Industry: Automotive
Published Date: December-2024
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 186
Report ID: PMRREP35004
The global electric vehicle battery cooling plate market is to reach the size of US$ 3.1 Bn by 2024. It is anticipated to experience a CAGR of 21.2% during the forecast period to reach a value of US$ 11.9 Bn by 2031. By 2030, 30% of global EV charging stations are estimated to support ultra-fast charging. Global expansion of fast-charging networks (350–500 kW chargers) will necessitate robust cooling systems to prevent battery overheating during rapid charging cycles.
Cooling systems capable of handling thermal loads from 500 kW chargers will likely witness significant growth, with annual demand increasing by 25% to 30% annually. The need for efficient cooling plates that manage fast-charging heat without compromising safety is likely to drive significant innovation.
Manufacturers are likely to adopt lightweight and high-conductivity materials to overcome weight and space constraints. Graphene-Based Composites offering thermal conductivity up to 5000 W/m·K, graphene-enhanced materials are expected to reduce weight by 20% to 30%. Adoption of advanced materials is likely to result in a 15% to 20% reduction in weight for EV cooling plates by 2030, thereby boosting energy efficiency and driving range.
Key Highlights of the Industry
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Market Attributes |
Key Insights |
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Electric Vehicle Battery Cooling Plate Market Size (2024E) |
US$ 3.1 Bn |
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Projected Market Value (2031F) |
US$ 11.9 Bn |
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Global Market Growth Rate (CAGR 2024 to 2031) |
21.2% |
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Historical Market Growth Rate (CAGR 2019 to 2023) |
18.9% |
Asia Pacific is anticipated to hold a share of 37.9% in 2024. The region, particularly China, is the largest market for EVs worldwide. The region has become a hub for EV production with the presence of prominent automakers like BYD, Tesla, Nio, an Xpeng. India is emerging as a key player, with a growing demand for electric two-wheelers and three-wheelers, contributing to the rise of cooling plate applications in smaller EV designs.
China is expected to contribute 50% of global EV sales by 2030, directly influencing the battery cooling plate market, as cooling systems are essential for EV battery management. Countries in Asia Pacific, particularly, China, India, South Korea, and Japan have implemented policies that significantly support the adoption of electric vehicles.
The region is mainly investing in the expansion of its EV charging infrastructure to support the growing number of electric vehicles on the roads. By 2030, 85% of China’s EV chargers will be capable of fast charging, thereby driving the demand for advanced battery cooling systems to manage the high thermal load. India and South Korea are notably investing in electric buses and trucks to decrease urban air pollution, creating further demand for cooling plates.
Passenger car is likely to hold a share of 72.5% in 2024. Passenger electric vehicles are leading the global shift towards sustainable transportation. In 2023, global electric vehicle sales reached 14 million units, with passenger EVs representing about 80% of these total sales. Electric passenger cars are estimated to make up to 60% of global car sales by 2030, thereby increasing the demand for battery cooling solutions.
High-performance passenger EV models with long driving ranges and fast-charging capabilities, require advanced thermal management to avoid overheating and ensure optimal battery performance. By 2025, 60% of passenger electric vehicles are anticipated to feature fast-charging capabilities, boosting the demand for advanced cooling systems.
Passenger EVs are evolving to provide longer ranges, faster charging times, and better overall performance with battery technology innovations including solid-state batteries and higher energy density lithium-ion batteries. These advancements necessitate the use of advanced thermal management systems to ensure battery safety and durability.
Premium brands including Tesla, and Audi are expected to adopt solid-state batteries by 2027, posing a demand for cutting-edge battery cooling systems to support their performance.
BEV is predicted to hold a market share of 71.3% in 2024. They represented about 75% of total EV sales in 2023 and is expected to continue to grow owing to the global shift toward sustainable transport, thereby driving the demand for battery cooling solutions.
Larger battery packs in BEVs generate more heat during charging and discharging cycles, making advanced thermal management systems crucial to ensure battery performance, safety, and longevity. The Tesla Model S uses a 100 kWh battery pack, while the Rivian R1T features a 135 kWh battery pack, both of which require highly efficient cooling solutions.
Governments worldwide are increasingly adopting policies that encourage BEV adoption, including zero-emission vehicle (ZEV) mandates, tax incentives, and regulations targeting the reduction of CO2 emissions from transportation. Europe has committed to phasing out the sale of internal combustion engine vehicles by 2035, pushing BEVs to take the lead in the market.
As fast-charging infrastructure witnesses rapid growth, BEVs are being designed to support high charging rates, which also generate more heat, thereby necessitating more efficient cooling solutions.
Liquid cooling systems are estimated to hold a share of 77.2% in 2024. They provide superior thermal management compared to air cooling and phase-change materials owing to their high heat capacity and efficient heat transfer properties. These systems are also compact, enabling enhanced utilization of space in electric vehicles without compromising on thermal management.
Tesla and other high-end EV manufacturers are progressively adopting liquid cooling solutions in models like Model S and Model 3. These are equipped with liquid-cooled battery packs to effectively manage the heat generated during charging and discharging cycles.
The demand for liquid cooling solutions is estimated to increase by 22% to 25% annually as battery packs with capacities above 100 kWh become more common. High-performance and luxury EVs, featuring larger and high-capacity battery packs and supporting fast charging, are particularly reliant on liquid cooling to maintain battery temperature under high load.
Commercial EVs, including electric buses and trucks, are also progressively turning to liquid cooling to ensure optimal battery performance over extended ranges and under demanding conditions. New types of coolants, like water-glycol mixtures or synthetic coolants are designed to work efficiently, enabling better thermal conductivity while minimizing environmental impact.
The high upfront cost of liquid cooling systems is offset by their ability to improve the overall efficiency and lifespan of batteries, which are one of the most expensive components of electric vehicles. Prominent EV manufacturers including Tesla, BMW, Audi, and Volkswagen have already started to incorporate liquid cooling systems in their vehicles, with a focus on long-term performance and battery durability.
The electric vehicle battery cooling plate market is predicted to be driven by the increasing investments in fast-charging networks as they require highly efficient cooling systems to manage thermal stress. EV sales are predicted to exceed 17 million units by 2024, boosting the demand for advanced cooling systems.
Commercial vehicles including buses and trucks, are likely to progressively adopt battery cooling plates, thereby fostering expansion. Emerging technologies like immersion cooling and AI-integrated thermal management systems are expected to share the market.
The electric vehicle battery cooling plate market growth was robust at a CAGR of 18.9% during the historical period. Despite disruptions caused by the COVID-19 pandemic in manufacturing and supply chains, the EV market remained resilient. Cooling plate demand grew as EV sales rose by 43% globally.
The market witnessed a recovery with renewed investments in EV infrastructure and production in 2021. The market continued to expand owing to the acceleration of fast-changing technologies and stringent battery safety regulations. The industry witnessed an increasing demand for advanced cooling plates integrated in high-performance EVs and commercial electric vehicles.
Liquid cooling emerged as the preferred solution in the market owing to its superior heat dissipation and ability to manage high-energy-density batteries. Microchannel cooling plates became popular for optimizing coolant flow, decreasing space requirements, and enhancing cooling efficiency by up to 30% compared to conventional flat designs.
Increasing Focus on Battery Safety and Efficiency
Growing adoption of high-capacity batteries increases the risk of heat buildup during charging and discharging cycles. According to the National Renewable Energy Laboratory (NREL), maintaining batteries within an optimal temperature range of 15°C to 35°C can improve efficiency by up to 20% while extending battery life by 30% to 40%.
Policies like the UN ECE R100 and ISO 26262 focus on battery thermal safety. China’s GB 38031 standard and the European Union’s battery directives mandate thermal management measures to ensure battery pack safety during operations and fast charging. Such regulations play a crucial role in ensuring performance, reliability, and user safety.
Technological Innovations in Thermal Management
Innovations in cooling technologies ensure optimal battery temperature regulation, which is crucial for enhancing safety, efficiency, and performance of electric vehicles. The market is witnessing a transition from air cooling systems to liquid cooling solutions owing to their higher thermal conductivity, efficiency, and compact design.
Liquid cooling systems can achieve up to 2x to 3x higher cooling efficiency compared to air-cooled systems. Microchannel cooling plates are emerging as a modern solution for battery thermal management owing to their reduced pressure drop.
Microchannel cooling systems can increase thermal performance by 30%, compared to conventional flat-plate designs. Integration of Phase Change Materials (PCMs) in battery cooling systems assist in absorbing and storing excess heat. Based on a study conducted by the Journal of Thermal Analysis and Calorimetry in 2023, PMS can decrease battery temperature fluctuations by 10°C to 15°C, improving battery life by up to 20%.
Weight and Space Constraints
According to the U.S. Department of Energy, every 100 kg of added weight in an EV can reduce the driving range by approximately 6% to 8%. Integration of battery cooling plates into electric vehicles (EVs) poses a significant challenge due to weight and space limitations.
Cooling systems contribute 3% to 5% of the total vehicle weight, highlighting their significant impact on efficiency. Space is at a premium in EVs, as manufacturers aim to fit larger battery packs to extend vehicle range.
Battery cooling plates, while vital, take up space within the battery module or chassis. EV battery packs occupy 30% to 40% of the total space in an electric vehicle, leaving limited room for auxiliary systems, including cooling plates.
Integration with Smart Technologies
Incorporation of IoT sensors and smart diagnostics enables continuous monitoring of battery temperature, cooling plate efficiency, and overall thermal performance. AI-powered analytics can easily predict thermal runaway events, automate system adjustments, and detect inefficiencies in real time to prevent overheating. Smart cooling solutions can enhance battery life by maintaining optimal operating temperatures.
A study conducted by IDTechEx reveals that effective AI-based thermal management systems can increase EV battery efficiency by 10% to 15%, thereby translating into enhanced range and vehicle performance. Battery temperatures rises significantly during high-current charging owing to the rise of ultra-fast charging stations. Smart cooling plates equipped with active thermal controls and AI monitoring ensure that the generated heat is efficiently managed to prevent battery damage.
Focus on Commercial EVs and Battery Swapping
Commercial EVs, including trucks, delivery vans, fleet vehicles, and electric buses are witnessing rapid adoption owing to stringent emission norms, fuel savings, and government incentive for sustainable transport. Effective battery cooling systems are essential for safety, efficiency, and longevity of commercial EVs as they have larger battery packs.
Commercial fleets are mainly reliant on fast charging, raising battery temperatures while increasing the need for high-performance cooling plates. Solutions such as liquid cooling systems with microchannel technology are ideal for managing thermal stress in commercial EVs.
Swappable batteries need efficient cooling plates to ensure optimal performance. Manufacturers can develop modular and lightweight solutions to suit battery swapping technology, thereby ensuring ease of handling and installation.
Companies in the electric vehicle battery cooling plate market are developing liquid cooling systems, phase-change materials, and microchannel designs to improve thermal efficiency and cooling capacity. They are using lightweight materials to decrease weight while maintaining strength and heat conductivity. They are incorporating IoT-enabled sensors for real-time monitoring of battery temperatures to ensure better performance and safety.
Businesses are allocating significant budgets for research and development activities to enhance heat dissipation efficiency and battery longevity. Companies are achieving economies of scale to decrease production costs and improve profit margins. They are leveraging advanced manufacturing technologies like hydroforming and friction-stir welding to produce high-quality and cost-effective cooling plates.
Leading Players in the Industry
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Attributes |
Detail |
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Forecast Period |
2024 to 2031 |
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Historical Data Available for |
2019 to 2023 |
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Market Analysis |
US$ Billion for Value |
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Key Regions Covered |
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Key Market Segments Covered |
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Key Companies Profiled in the Report |
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Report Coverage |
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Customization and Pricing |
Available upon request |
By Vehicle Type
By Propulsion Type
By Technology
By Battery Type
By Region
To know more about delivery timeline for this report Contact Sales
The market is anticipated to reach a value of US$ 11.9 Bn by 2031.
It is a flat component made from thermally conductive materials like aluminium or copper.
Liquid cooling is the most efficient and practical method of cooling battery packs.
Asia Pacific is predicted to emerge as the leading region in the industry with a share of 37.9% in 2024.
Some of the leading players in the market include ZIEHL-ABEGG, Schaeffler Technologies AG & Co., KG, and Protean Electric.
