EV Battery Thermal Management Systems Market by Region – Global Opportunities & Forecast, 2020-2027

 EV Battery Thermal Management Systems Market

The global EV Battery Thermal Management Systems Market is projected to encounter a growth rate of 5.5% over the forecast period. The growing demand for vehicle electrification, due to rigorous norms enforced to decrease the emission of hazardous gas from vehicles, is likely to bolster the market growth.

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EV Battery Thermal Management Systems Market Dynamics

Battery thermal management systems help to improve the battery power and longevity, and also decrease the size of electric engines in electric vehicles. The increasing inclination towards the acquisition of emission-free vehicles by transport companies and the surging electric buses will bolster the market growth. Several organizations such as CHAdeMO Association, AVERE (The European Association for Electromobility), and Electric Vehicle Charging Association (EVCA) are working for the growth and establishment of the electric vehicles. Also, the increasing adoption of electric vehicles and the rigorous norms to reduce the discharge of hazardous gases from vehicles will drive the market share. However, as per the EV battery thermal management systems market report, the disturbance in the supply chain and reduction in the automotive prices due to the outburst of the coronavirus will restrain the market share. In addition, the huge cost of electric vehicles has further obstructed the market growth.

Application Segment Analysis

Based on the application, the commercial vehicle is projected to witness a faster growth over the forecast period. This is majorly because of the augmenting usage of automotive for fleet management, ridesharing, and transportation. Moreover, the rigorous emission rules, surge in fuel prices, and growing usage of electric vehicles by e-commerce companies has further raised the EV Battery Thermal Management Systems Market growth.

Regional Drivers

Asia Pacific is projected to expand at a noteworthy rate over the forecast period. This is because of the growing economy, mounting population, and surging endorsement of fuel-efficient vehicles. In accordance with the International Energy Agency (IEA), China gauged for 47% of the international electric car sales in 2019.

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