Allied Market Research published a report, titled, Battery Thermal Management System Market by Propulsion Battery Electric Vehicle BEV, Plug-in Hybrid Electric Vehicle PHEV, Fuel Cell Electric Vehicle FCEV, Technology Active Systems and Passive Systems, Vehicle Type Passenger Vehicles, Commercial Vehicles and Others, Battery Type Lithium-Ion Battery and Nickel-Metal Hydride NiMH Battery, Lead-Acid Battery, Solid-State Battery Global Opportunity Analysis and Industry Forecast, 2024-2030 . According to the report, the battery thermal management system market was valued at 3.2 billion in 2023, and is estimated to reach 7.3 billion by 2030, growing at a CAGR of 12.4 from 2024 to 2030.
Prime determinants of growth
The global battery thermal management system market is experiencing growth due to shift towards electric vehicles. However, the initial investment required for integrating advanced BTMS in vehicles is expected to restrain the growth of the battery thermal management system market. Moreover, innovation in materials, software algorithms, and cooling/heating techniques presents opportunities to develop efficient and cost-effective battery thermal management system solutions during the forecast period.
Report coverage details
Report Coverage
