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Battery Thermal Management System Market worth $8.5 Billion by 2030 | MarketsandMarkets
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.