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 need for improvement of battery life and its performance are factors expected to drive growth of the global electric vehicle battery heating systems market. Also, installation of battery heating systems in the vehicles to maintain battery temperature and technological advancement in EV battery heating systems have boosted growth of global electric vehicle battery heating systems market over the forecast period.
However, high manufacturing cost of the battery heating systems is a factor expected to hamper the global electric vehicle battery heating systems market. Adoption of advanced Li-ion batteries and increasing demand for thermal protection are factors 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. Due to the COVID-19 outbreak, global or partial shutdown have a negative impact on the supply chain and product demand. In addition, decrease in trading activities and transportation restrictions in this pandemic has impacted the market growth negatively and hampered its growth.
Asia Pacific to Dominate the global electric vehicle battery heating systems market
The global electric vehicle battery heating systems market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted 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 electric vehicle battery heating systems market. In 2020, air cooling and heating system segment accounted for the largest share of global electric vehicle battery heating systems market, owing to growing demand in 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, battery electric vehicles segment accounted for the largest share of global electric vehicle battery heating systems market.
Aftermarket is the major segment in the global electric vehicle battery heating systems market in terms of Sales Channel
Based on sales channel, the global electric vehicle battery heating systems market is segregated into original equipment manufacturer (OEM) and aftermarket. In 2020, aftermarket segment is accounted for a significant share in 2020 of the global electric vehicle battery heating systems market.
Frequently asked questions about global electric vehicle battery heating systems market
- What are the consequences of COVID 19 on global electric vehicle battery heating systems market?
Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
- Which is the key technology through electric vehicle battery heating systems market?
Ans: Air cooling and heating system is the most frequently through electric vehicle battery heating systems market
- Which is the key vehicle type through which electric vehicle battery heating systems market occurs?
Ans: Battery electric vehicle is the main vehicle type segment in electric vehicle battery heating systems market
- Which is the key sales channel through which electric vehicle battery heating systems market occurs?
Ans: Aftermarket is the major vehicle type segment in electric vehicle battery heating systems market
- Who are the key players in the global electric vehicle battery heating systems market?
Ans: Continental AG, LG Chem, Gentherm Incorporated, Marelli Corporation, Samsung SDI Co., Valeo, Robert Bosch GmbH, Hanon Systems, MAHLE GmbH, Dana Incorporated, and Others are key players operating in this market
- Which is the leading regional market for global electric vehicle battery heating systems market?
Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
- What will be the CAGR (2021-2027) of in global electric vehicle battery heating systems market?
Ans: The market is anticipated to grow at a CAGR of 16.4% throughout the forecast period
- Which are the major factors driving the growth of global electric vehicle battery heating systems market?
Ans: Increasing demand for the battery heating systems in electric vehicles is a key driving factors propelling the growth of this market
