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Battery Thermal Management System Market Size - By Offering, By Battery, By Vehicle, By Propulsion, Growth Forecast, 2025 – 2034
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Battery Thermal Management System Market
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Base Year: 2024
Companies covered: 20
Tables & Figures: 200
Countries covered: 22
Pages: 180
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Battery Thermal Management System Market Size
The battery thermal management system market was valued at USD 3.7 billion in 2024 and is estimated to register a CAGR of 12.6% between 2025 and 2034. The combined factors of increased automobile manufacturing and advanced sales channels create an escalating market need for battery thermal management system.
The Internation Energy Agency research shows that in electric cars registration reached 14 million in 2023. Electric cars accounted for around 18% of all cars sold in 2023, up from 14% in 2022. As the electric vehicle market keeps growing, particularly in developing countries, the demand for effective battery thermal management systems to manage advanced battery technologies and enhance performance will continue to drive this growth.
Government investments in electric vehicles are certainly propelling the battery thermal management systems market forward. The example of the USD 1.7 billion investments made in July 2024 by the US government on electrical vehicle manufacturing plants serves this purpose well. Such retrofitting activities are expected to modify infrastructure at 11 vehicle manufacturing plants in the region. This initiative will create thousands of job opportunities for auto workers. It will also support wider government efforts to reduce emissions, encourage electric mobility, and meet climate objectives.
Furthermore, this program is in line with a rising trend of government-backed incentives aimed at reducing the costs of producing EVs, enhancing the market competitiveness of electric vehicles, and promoting the widespread use of electric cars. The demand for battery thermal management systems is expected to increase steadily as manufacturing plants are upgraded and new production lines for electric vehicles are launched.
Battery Thermal Management System Market Trends
Battery Thermal Management System Market Analysis
The different forms of battery take into account the Lithium-ion battery, Nickel-Metal Hydride (NiMH) battery, lead-acid battery, and solid-state battery. The lithium-ion category is expected to gain the lead in the battery thermal management system market as they possess several advantages, for example, high energy density, fast charging capabilities, and longer lifespan.
Asia Pacific dominated the global battery thermal management system market with a major share of around 35% in 2024 and China leads the market in the region.
The U.S battery thermal management system market will experience profitable development throughout 2025 – 2034.
The battery thermal management system market in Germany is expected to experience significant and promising growth from 2025 to 2034.
The battery thermal management system market in Brazil is expected to experience significant and promising growth from 2025 to 2034.
Battery Thermal Management System Market Share
Battery Thermal Management System Market Companies
Major players operating in the battery thermal management system industry include:
Market leaders are continuously capitalizing on different market opportunities such as formations of partnerships and collaboratives, mergers and acquisitions, new launches and innovations, investment in research and development and so much more. This is useful as it allows the integration of new features and technologies relevant to the battery thermal management system. With the help of such relationships with other key players in the market, manufacturers get better access to markets, more resources, and new products.
Besides, companies introduce new products for line extension and diversification of the product range. This is a means by which companies respond to the distinctive needs of various groups of customers from passenger vehicle to commercial vehicle. Companies have a broader mix of products as this helps the company to expand the customer base and to move in tandem with changing consumer needs and regulatory expectations. In a competitive environment, the bigger house has to make research and development investments. Through investment in research and development activities, companies come up with innovations that spur industrial development.
Battery Thermal Management System Industry News
The battery thermal management system market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue ($Bn) and Shipment (Units) from 2021 to 2034, for the following segments:
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Market, By Offering
Market, By Battery
Market, By Vehicle
Market, By Propulsion
The above information is provided for the following regions and countries: