Battery Thermal Management System market size is projected to grow from USD 3.7 Billion in 2024 to USD 8.5 Billion by 2030, at a CAGR of 14.7%, according to a new report by MarketsandMarkets. The increasing demand for electric vehicle and battery safety is expected to increase the demand for BTMS. Additionally, continuous innovation in BTMS components will boost the demand for BTMS.
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Battery Thermal Management System Market Scope:

Report Coverage

Details

Market Revenue in 2024

USD 3.7 Billion

Estimated Value by 2030

USD 8.5 Billion

Growth Rate

Poised to grow at a CAGR of 14.7%

Market Size Available for

2019–2030

Forecast Period

2024-2030

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Propulsion (BEV, PHEV, FCEV), Offering (BTMS With Battery, BTMS Without Battery), Technology (Active, Passive, Hybrid), Battery Type, Battery Capacity, Vehicle Type and Region

Geographies Covered

Asia Pacific, Europe, North America, and Rest Of The World

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growing potential of modular design

Key Market Drivers

Innovation in EV battery system

BEV segment is expected to have largest share in the global BTMS market
The BEV segment is expected to grow the largest in terms of value. The region accounts for the largest BEV market, with countries such as China, Japan, and South Korea leading BEV sales. Strong government support and favorable policies are the major factors for the fast growth of BEVs in the region, along with the fast popularization of the BTMS market. The cost of the BEV of local players in this region is low compared to that in other regions, leading to a high demand for various low-cost BTMS in this market. For instance, in January 2024, XING Mobility (China), a company known for its innovative approach to EV technology, has recently introduced its latest advancement in battery technology with the debut of the Next-Gen Immersion Cooling Battery. These advancements will further drive the BTMS market in the BEV segment.

 
The global garment packaging machine market, valued at USD 2.5 billion in 2024, is projected to grow at a CAGR of 3.1% through 2034, potentially reaching over USD 3.4 billion by the end of the forecast period. The industry is significantly driven by the demand for advanced packaging solutions to ensure product protection, branding, and shelf appeal. E-commerce growth, particularly in developing economies, has also contributed to the industry’s expansion.
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Automation and technological advancements have led to faster production, higher efficiency, and greater customization of packaging materials. Garment manufacturers are focusing on eye-catching and well-designed packaging solutions to enhance brand visibility and create memorable unboxing experiences for consumers, catering to the increasing consumer preference for aesthetically pleasing packaging.
In recent years, the garment packaging industry has witnessed a shift towards sustainable practices, prompting companies to invest in eco-friendly materials and technologies. This trend has led to innovations in garment packing machines, with manufacturers incorporating sensors and IoT technology for real-time tracking and supply chain transparency. However, high initial costs and complexity have hindered widespread adoption, particularly among small manufacturing companies.
“Companies in the garment packing machine industry should focus on developing sustainable packaging solutions to reduce environmental impact. They can invest in research and development to create recyclable or biodegradable packaging materials, as well as exploring ways to minimize waste in the production and distribution process”, says Ismail Sutaria (Lead Consultant, Packaging and Materials at Future Market Insights, Inc.).
Key Takeaways from the Market Study

The standalone system segment dominates the global garment packing machine market with a share of 77.2% in 2024.
Based on the end use, the technical textile and décor segment leads the garment packing machine market with a share of 31.6% in 2024.
The garment packing machine market in India is anticipated to grow at a CAGR of 6.5% through 2034.
The garment packing machine market in China is estimated to rise at a 4.7% CAGR through 2034.
The garment packing machine market in Thailand has the potential to increase at 4.2% CAGR through 2034.
The United States garment packing machine market is predicted to rise by 1.7% CAGR through 2034.
The garment packing machine market in the United Kingdom is very likely to grow at a CAGR of 1.5% through 2034.

Competitive Landscape

The garment packing machine industry is witnessing several new entrants willing to invest in new technologies for garment packing.
Companies are investing in automation, IoT, and smart packaging to improve efficiency and functionality.
Sustainability trends are driving companies to adopt eco-friendly practices.
Key players in the industry include U-Packaging Machinery, Hangzhou Youngsun Intelligent Equipment, Qingdao Feifan Packing Machinery, and Shandong Sinolion Machinery Corp. Ltd.

Recent Developments:

In March 2024, Harry Rosen Inc. introduced a pioneering initiative in partnership with TerraCycle to implement North America’s first fully recyclable packaging program. This move underscores their dedication to sustainability by ensuring that garment bags are reused and diverted from landfills.
In April 2023, the Cambodian Development Council revealed a substantial $10 million investment in Fitly Apparel and WH Packaging, both prominent garment factories. This investment is set to generate over 2,900 employment opportunities in the regions of Phnom Penh and Kandal.

Purchase now and gain full access to the Garment Packing Machine Industry report, featuring comprehensive Market Forecast, Company Share Analysis, Competition Intelligence, DROT Analysis, Market Dynamics and Challenges, and Strategic Growth Initiatives.
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Organized by Guangdong, Hong Kong SAR and Macao SAR, the Guangdong-Hong Kong-Macao Greater Bay Area and Europe (France) Economic and Trade Cooperation Conference was held in Paris on May 24 (local time).
More than 400 representatives from French industrial and commercial circles attended the conference.
“This is a very important event, which put in contact with different companies, even new companies,” said Gilles-Henry Garault, Vice-President and President of the International Commission, Encouragement Society for Industry in France. He indicated that the GBA can be one of the first economic centers in the world. At present, about 1/3 of the French companies in China have chosen to settle in Guangdong, including EDF Energy, Danone and Sanofi. In Garault’s opinion, the GBA is the first choice for foreign companies to enter China.
According to the data published by Guangdong Sub-Administration of General Administration of Customs of China, in Q1 this year, trade volume between France and the province of Guangdong reached 24.86 billion RMB, increasing 11.1% year-on-year.
“I have been to the GBA many times since I became the CEO of Airbus China in 2003.” said Norbert Ducrot, President of Wavelandes, “I discovered that the GBA is a fantastic region with a huge population and market. This year is very important because it’s the 60th anniversary of the diplomatic ties between China and France.”
In the beginning of May, both China and France made a joint declaration on enhancing global governance cooperation on artificial intelligence.
According to a ranking published by the World Intellectual Property Organization, the Shenzhen–Hong Kong–Guangzhou science and technology cluster has been listed the second for the past 4 years.
Ducrot indicated that the GBA is the best place for both France and China to launch projects in the fields of software and hardware, electronics domains, and artificial intelligence, as this region has developed tech businesses and abundant resources of talents.
“The conference reflects the remarkable achievement of economic development in China,” said Roger Sebbagh, Special Adviser of French President. He indicated that he would like to play a role in bridging France and China in the future.
In his opinion, cooperation between France and China is a win-win cooperation and he believes that the collaboration will bring positive influence to other countries and promote their development.
According to preliminary statistics, 36 bilateral investment and trade cooperation projects between France (and Europe) and Guangdong, Hong Kong and Macao are reached with a total value of 3.22 billion US dollars in this conference. Among them, France (and Europe) will invest 1.59 billion US dollars in the GBA, while the GBA will invest 1.47 billion US dollars in France (and Europe).

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