With an ever-increasing demand of the electric vehicles seen across the globe, a need for efficient and low power consuming battery management system has risen in the last few years. Seen as an icon for green technology, battery management system for electric vehicles has undergone various upgradations to suit the needs of consumers.
Polaris Market Research has recently released a report stating that worldwide Automotive Battery Thermal Management System Market is anticipated to reach around USD 5.4 billion by 2026.
The passenger car dominated the global Automotive Battery Thermal Management System market in 2017. In 2017, Asia-Pacific accounted for the majority share in the global automotive battery thermal management system market.
The awareness regarding the use of electric vehicles has increased significantly, especially in the Asia-Pacific region. The increasing awareness among consumers regarding the use of eco-friendly vehicles coupled with the rising adoption of advanced Lithium-Ion batteries fuels the growth of the automotive battery thermal management system market.
New emerging markets, emerging consumer demographics, and stringent government regulations would provide growth opportunities for the automotive battery thermal management system market in the coming years.
In 2017, Asia-Pacific accounted for the highest share in the global automotive battery thermal management system market. The growing demand for electric vehicles in the region established the automotive industry, and technological advancements would accelerate the demand for automotive battery thermal management system systems during the forecast period.
The governments in the region have introduced stringent regulations regarding vehicular emissions, and are offering subsidies and tax exemptions on the purchase of electric vehicles, thereby fueling the growth of the market. The increasing economic growth and increasing demand from countries such as China and India further increase the adoption of automotive battery thermal management systems in the region.
The companies operating in the automotive battery thermal management systems include Robert Bosch GmbH, Dana Incorporated, LG Chem., Calsonic Kansei Corporation, Continental AG, Gentherm Incorporated, VOSS Automotive, CapTherm Systems, Hanon Systems, and Mahle Behr GmbH.
These companies launch new products and collaborate with other market leaders to innovate and launch new products to meet the increasing needs and requirements of consumers.
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