Global automotive battery thermal management system market is expected amass nearly $5.4 billion by the year 2026, according to the latest research available at Market Study Report LLC, report provides extensively data on market share, growth, trends and forecasts for the period 2018-2026.
As per the report, based on vehicle type, the passenger car dominated the automotive battery thermal management system market in 2017. The same year, in terms of regional proliferation, Asia Pacific garnered maximum share in the global automotive battery thermal management system market.
The surging demand for automotive battery thermal management systems can be credited to the growing demand for electric vehicles and the rising need to enhance efficiency and battery performance of electric vehicles. Over the last few years, awareness regarding the environmental benefits of using an electric vehicle has tremendously increased. This factor coupled with the increasing adoption of advanced Lithium-Ion batteries will drive the growth of the global automotive battery thermal management system market on the global arena. Other significant factors boosting market growth prospects are new emerging markets, stringent government norms, and emerging consumer demographics, cites the report.
With regards to the regional growth, the Asia-Pacific market accounted for the highest share in the global automotive battery thermal management system market. The rising demand for electric vehicles in tandem with established automotive industry as well as technological advancements are likely to boost the demand for automotive battery thermal management systems in the region over the forecast period. Additionally, the governments within the region have imposed strict regulations to curb vehicular emissions, thus favoring market growth. Rising economic growth and high demand from nations such as India and China will further augment the adoption of automotive battery thermal management systems in the Asia Pacific region.
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The report also provides a comprehensive analysis of the automotive battery thermal management systems market drivers, restraints, and opportunities over the estimation period. A detailed analysis of the report in terms of application, product benchmarking, region, and competitive ranking analysis has also been included in the report. In addition, company profiles of leading market contenders have been elaborated under the heads of business overview, product benchmarking, financials, and recent developments.
The market dynamics of the global automotive battery thermal management systems market have been expounded in the report under market forces, market driver analysis, and others. The report also includes a complete overview of the leading propulsion types available in the industry, along with valuable industry analysis based on Porter’s five forces encompassing bargaining power of supplier, bargaining power of buyer, the threat of substitutes, the threat of new entrants, and the degree of competition.
Key industry participants who belong to the competitive spectrum of the global automotive battery thermal management system market include Dana Incorporated, Continental AG, LG Chem., Robert Bosch GmbH, Gentherm Incorporated, Hanon Systems, Calsonic Kansei Corporation, CapTherm Systems, VOSS Automotive, and Mahle Behr GmbH. The key growth strategies observed in this business space include launching innovative products and teaming up with other market leaders to design new products and to suffice the rising consumer needs and requirements, thereby augmenting the automotive battery thermal management systems market growth during the foreseeable timeline.