Dec. 02, 2024
As electric vehicles (EVs) become more prevalent, the need for effective thermal management solutions in their battery systems has never been more critical. These systems, primarily composed of lithium-ion (Li-ion) cells, offer a superior combination of high energy density, extended life cycles, and the ability to charge and discharge rapidly. However, the electrochemical nature of Li-ion batteries makes them susceptible to heat generation, which can pose significant challenges to safety, performance, and longevity.
Li-ion batteries have revolutionized the EV industry due to their ability to power vehicles for hundreds of miles on a single charge. However, the very properties that make them suitable for this purpose also create the need for efficient thermal management. Heres why:
Temperature fluctuations play a significant role in the aging and effectiveness of Li-ion cells. When temperatures fall below 0°C, the batteries experience rapid degradation, and their ability to deliver power diminishes. In extreme cold, such as below -40°C, battery failure becomes a real concern. On the opposite end, excessive heat accelerates aging, reduces power capacity, and can trigger thermal runaway events, threatening the safety of the entire system.
Electric vehicles rely heavily on thermally conductive materials to ensure not only efficiency but also safety. These solutions are essential for dissipating heat during regular operation, isolating faulty cells, and preventing thermal runaway events. As EV adoption grows, integrating advanced thermal management technologies is vital for the safety, reliability, and longevity of EV battery systems.
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Electric Vehicle Thermal Management System Market
Report Scope & Overview:The Electric Vehicle Thermal Management System Market Size was valued at USD 3 billion in and is expected to reach USD 9.15 billion by and grow at a CAGR of 14.5% over the forecast period -.
During the electrochemical activities that are taking place in the cells of an electric vehicle's battery pack, a battery thermal management system, abbreviated as BTMS, is utilized to keep the battery pack at the ideal average temperature. A decrease in performance, a reduction in the battery's life span, and an increased risk of explosion can all result from an overheated battery. As a result, a thermal management system for batteries is required for each and every module that contains batteries. The primary objective of a thermal management system for a battery is to extend the useful life of the battery by controlling the temperature of the individual battery cells. It is anticipated that the battery heat management system will make it possible for the pack to function properly in a wide variety of climatic conditions and with a supply of ventilation.
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In addition, the management of thermal energy in electric vehicles makes it possible to not only increase the power of the batteries and their lifespan but also to decrease the dimensions of the electric engines. Therefore, the temperature is the most important characteristic that must be maintained at a consistent level in a battery. Therefore, it is essential for electric vehicles to make use of a system that can manage the temperature of the battery.
In , Ford Motor Company and BMW AG made the announcement that they would be investing $130 million in a startup company called Solid Power. Solid Power is an all solid state battery company that is working to develop solid-state batteries for electric vehicles. These batteries would store more energy, be safer, and charge more quickly.
MARKET DYNAMICS:
KEY DRIVERS:
Increasing consumer interest in electric vehicles
Technology with a large range and a quick charging rate
The growth of the market for electric vehicle batteries is helped by favorable emission requirements
Integration of the thermal management system with other types of electric thermal management systems
RESTRAINTS:
The complexity is inherent in the components utilized in battery thermal management systems
The expansion of the market is being hampered by inadequate infrastructure for electric vehicles
OPPORTUNITIES:
An acceleration of the pace at which scientific advancements are made in lithium-ion batteries
The market is set to benefit through technological advances in battery cooling systems
CHALLENGES:
OEMs are constantly confronted with obstacles due to the introduction of new technologically advanced systems
Huge costs for both investment and research and development
Thermal management systems for electric vehicle (EV) batteries will be impacted by the COVID-19 standard for several years. COVID-19 has caused governments worldwide to establish a strict lockdown and limit the import-export of vital raw material products for most of and a few months in , as a result of this outbreak. As a result, raw resources for electric vehicle components became scarcer and scarcer. Production and sales of automobiles were significantly hampered as a result of the COVID-19 epidemic, which had a detrimental influence on the market for battery management systems for electric vehicles in . Governments around the world enacted stringent lockdowns and mandated social separation as a means of preventing the spread of the COVID-19 virus. Thus, a number of corporations instituted work-from-home programs as a preventative strategy. Because of this, the global demand for automobiles has decreased, which has influenced the market for thermal management systems for electric vehicles.
Based on the propulsion type segment, the global market has been divided into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric vehicles (PHEV), and Fuel Cell Vehicle (FCV). The BEV segment is expected to develop during the projection period by lowering battery prices, boosting consumer awareness of the environment, and reducing charging time, for electric vehicles, and super-fast chargers are expected to allow charging in less than an hour.
The global market has been divided into Passenger vehicles and Commercial vehicles based on the vehicle type segment. The passenger vehicle market will maintain its dominance and grow at the highest CAGR due to the widespread availability of passenger EVs. Due to an increase in demand for battery-operated buses and lightweight trucks, the commercial vehicle industry is likely to grow significantly over the forecast period.
The global market has been divided into active, passive, and hybrid based on the type segment. Passive systems are in high demand since they provide hundreds of watts of cooling and heating power. To cool or heat battery cells, more air or liquid will be used in the active type segment. Batteries with active thermal management systems (BTMS) have a longer useful life and higher energy efficiency than batteries without them.
By Propulsion Type:
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
Fuel Cell Vehicle (FCV)
By Vehicle Type:
Passenger vehicles
Commercial vehicles
By Type:
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Active
Passive
Hybrid
REGIONAL ANALYSIS:
In , the Asia-Pacific region was the largest regional market, making up over 46% of worldwide sales. Over the projection period, it is expected to increase at the fastest CAGR. The regional market is dominated by countries like China and Japan. The primary driver of growth in the region is the increased use of electric vehicles, particularly in China. In addition, as consumers become more aware of the advantages of electric vehicles, the regional market is likely to increase at a faster rate. The presence of numerous major car and component manufacturers in Europe is expected to boost the regional market significantly over the forecast period. The European market has the highest global penetration of EVs and ranks third internationally in terms of EV sales among major contributors.
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REGIONAL COVERAGE:
North America
The USA
Canada
Mexico
Europe
Germany
The UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
BorgWarner Inc. (US), Dana Limited (US), Robert Bosch GmbH (Germany), VOSS Automotive GmbH (Germany), Ford Motors, BMW AG, Denso Corporation (Japan), MAHLE GmbH (Germany), Valeo (France), Gentherm (US), LORD Corporation, Modine Manufacturing Company (US), and Hanon Systems (South Korea) are some of the affluent competitors with significant market share in the Electric Vehicle Thermal Management System Market.
Dana Limited (US)
-Company Financial Analysis
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Electric Vehicle Thermal Management System Market Report Scope: Report Attributes Details Market Size in US$ 3 Billion Market Size by US$ 9.15 Billion CAGR CAGR of 14.5% From to Base Year Forecast Period - Historical Data - Report Scope & Coverage Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook Key Segments by Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), Plug-in Hybrid Electric Vehicle (PHEV), Fuel Cell Vehicle (FCV))Previous: None
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