use of fuel-powered vehicles in the near future, which is anticipated to offer lucrative opportunities for the global automotive battery thermal management system market
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