Global Electric Vehicle Battery Cooling Plate Market Overview:
As per MRFR analysis, the Electric Vehicle Battery Cooling Plate Market Size was estimated at 2.21 (USD Billion) in 2022. The Electric Vehicle Battery Cooling Plate Market is expected to grow from 2.58 (USD Billion) in 2023 to 10.2 (USD Billion) by 2032. The Electric Vehicle Battery Cooling Plate Market CAGR (growth rate) is expected to be around 16.5% during the forecast period (2023 - 2032).
Key Electric Vehicle Battery Cooling Plate Market Trends Highlighted
The market for battery cooling plates for electric cars (EVs) is expected to develop significantly due to the increasing demand for EVs. Globally, governments are enacting laws to encourage the use of EVs, which is increasing the production of these vehicles. In order to solve the overheating problems with EV batteries, effective battery cooling devices are therefore required.
The rising acceptance of liquid cooling systems is one of the major industry trends in the electric car battery cooling plate market. When compared to conventional air-cooling techniques, these systems provide better cooling performance, which extends battery life and reliability.
Furthermore, the use of cutting-edge materials like graphene and nanofluids provides enhanced heat dispersion and thermal conductivity.
Additionally, the industry offers chances for the creation of innovative designs and technology. Phase-change materials, for example, can be used into cooling plates to improve heat absorption and release, resulting in more effective temperature management.
Additionally, the development of lightweight and flexible cooling plates makes it possible to incorporate them into a variety of vehicle designs. Manufacturers may differentiate their products and meet the changing demands of the EV industry by investigating these prospects.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Vehicle Battery Cooling Plate Market Drivers
Increasing Demand for Electric Vehicles
The rising popularity of electric vehicles (EVs) is a major driver of the growth of the electric vehicle battery cooling plate market.
As governments around the world implement stricter emission regulations and consumers become more environmentally conscious, the demand for EVs is expected to continue to increase. This, in turn, will drive the demand for battery cooling plates, which are essential for maintaining the performance and safety of EV batteries.
Increased adoption of electric vehicles, supported by government incentives and technological advancements, is expected to boost the demand for battery cooling plates. The growing number of EV manufacturers and models is also contributing to the expansion of the market.
Government Regulations and Incentives
Government regulations and incentives are another key driver of the growth of the electric vehicle battery cooling plate market. In order to reduce emissions and promote the adoption of EVs, governments around the world are implementing a variety of regulations and incentives.
These include emissions standards, tax breaks, and subsidies for EV purchases. These regulations and incentives are making EVs more affordable and appealing to consumers, which is driving the demand for battery cooling plates.
Technological Advancements
Technological advancements are also driving the growth of the electric vehicle battery cooling plate market. Battery cooling plates are becoming more efficient and effective, and they are also becoming more affordable. These advancements are making battery cooling plates more attractive to EV manufacturers, which is driving the demand for these products.
Electric Vehicle Battery Cooling Plate Market Segment Insights:
Electric Vehicle Battery Cooling Plate Market Cooling Medium Insights
The electric vehicle battery cooling plate market is expected to witness significant growth in the coming years, with the rising demand for electric vehicles. The cooling medium segment plays a crucial role in maintaining the optimal temperature of the battery pack, ensuring its performance and longevity.
Among the different cooling media used in electric vehicle battery cooling plates, liquid cooling and air cooling are the two primary types. Liquid cooling involves the circulation of a coolant, such as water or glycol-based fluids, through channels or tubes within the cooling plate.
This method provides efficient heat transfer and precise temperature control, making it suitable for high-power and high-performance electric vehicles. The liquid cooling segment in the electric vehicle battery cooling plate market is projected to reach USD 4.5 billion by 2024, exhibiting a CAGR of 15.2%.
Air cooling, on the other hand, utilizes fans or blowers to circulate air over the battery pack. This method is simpler and more cost-effective than liquid cooling, but it offers less efficient heat transfer and temperature control. The air-cooling segment in the electric vehicle battery cooling plate market is estimated to account for USD 2.2 billion by 2024, growing at a CAGR of 12.8%.
The choice between liquid and air cooling depends on various factors, including the power output of the battery pack, the desired temperature range, and the cost considerations. Liquid cooling is preferred for high-performance electric vehicles, such as sports cars and luxury vehicles, where precise temperature control is critical.
Air cooling is more common in low-power and mid-power electric vehicles, such as compact cars and city vehicles, where cost-effectiveness and simplicity are important. The increasing adoption of electric vehicles, coupled with the growing need for efficient battery cooling systems, is driving the growth of the electric vehicle battery cooling plate market.
As industry continues to evolve, advancements in cooling technologies and the development of new materials are expected to further enhance the performance and efficiency of electric vehicle battery cooling plates.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Vehicle Battery Cooling Plate Market Battery Type Insights
The Electric Vehicle Battery Cooling Plate Market is segmented by Battery Type into Lithium-ion Battery, Lead-Acid Battery, and Nickel-Metal Hydride Battery. Out of these, the Lithium-ion Battery segment is expected to hold the largest market share in the coming years, owing to its high energy density, long cycle life, and low maintenance requirements.
The Lead-Acid Battery segment is expected to witness a steady growth rate due to its low cost and wide availability. The Nickel-Metal Hydride Battery segment is expected to grow at a moderate pace due to its high specific energy and power density.
In 2023, the Electric Vehicle Battery Cooling Plate Market revenue for the Lithium-ion Battery segment is estimated to be around 1.5 billion USD, while the Lead-Acid Battery segment is expected to generate revenue of around 0.5 billion USD. The Nickel-Metal Hydride Battery segment is expected to contribute around 0.3 billion USD to the overall market revenue in the same year.
Electric Vehicle Battery Cooling Plate Market Material Insights
The Material segment of the Electric Vehicle Battery Cooling Plate Market is expected to witness significant growth in the coming years, driven by the increasing adoption of electric vehicles and the need for efficient battery cooling systems. Aluminum was the dominant material used in battery cooling plates, accounting for over 50% of the market share in 2023.
Aluminum offers excellent thermal conductivity, corrosion resistance, and lightweight properties, making it an ideal choice for battery cooling applications. However, copper is gaining popularity due to its superior thermal conductivity and ability to withstand higher temperatures.
Steel is another commonly used material, offering high strength and durability at a lower cost than aluminum or copper. Carbon fiber is a lightweight and high-strength material that is increasingly being used in high-performance electric vehicles due to its ability to dissipate heat effectively.
Electric Vehicle Battery Cooling Plate Market Design Insights
The Electric Vehicle Battery Cooling Plate Market is segmented into various designs, including Single-Layer, Multi-Layer, Tubular, and Plate-Fin. Among these, the Plate-Fin design is projected to dominate the market with a significant revenue share in 2024 and beyond. Plate-fin cooling plates offer enhanced heat transfer efficiency, leading to improved battery performance and durability.
Their compact size and lightweight design make them suitable for integration into space-constrained electric vehicle battery packs. Furthermore, the increasing demand for high-performance electric vehicles is driving the adoption of advanced battery cooling technologies, contributing to the growth of the Plate-Fin segment in the Electric Vehicle Battery Cooling Plate Market.
Electric Vehicle Battery Cooling Plate Market Application Insights
The application segment of the Electric Vehicle Battery Cooling Plate Market can be divided into passenger vehicles, commercial vehicles, two-wheelers, and heavy-duty vehicles. Among these, passenger vehicles are expected to account for the largest share of the market in 2023, owing to the increasing demand for electric passenger cars.
The growing popularity of electric vehicles in emerging economies is also contributing to the growth of this segment. Commercial vehicles are expected to be the second-largest segment, followed by two wheelers and heavy-duty vehicles.
The increasing adoption of electric buses and trucks is driving the growth of the commercial vehicle segment. The two-wheeler segment is expected to witness significant growth, driven by the rising demand for electric scooters and motorcycles in urban areas. The heavy-duty vehicle segment is expected to grow at a steady pace, owing to the increasing adoption of electric mining and construction equipment.
Electric Vehicle Battery Cooling Plate Market Regional Insights
The regional market for Electric Vehicle Battery Cooling Plate Market is segmented into North America, Europe, APAC, South America, and MEA. North America held the largest market share in 2023, owing to the presence of major automotive manufacturers and early adoption of electric vehicles, with a market value of 1.208 USD Billion.
Europe was the second-largest market, driven by government regulations promoting electric vehicle adoption and the presence of leading automotive OEMs, with a market value of 0.577 USD Billion in 2023. APAC witnessed the fastest growth over the forecast period, driven by the increasing demand for electric vehicles in China and India, with a market value of 0.483 USD Billion in 2023.
South America and MEA had a relatively smaller market share but are expected to grow at a steady pace due to government initiatives promoting electric vehicle adoption, with market values of 0.156 USD Billion for South America and 0.156 USD Billion for MEA in 2023.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Electric Vehicle Battery Cooling Plate Market Key Players And Competitive Insights:
Major players in the Electric Vehicle Battery Cooling Plate Market are still developing their products and technologies, and the competitive landscape is expected to change in the coming years.
Leading Electric Vehicle Battery Cooling Plate Market players are focusing on developing innovative products and solutions to meet the growing demand for electric vehicles. The Electric Vehicle Battery Cooling Plate Market is expected to witness significant growth in the coming years, driven by the increasing demand for electric vehicles.
Tesla, Inc. is one of the leading players in the Electric Vehicle Battery Cooling Plate Market. The company has a strong presence in the electric vehicle market and offers a wide range of electric vehicles, including the Model S, Model X, Model 3, and Model Y.
Tesla's battery cooling plate technology is designed to provide optimal cooling performance for its electric vehicle batteries. The company's battery cooling plate technology is also used in its energy storage systems.
Contemporary Amperex Technology Co., Limited (CATL) is another major player in the Electric Vehicle Battery Cooling Plate Market. The company is a leading manufacturer of lithium-ion batteries for electric vehicles and energy storage systems.
CATL's battery cooling plate technology is designed to provide high cooling efficiency and durability. The company's battery cooling plate technology is used in a variety of electric vehicles, including those manufactured by Tesla, Inc.
Key Companies in the Electric Vehicle Battery Cooling Plate Market Include:
- CATL
- Contemporary Amperex Technology Co., Limited
- Sanden Holdings Corporation
- Panasonic Corporation
- Valeo
- Hanon Systems Co. Ltd
- Modine Manufacturing Company
- DENSO Corporation
- EZETA
- Johnson Controls International plc
- Samsung SDI
- LG Energy Solution
- BYD Company Ltd
- Fuhrmeister
- MAHLE Group
Electric Vehicle Battery Cooling Plate Market Developments
The electric vehicle battery cooling plate market is projected to grow significantly over the next decade, driven by the increasing adoption of electric vehicles and the need for efficient battery thermal management. Key recent developments include:
- In 2023, Tesla announced the development of a new battery cooling system for its upcoming Cybertruck, utilizing a combination of liquid cooling and air cooling to enhance battery performance and durability.
- Contemporary Amperex Technology Co. Limited (CATL), a leading battery manufacturer, is investing heavily in research and development of advanced battery cooling technologies, including the development of lightweight and compact cooling plates with improved heat transfer capabilities.
- Governments worldwide are implementing policies and regulations to promote the adoption of electric vehicles, including tax incentives and investments in charging infrastructure. This is creating a favorable environment for the growth of the electric vehicle battery cooling plate market.
- Tier 1 automotive suppliers are partnering with battery manufacturers to develop and integrate innovative cooling solutions for electric vehicles. For example, Valeo and LG Energy Solution recently announced a joint venture to develop and produce battery cooling systems for electric vehicles.
These developments indicate a rapidly evolving market with significant growth potential for electric vehicle battery cooling plate manufacturers.
Electric Vehicle Battery Cooling Plate Market Segmentation Insights
- Electric Vehicle Battery Cooling Plate Market Cooling Medium Outlook
- Liquid Cooling
- Air Cooling
- Electric Vehicle Battery Cooling Plate Market Battery Type Outlook
- Lithium-ion Battery
- Lead-Acid Battery
- Nickel-Metal Hydride Battery
- Electric Vehicle Battery Cooling Plate Market Material Outlook
- Aluminum
- Copper
- Steel
- Carbon Fiber
- Electric Vehicle Battery Cooling Plate Market Design Outlook
- Single-Layer
- Multi-Layer
- Tubular
- Plate-Fin
- Electric Vehicle Battery Cooling Plate Market Application Outlook
- Passenger Vehicles
- Commercial Vehicles
- Two-Wheelers
- Heavy-Duty Vehicles
- Electric Vehicle Battery Cooling Plate Market Regional Outlook
- North America
- Europe
- South America
- Asia Pacific
- Middle East and Africa
| Report Attribute/Metric |
Details |
| Market Size 2022 |
2.21(USD Billion) |
| Market Size 2023 |
2.58(USD Billion) |
| Market Size 2032 |
10.2(USD Billion) |
| Compound Annual Growth Rate (CAGR) |
16.5% (2024 - 2032) |
| Report Coverage |
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Base Year |
2023 |
| Market Forecast Period |
2024 - 2032 |
| Historical Data |
2019 - 2023 |
| Market Forecast Units |
USD Billion |
| Key Companies Profiled |
CATL, Contemporary Amperex Technology Co., Limited, Sanden Holdings Corporation, Panasonic Corporation, Valeo, Hanon Systems Co. Ltd, Modine Manufacturing Company, DENSO Corporation, EZETA, Johnson Controls International plc, Samsung SDI, LG Energy Solution, BYD Company Ltd, Fuhrmeister, MAHLE Group |
| Segments Covered |
Cooling Medium, Battery Type, Material, Design, Application, Regional |
| Key Market Opportunities |
1 Rapid EV adoption 2 Growing demand for high-power batteries 3 Government incentives for EV infrastructure 4 Technological advancements in cooling systems 5 Increased use of liquid cooling systems |
| Key Market Dynamics |
1 Increasing demand for electric vehicles 2 Growing adoption of liquid cooling systems 3 Innovations in cooling plate designs 4 Government incentives and regulations 5 Focus on thermal management efficiency |
| Countries Covered |
North America, Europe, APAC, South America, MEA |
Frequently Asked Questions (FAQ) :
The Electric Vehicle Battery Cooling Plate Market is expected to reach USD 10.2 Billion by 2032, growing at a CAGR of 16.5% from 2024 to 2032.
The Asia-Pacific region dominated the Electric Vehicle Battery Cooling Plate Market, accounting for a significant share of the market in 2023 and is projected to continue its dominance throughout the forecast period.
The growth of the Electric Vehicle Battery Cooling Plate Market is primarily driven by the increasing demand for electric vehicles, rising concerns over battery safety, and government regulations promoting the adoption of electric vehicles.
Some of the key competitors in the Electric Vehicle Battery Cooling Plate Market include Valeo, Denso Corporation, 3M, Eberspächer, and Modine Manufacturing Company.
Electric Vehicle Battery Cooling Plates are primarily used in electric vehicles to regulate the temperature of battery packs, ensuring optimal performance and extending battery life.
Electric Vehicle Battery Cooling Plates come in various types, including liquid-cooled plates, air-cooled plates, and phase change material-based plates, each with its own advantages and applications.
The Electric Vehicle Battery Cooling Plate Market faces challenges such as the need for efficient and cost-effective cooling solutions, stringent safety regulations, and the development of advanced battery technologies.
Opportunities for growth in the Electric Vehicle Battery Cooling Plate Market include the increasing adoption of electric vehicles, technological advancements, and government initiatives to promote sustainable transportation.
The Electric Vehicle Battery Cooling Plate Market is expected to grow at a CAGR of 16.5% from 2024 to 2032.
Key trends shaping the Electric Vehicle Battery Cooling Plate Market include the integration of advanced materials, the development of lightweight and compact cooling systems, and the adoption of sustainable manufacturing practices.
