PUBLISHER: BIS Research | PRODUCT CODE: 1121529
PUBLISHER: BIS Research | PRODUCT CODE: 1121529
“Battery Thermal Management System Market for Mobility and Consumer Electronics to Reach $31,130.01 Million by 2031.”
The battery thermal management system market for mobility and consumer electronics was estimated to be at $4,462.47 million in 2021, which is expected to grow with a CAGR of 23.07% and reach $31,130.01 million by 2031. The growth in the automotive battery thermal management system market is expected to be driven by the rising demand for electric vehicles worldwide. Further, the rising design complexities leading to increased prices are the key restraining factors in the industry.
The battery thermal management system market for mobility and consumer electronics is in the developing phase. The rising demand for lithium-ion batteries in electronic devices, electric vehicles, and other consumer electronic devices is expected to boost the battery thermal management market for mobility and consumer electronics. Further, the lack of standardization process for the consumer electronics battery thermal management system is hampering the growth of the market.
Battery thermal management systems are the devices responsible for managing heat dissipation during the electrochemical processes in the cells, allowing efficient and safe use of the battery. The major objective of the system is to prevent accelerated battery deterioration by managing the heat generated by its components for continuous operation at optimum temperature. Increasing focus on preventing safety hazards brings significant growth opportunities for the battery thermal management system market for mobility and consumer electronics.
The impact of COVID-19 on the battery thermal management system market for mobility and consumer electronics was severe. Moreover, due to a temporary shutdown of the manufacturing units across different regions of the world, the volume of production declined. However, with the opening of the markets and rising operations of the original equipment manufacturers (OEMs), the market is expected to gain momentum.
The mobility segment dominated the battery thermal management system market for mobility and consumer electronics (by application) in 2021 and was the largest segment due to the rising sales of electric vehicles across the globe. The mobility battery thermal management systems are used for keeping the batteries in automobiles in the operative range of temperature. The system is paramount to battery safety as it reduces the excessive heat generated by the batteries and promotes heat shedding in the environment.
The active segment dominated the battery thermal management system market for mobility and consumer electronics (by type) in 2021 and was the largest segment due to growing demand from end-use industries such as automotive and consumer electronics. The major rise is witnessed due to the higher battery efficiency for maintaining the system's temperature. Recently, the rise in the immersion of cells has been increasing and seeking the interests of industrialists, helping in the growth of the active battery thermal management system market for mobility and consumer electronics.
The liquid cooling and heating segment held the majority share in 2021 in the battery thermal management system market for mobility and consumer electronics (by technology) as it utilizes pumped liquid for removing thermal energy generated inside the battery pack. It provides superior thermal enforcement compared to the other technologies as it is suitable for both rectangular prismatic and pouch cells.
The conventional batteries segment held the majority share in the battery thermal management system market for mobility and consumer electronics (by battery type) in 2021. The conventional batteries used in electric vehicles have a flooded electrolyte and are highly accessible at a lower cost. Some major batteries under conventional battery segments are lead-acid-based, nickel-based batteries, lithium-ion batteries, and many others. The rising demand for lithium-ion batteries is contributing significantly toward the dominant share of the conventional batteries segment in the market and is expected to propel the growth of the segment during the forecast period 2022-2031.
China region dominates the battery thermal management system market for mobility and consumer electronics due to the presence of a large electric vehicle industry, leading industry players across the supply chain, and a fast-developing economy.
Following are the demand drivers for the battery thermal management system market for mobility and consumer electronics:
The market is expected to face some limitations too due to the following challenge:
The companies that are profiled have been selected based on inputs gathered from primary experts and analysis of company coverage, product portfolio, and market penetration.
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