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According to a research report released by Technavio, an international market research institution, with the popularity of electric vehicles, it is expected that the global electric vehicle battery thermal management system market will increase by $10.
25 billion from 2021 to 2025, with a compound annual growth rate of 27.
49%.
The growing demand for electric vehicles and their extended applications is significantly driving the growth
of the EV Battery Thermal Management System (EV BTMS) market.
The dramatic increase in workloads on EV batteries has increased the demand for BTMS solutions that enable a wider operating temperature range, longer battery life, and greater EV range
.
Factors such as advancements in electric vehicle technology, improving charging infrastructure, and improving socioeconomic conditions are expected to drive the demand
for pure electric vehicles.
The EV Battery Thermal Management System (EV BTMS) market is directly driven
by the growth in sales of pure electric and hybrid electric vehicles.
On the other hand, factors such as the growing global power crisis may hamper the market growth
.
The integration of BTMS with thermal management systems (TMS) for other electric drive components is another major factor
supporting the growth of EV battery thermal management systems (EV BTMS) market share.
Electric vehicle battery thermal management systems (EV BTMS) market share growth in the lithium-ion battery segment will grow significantly
during the forecast period.
The lithium-ion battery segment is expected to witness rapid growth due to
the strong demand for lithium-ion batteries in the electric vehicle industry and the declining price of battery technology.
Lithium-ion batteries are the most popular battery technology because they have higher current density, longer power retention, and longer shelf life
than any other battery technology available on the market.
With mass production and various government incentives, the cost of these batteries is expected to drop
significantly.
Over the forecast period, 44% of the market growth will come from the Asia-Pacific region
.
China, Japan, and South Korea are the key markets
for EV battery thermal management systems (EV BTMS) in Asia Pacific.
Market growth in this region will be slower than in Europe, MEA and North America
.
According to a research report released by Technavio, an international market research institution, with the popularity of electric vehicles, it is expected that the global electric vehicle battery thermal management system market will increase by $10.
25 billion from 2021 to 2025, with a compound annual growth rate of 27.
49%.
The growing demand for electric vehicles and their extended applications is significantly driving the growth
of the EV Battery Thermal Management System (EV BTMS) market.
The dramatic increase in workloads on EV batteries has increased the demand for BTMS solutions that enable a wider operating temperature range, longer battery life, and greater EV range
.
Factors such as advancements in electric vehicle technology, improving charging infrastructure, and improving socioeconomic conditions are expected to drive the demand
for pure electric vehicles.
The EV Battery Thermal Management System (EV BTMS) market is directly driven
by the growth in sales of pure electric and hybrid electric vehicles.
On the other hand, factors such as the growing global power crisis may hamper the market growth
.
The integration of BTMS with thermal management systems (TMS) for other electric drive components is another major factor
supporting the growth of EV battery thermal management systems (EV BTMS) market share.
Electric vehicle battery thermal management systems (EV BTMS) market share growth in the lithium-ion battery segment will grow significantly
during the forecast period.
The lithium-ion battery segment is expected to witness rapid growth due to
the strong demand for lithium-ion batteries in the electric vehicle industry and the declining price of battery technology.
Lithium-ion batteries are the most popular battery technology because they have higher current density, longer power retention, and longer shelf life
than any other battery technology available on the market.
With mass production and various government incentives, the cost of these batteries is expected to drop
significantly.
Over the forecast period, 44% of the market growth will come from the Asia-Pacific region
.
China, Japan, and South Korea are the key markets
for EV battery thermal management systems (EV BTMS) in Asia Pacific.
Market growth in this region will be slower than in Europe, MEA and North America
.
