Electric Vehicle Battery Cooling Plate Market Size, Share & COVID-19 Impact Analysis, By Vehicle Type (Passenger Car and Commercial Vehicle), By Propulsion Type (BEV and HV), By Technology (Liquid Cooling and Air Cooling), By Battery Type (Lithium-ion and Nickel-Metal Hydride), and Regional Forecast, 2023 – 2030

The global electric vehicle battery cooling plate market size was valued at USD 1.43 billion in 2022. The market is projected to grow from USD 1.86 billion in 2023 to USD 7.26 billion by 2030, exhibiting a CAGR of 21.4% during the forecast period.

The Electric Vehicle (EV) battery cooling plate is a component designed to manage the temperature of the battery pack in an electric vehicle. It typically consists of a conductive plate with channels or passages through which a cooling fluid, such as coolant or refrigerant circulates. This helps dissipate heat generated during the charging and discharging processes, maintaining optimal operating temperatures for the battery cells and ensuring their efficiency, performance, and longevity. The growing adoption of advanced cooling systems for enhanced performance is anticipated to propel the electric vehicle battery cooling plate market growth.

COVID-19 IMPACT

Increased EV Sales and Technological Development Fueled Market Demand during Pandemic

In the early stages, the pandemic disrupted the global supply chains, affecting the production of EV components, including the electric vehicle battery cooling plates. Delays in the supply of materials and components led to production slowdown and increased cost. The economic uncertainty caused by the pandemic led to reduced consumer demand for electric vehicles, impacting the overall EV market. This, in turn, increases demand for battery cooling plates.

However, some governments implemented stimulus packages and incentives to support the EV industry during the pandemic. These measures helped boost electric vehicle sales, which helped to lift the market of electric vehicle components as well, indirectly influencing the demand for electric vehicle battery cooling plates.

LATEST TRENDS

Trend of Advancement and Adoption of Liquid Cooling Systems Fuels Market Development

One of the key ongoing trends in the global market is the advancement and adoption of liquid cooling systems. Liquid cooling, which involves the circulation of a coolant through channels or plates adjacent to the battery cells, offers several advantages. Liquid cooling is highly effective in dissipating heat generated during battery operation, maintaining optimal temperature levels within the battery pack. This efficiency contributes to improved battery performance, safety, and longevity. As EV manufacturers strive to improve battery technology and energy density, advanced thermal management becomes essential, driving the demand for cooling plates.

The trend in the EV industry is moving toward high-energy-density batteries that offer longer driving ranges. For Instance, in March 2023, QpiVolta, a subsidiary of Qpi Technology, developed a lithium-based solid-state battery with high energy density. QpiVolta has achieved an impressive energy density of 360 Wh/kg for NMC-based batteries and 220 Wh/kg for cobalt-free LFP batteries.

DRIVING FACTORS

Rapid Expansion of the EV Sector Boosts the EV Battery Cooling Plate Market Progress

The key factor that fuels market growth is the rapid expansion of the Electric Vehicle (EV) sector. As the demand for electric vehicles continues to rise due to environmental concerns and government incentives, the need for efficient electric vehicle battery cooling plates becomes critical. Cooling plates play a vital role in maintaining the temperature of electric vehicle batteries, ensuring their performance, safety, and longevity.

As more consumers and businesses choose EVs over traditional internal combustion engine vehicles, there is a growing demand for EV components, including batteries and related cooling systems, such as cooling plates. The EV market’s growth fosters innovation in battery technology and cooling solutions, leading to more efficient and effective electric vehicle battery cooling plates that can handle the demands for larger and more powerful EV batteries.

RESTRAINING FACTORS

Technical Issues of Liquid Cooling Systems May Hamper Market Growth

Most of the EV manufacturers adopt liquid cooling plates in their electric vehicles. Any technical defaults, such as leaks, corrosion, and other faults may setback the market of liquid cooling plates. As the liquid cooling system relies on the circulation of coolant, any malfunction, damage, or manufacturing defect can lead to coolant leaks. These leaks pose safety risks, including electrical malfunctions, fires, and even electric shocks to passengers or first responders. The primary liquid cooling system issues encountered with electric vehicle batteries encompass concerns, such as leaks, corrosion, clogging, climate-related challenges, and aging. Notably, liquid cooling systems introduce unique challenges not found in air cooling systems, which may hinder their adoption.

SEGMENTATION

By Vehicle Type Analysis

Passenger Car Segment Growth Propelled by Environmental Concerns

By vehicle type, the market is segmented into passenger car and commercial vehicle. The passenger car segment holds the highest electric vehicle battery cooling plate market share globally and is expected to grow during 2023-2030. Passenger cars represent the largest segment of the automotive market, and there is a growing demand for electric passenger cars due to environmental concerns, government incentives, and advancements in EV technology. This represents the dominance of the segment in the electric vehicle battery cooling market.

The commercial vehicle segment holds the second largest market share. Electric commercial vehicles provide potential cost savings attributed to lower operating costs, reduced fuel expenses, and lower maintenance costs. This attracts the commercial sector organizations, which fuels the segment growth.

By Propulsion Type Analysis

BEVs Segment Leads Owing to Rising Incentive Benefits from Governments for Pure BEVs

By propulsion type, the market is segmented into BEV and HV. The BEV segment holds the maximum market share globally. Many consumers are increasingly choosing BEVs due to their silent operation, lower operating costs, and reduced environmental impact. Moreover, governments actively providing incentive benefits and emission free targets in countries support BEV sales in respective regions. In addition, according to the International Energy Agency (IEA), around 7.3 million BEVs were sold in 2022. The BEV segment witnessed a rise of 58.7%, as compared to the previous year, 2021, which was 4.6 million BEVs. This shift in consumer preference is a significant driver of the BEV segment dominance.

The HV segment holds the second-largest market share. The growth of this segment is driven by the ongoing improvements in hybrid technology, including more advanced battery systems and regenerative braking systems that enhance the performance and efficiency of HEVs.

By Technology Analysis

Liquid Cooling Segment Commands Market Due to Rising EV Fast Charging Infrastructure 

By technology, the market is segmented into liquid cooling and air cooling. The liquid cooling segment holds the maximum market share globally. The segmental growth is attributed to increasing EV fast-charging infrastructure globally. For instance, in June 2023, the U.S. Department of Transportation (DOT) specified that Direct Current Fast Chargers (DCFCs) enable fast charging along busy corridors at installed stations. DCFC devices can charge BEVs to 80 percent in just 20 minutes to 1 hour. During this process, the battery generates a significant amount of heat, which can be efficiently cooled with liquid cooling systems. This development is anticipated to drive market growth during the forecast period.

The air cooling segment holds the second-largest market share. Air cooling systems are generally simpler and more cost-effective to install and maintain compared to liquid cooling systems. This makes them an attractive option for manufacturers seeking to reduce costs. These advantages generate a demand for air cooling plates for electric vehicle battery cooling systems.

By Battery Type Analysis

Lithium-ion Segment Sparks Growth with Increasing Technological Advancement and Performance of EVs

By battery type, the market is projected into lithium-ion and nickel–metal hydride. The lithium-ion segment holds the maximum market share globally. The segmental growth is attributed to batteries providing excellent performance in terms of power output and acceleration, meeting the demand for electric vehicles for quick acceleration and high torque. This fuels the demand for segmental growth in the market.

The nickel–metal hydride segment holds the second-largest market share. NiMH (Nickel-metal Hydride) batteries have been used in hybrid electric vehicles for many years. They are a well-established and proven technology that propels market growth of the segment.

REGIONAL INSIGHTS

The market is analyzed across North America, Europe, Asia Pacific, and the rest of the world.

Asia Pacific stood at USD 0.73 billion in 2022 and will likely dominate the market. Asia Pacific dominated the market in 2022 and is expected to continue its dominance throughout the forecast period, with the fastest CAGR. APAC countries, especially China, Japan, South Korea, and India, are major manufacturing hubs for both electric vehicles and their components. These countries have established a robust supply chain and manufacturing infrastructure, making it cost-effective to produce battery cooling plates and other EV components. This fuels the dominance as well as the growth of the region in the market.

Europe holds the second-largest market share as the region is an early adopter of electric vehicles. The growth of the region is primarily driven by Europe’s commitment to green mobility and reducing its carbon footprint. As a result, there is strong support for EVs as part of the effort to achieve cleaner and more sustainable transportation. For instance, in October 2022, the European Union reached a political agreement to ban the sales of non-electric vehicles by the year 2035.

North America market’s growth is fueled by the increasing demand for electric vehicles in the region. The expansion of charging infrastructure, including public charging stations and home charging solutions, has alleviated range anxiety, making electric passenger cars more practical for everyday use. This propels the adoption of electric passenger cars, indirectly fueling the market. In September 2023, the U.S. government invested USD 100 million for the repair and replacement of existing and non-operational electric vehicle charging infrastructure.

KEY INDUSTRY PLAYERS

Companies Focus on a Wide Range of Product Offerings to Gain Competitive Edge

Key market players include BorgWarner Inc., Sogefi Group, and Dana Limited. Manufacturers focus on providing technologically advanced electric vehicle battery cooling plates for various vehicles globally.

Dana Limited is one of the leading electric vehicle battery cooling plate manufacturers. The company focuses on R&D activities to develop new innovative products with improved capabilities. The company provides a liquid-cooled plate for mounting hard can battery modules. The company developed a lightweight aluminum design for these cooling plates.

List of Key Companies Profiled:

• BorgWarner Inc. (U.S.)


• Sogefi Group (Italy)


• Dana Limited (U.S.)


• Ningbo Cheeven New Materials Technology Co., Ltd. (China)


• Modine Manufacturing Company (U.S.)


• Senior Flexonics (U.S.)


• Columbia Staver Limited (U.K.)


• Shenzhen Cotran New Material CO., LTD. (China)


• ESTRA (U.S.)


• Vikas Group (India)


• Mersen Corporate Services SAS (France)


• Boyd Corporation (U.S.)


• Zhejiang SANHUA Automotive Components (China)


• MAHLE GmbH (Germany)


• ONEGENE (U.S.)


• Yinlun Co Ltd. (China)

KEY INDUSTRY DEVELOPMENTS:

• March 2023 - Columbia Staver Limited introduced/designed a cold plate that can significantly reduce the delta T between individual battery cells. The Isothermal cold plate has the inlet and outlet on the same end of the plate. The inlet and outlet connectors can be customer-specified and can be in line with or at 90° to the manifold.


• October 2022 - Modine Manufacturing Company signed an agreement with The Shyft Group to deploy a custom EVantage battery thermal management system for blue arc EV Solutions Class 3 all-electric delivery vehicle. The Modine EVantage Solution for Shyft delivers an integrated system for battery thermal management, power electronics cooling, and passenger comfort.


• September 2022 - Ningbo Cheeven New Materials Technology Co., Ltd. introduced FSW liquid cooling plates. FSW creates solid-state bonds with remarkable mechanical strength. This ensures the structural integrity of the cooling plates, making them robust and durable.


• August 2022 - Dana Limited announced that the company would establish a new battery cooling plate manufacturing operation in Auburn Hills, Michigan, with a valuation of USD 54.2 million. The project is anticipated to create 200 jobs by 2025. The company plans to lease space in a 350,000-square-foot building where it will manufacture electric vehicle battery cooling plates designed to extract heat from lithium-ion battery cells. Production is planned to begin in early 2023.


• March 2022 - Senior Flexonics announced that the company is conducting research into the feasibility and benefits of utilizing adhesives in the manufacturing process of EV battery thermal management plates. The research and development project that the Welsh Government partially funds in partnership with the European Regional Development Fund.

REPORT COVERAGE

The electric vehicle battery cooling plate market research report provides a detailed analysis focusing on key aspects such as leading market players, competitive landscape, and vehicle type. Besides, the report includes insights into the market trends and highlights key industry developments. In addition to the factors above, the report encompasses several factors that contributed to the market's growth in recent years.

REPORT SCOPE & SEGMENTATION