The electric vehicle battery heating systems market is expected to cross-market value of USD 5,046.7 million in 2027 from USD 1,743.2 million in 2020. It is expected to grow at a CAGR of over 16.4% during the forecast period.
Key Market Drivers and Restraints
Growing demand for electric vehicles and the need for improved battery life and performance are factors expected to drive the growth of the global electric vehicle battery heating systems market. Also, the installation of battery heating systems in the vehicles to maintain battery temperature and technological advancement in EV battery heating systems have boosted the growth of the global electric vehicle battery heating systems market over the forecast period.
However, the high manufacturing cost of the battery heating systems is expected to hamper the global electric vehicle battery heating systems market. On the other hand, the adoption of advanced Li-ion batteries and increasing demand for thermal protection are expected to create potential opportunities for the prominent manufacturers operating in the market.
Impact of COVID 19
The electric vehicle battery heating systems market will show considerable growth on the back of the global pandemic. However, due to the COVID-19 outbreak, a global or partial shutdown has had a negative impact on the supply chain and product demand. In addition, a decrease in trading activities and transportation restrictions during this pandemic has impacted the market growth negatively and hampered its growth.
The Asia Pacific to Dominate the global electric vehicle battery heating systems market
The global electric vehicle battery heating systems market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East, and Africa, including all the key economies in these regions. However, the Asia Pacific is dominated by the global market and accounts for more than 31.4% of the target market. This is attributed to increasing demand for the battery heating systems in electric vehicles and rising collaboration among players to enhance market penetration.
Air cooling and heating system would continue to dominate the global electric vehicle battery heating systems market in terms of technology.
Air cooling and heating system, liquid cooling and heating system, direct refrigerant cooling and heating system, phase change material (PCM) system, thermo-electric system, and others are the technology of the electric vehicle battery heating systems market. In 2020, the air cooling and heating system segment accounted for the largest share of the global electric vehicle battery heating systems market, owing to growing demand in the commercial and residential sectors.
Battery electric vehicle is the major segment in the global electric vehicle battery heating systems market in terms of vehicle type.
Battery electric vehicles (BEVs), plug-in hybrid electric vehicles (PHEVs), hybrid electric vehicles (HEVs), and fuel cell electric vehicles are the vehicle type of electric vehicle battery heating systems market. In 2020, the battery electric vehicles segment accounted for the largest share of the global electric vehicle battery heating systems market.
Aftermarket is the major segment in Sales Channel's global electric vehicle battery heating systems market.
Based on sales channels, the global electric vehicle battery heating systems market is segregated into original equipment manufacturer (OEM) and aftermarket. In 2020, the aftermarket segment accounted for a significant share 2020 of the global electric vehicle battery heating systems market.
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