According to the research report titled ‘Global Electric Vehicle Battery Thermal Management System Market Size study, by system type (Active , passive) by Application (Passenger Vehicle, Commercial Vehicle) and Regional Forecasts 2021-2027’, available with MarketStudyReport, global electric vehicle battery thermal management system market size reached USD 2.06 billion in 2020 and is anticipated to attain a valuation of USD 11.92 billion by the end of the forecast period 2021-2027, registering a CAGR of 28.5% throughout.
 

Favorable government initiatives to promote sustainable development, economic growth, and infrastructural progress, along with rising penetration of electric vehicles are largely propelling the global electric vehicle battery thermal management system market progress.
 

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Notably, IEA states that 460,000 electric buses and 250,000 light commercial vehicles (LCVs) were in stock in 2018, up from 80,000 units of LCVs in 2017. The demand for battery-based buses and lightweight trucks for commercial operations will likely boost the industry growth in the ensuing years.
 

For the uninitiated, thermoelectric cooling, forced air cooling, and liquid cooling are all leveraged in the thermal management system for electric vehicle batteries wherein the liquid coolant is in contact with the battery and serves as a medium for removing the heat created during operation.
 

Despite the positive outlook of the industry, challenges such as shrinking battery sizes and lack of fast charging capabilities might hamper the industry growth over the analysis period, claims the study.
 

Global electric vehicle battery thermal management system industry is segmented on the basis of system type (active, and passive), and application (passenger vehicle, and commercial vehicle). Whereas, from a regional perspective, industry size spans across North America (U.S., Canada), Europe (UK, Germany, Spain, France, Italy, ROE), Asia Pacific (Japan, China, South Korea, India, Australia, RoAPAC), and Latin America (Mexico and Brazil).
 

Asia Pacific holds the largest market share, attributable to proliferating demand for electric vehicles. Meanwhile, Europe market is expected to develop at a strong rate between 2021 and 2027 due to strong presence of major automobile and component manufacturers in the region.
 

Considering the competitive landscape, Mahle GmbH, Polymer Science Inc., Grayson, Voss Automotive GmbH, 3M Co., Hanon Systems, Dana Inc., Valeo, Gentherm Inc., and Robert Bosch GmbH are the major contenders in the global electric vehicle battery thermal management system industry sphere.