Automotive Battery Thermal Management System Market is set to expand at a CAGR of 38.04% during forecast period between 2018 to 2026.
Albany, NY -- (SBWIRE) -- 04/19/2019 -- Batteries are the power source for electric vehicles. The performance or output of batteries varies according to the surrounding temperature, such that their performance is affected by excessive temperature; therefore, maintaining an adequate temperature for the batteries is essential in order to achieve proper functioning and efficiency of the battery cells. Hybrid electric vehicles have different levels of blending, such as different levels of fuel mixture, and based on the blending level and capacity of electric vehicles, number of cells, battery size, and type varies, accordingly. The performance and life of the battery system of electric vehicles is affected by the surrounding temperature. Thus, battery thermal management systems are generally integrated with battery cells. The battery thermal management system maintains the battery temperature, at which the battery output is optimum.
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Batteries are utilized in a wide range of applications in conventional fuel-powered vehicles as well as advanced electric vehicles. Applications of batteries include micro hybrid system, regenerative braking system, and advanced driver assistance system. Increase in number of advanced technologies being incorporated into vehicles is boosting the workload on the batteries, which in turn leads to reduced efficiency, performance, and lifespan of batteries. A battery thermal management system is an essential technology to overcome these drawbacks.
Adoption of electric vehicles is increasing at an exponential rate. Government incentives and subsidies, increased awareness about global temperature rise, stringent emission norms imposed by governing bodies, international agreements for reducing pollution from the transportation industry, and increase in capabilities of electric vehicles are fueling the demand for electric vehicles across the globe, which in turn is propelling the demand for battery thermal management system.
High density batteries and fast electric vehicle chargers lead to higher operating temperature of electric vehicle batteries, which results in significant drop of vehicle range and battery life. The battery thermal management system enhances battery life and efficiency of the vehicle and hence, its demand is increasing along with the rise in demand for electric vehicles.
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Governments of several nations, such as China, Germany, the U.K., India, and France have announced a ban on the use of fuel-powered vehicles in the near future, which is anticipated to offer lucrative opportunities for the global automotive battery thermal management system market. Continuous research and development has resulted in the development of ultra-lightweight and compact electronic devices, which can be incorporated to develop significantly compact battery thermal management systems.