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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.
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.
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.
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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.
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.
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.
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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.
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.
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.
The market is analyzed across North America, Europe, Asia Pacific, and the rest of the world.
Asia Pacific Electric Vehicle Battery Cooling Plate Market size, 2022 (USD Billion)
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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.
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.
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.
An Infographic Representation of Electric Vehicle Battery Cooling Plate Market
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CAGR of 21.4% from 2023 to 2030
Value (USD Billion)
By Vehicle Type
By Propulsion Type
By Battery Type
As per the Fortune Business Insights study, the market size was USD 1.43 billion in 2022.
The market is growing at a CAGR of 21.4% over the forecast period (2023-2030)
The passenger car segment is expected to lead the market due to the increasing adoption of passenger vehicles globally.
The market size in Asia Pacific stood at USD 0.73 billion in 2022.
BorgWarner Inc., Sogefi Group, and Dana Limited are some of the top electric vehicle battery cooling plate producers in the market.
Asia Pacific held the largest share of the market in 2022.
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