EV Battery Pack Cooling System Market Size was valued at USD 2.85 Bn in 2023 and is predicted to reach USD 8.09 Bn by 2031 at a 14.21% CAGR during the forecast period for 2024-2031.
An EV battery pack cooling system is an integral aspect of the design of electric vehicles to maintain the packs’ temperature within a specific range. This sector, which is important to the supply chain for electric vehicles, expects to gain from the increasing demand for efficient cooling systems caused by the growing EV battery pack cooling system market. One of the main drivers is the rise in EV usage worldwide.
The need for effective and dependable battery cooling systems to preserve the safety and maximum performance of EV batteries has increased as governments and consumers place a greater emphasis on sustainability and a rise in demand for EV battery pack cooling systems. The market is growing due to innovation in liquid cooling, adaptive controls, fast-charging technology, and environmentally friendly solutions. These developments increase the effectiveness and security of EV battery cooling systems, increasing consumer interest in electric vehicles. In addition, driven by the increasing popularity of electric vehicles (EVs), which are more popular due to their affordability and environmental friendliness, they are also expected to contribute to the market’s expansion.
However, the EV battery pack cooling system market slows down due to various factors, such as the high cost and large amount of heat they produce. EVs face a considerable challenge regarding battery cooling, which could compromise their overall performance and lifespan. The manufacture of EV batteries is initially expensive, limiting this sector's growth. Moreover, the market is expected to experience growth throughout the projected time frame due to technological innovations, rising government support, rising industrialization, and an increase in urbanization.
Competitive Landscape
Some of the Major Key Players in the EV Battery Pack Cooling System Market are
- Boyd Corporation
- Dana Limited
- E-MERSIV
- Hanon Systems
- Kreisel Electric
- MAHLE GmbH
- Miba AG
- Modine Manufacturing
- RIGID HVAC
- TotalEnergies
- Valeo
- Vikas Group
- VOSS Automotive, Inc.
- Webasto Group
- XING Mobility
Market Segmentation:
The EV battery pack cooling system market is segmented based on vehicle, propulsion, and system types. Based on vehicle type, the market is segmented into passenger vehicles and commercial vehicles. By propulsion type, the market is segmented into battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. By system type, the market is segmented into air cooling systems and liquid cooling systems.
Based on Vehicle Type, The Passenger Vehicle Segment Is Accounted as a Major Contributor in the EV Battery Pack Cooling System Market
The passenger vehicle category will hold a significant share of the global EV battery pack cooling system market in 2022. This is because compared to electric commercial vehicles, consumer interest in and purchase of electric passenger cars has been higher. This demand has been propelled by cost awareness, environmental consciousness, and government incentives. Because they account for a larger percentage of the market, passenger cars have been the primary target of research and development efforts to improve cooling systems. Improving passenger EVs' economy, range, and performance is often the primary focus of manufacturers' research and development efforts. During the forecast period, all these factors are anticipated to propel the market for electric vehicle battery pack cooling systems.
Liquid Cooling Systems Segment Witnessed Growth at a Rapid Rate
The liquid cooling systems segment is projected to grow rapidly in the global EV battery pack cooling system market because they can efficiently remove heat from the cells, guaranteeing ideal working conditions and extending the battery’s lifespan and capacity. Liquid cooling is frequently used over air-cooled systems for electric vehicles needing high power output. This is because liquid cooling can handle higher heat loads more skillfully. Liquid cooling becomes increasingly important when battery capacities rise, as in the case of long-range electric vehicles. It assists in equitably distributing the cooling effect over a bigger battery pack, preserving constant temperatures. Continuous improvements in liquid cooling systems, such as creating more efficient coolant materials and designs, have strengthened their market dominance.
In the Region, The North American EV Battery Pack Cooling System Market Holds a Significant Revenue Share.
The North American EV battery pack cooling system market is expected to register the highest market share in revenue in the near future. The region is growing because it sets the standard for creating more productive and efficient cooling solutions due to its significant R&D emphasis. The market in this area has been greatly boosted by substantial government incentives, subsidies, and rules encouraging the use of electric vehicles and growing the market in this region. In addition, the Asia Pacific, the region’s EV battery pack cooling system market, is experiencing expansion because of the strong presence of EV manufacturing hubs, technical developments, encouraging governmental regulations encouraging the use of electric vehicles, and ongoing innovation in EV battery cooling systems was a significant influence.
Recent Developments:
- In January 2024, Hanon Systems reached a new manufacturing milestone at its automobile compressor plant in Palmela, Portugal. The facility has produced over 500,000 compressors designed to work with the eco-friendly refrigerant R744.
- In February 2024, Dana Incorporated, a frontrunner in electrification solutions for environmentally friendly commercial vehicle transportation, announced a new line of e-transmissions for medium-duty electric vehicles, adding to its already extensive lineup of Spicer ElectrifiedTM e-Powertrains.
- In January 2024, Wenea and TotalEnergies announced a partnership to create a network of high-power charging hubs throughout Spain and help the country become a leader in electric mobility.
EV Battery Pack Cooling System Market Report Scope
|
Report Attribute |
Specifications |
|
Market Size Value In 2023 |
USD 2.85 Bn |
|
Revenue Forecast In 2031 |
USD 8.09 Bn |
|
Growth Rate CAGR |
CAGR of 14.21% from 2024 to 2031 |
|
Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
|
Historic Year |
2019 to 2023 |
|
Forecast Year |
2024-2031 |
|
Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
|
Segments Covered |
By Vehicle Type, By Propulsion Type, By System Type and By Region |
|
Regional Scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
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Country Scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; France; Italy; Spain; South East Asia; South Korea |
|
Competitive Landscape |
Boyd Corporation, Dana Limited, E-MERSIV, Hanon Systems, Kreisel Electric, MAHLE GmbH, Miba AG, Modine Manufacturing, RIGID HVAC, TotalEnergies, Valeo, Vikas Group, VOSS Automotive, Inc., Webasto Group and XING Mobility |
|
Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
|
Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
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