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.
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.
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.
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.
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.
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Report Attribute |
Specifications |
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Market Size Value In 2023 |
USD 2.85 Bn |
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Revenue Forecast In 2031 |
USD 8.09 Bn |
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Growth Rate CAGR |
CAGR of 14.21% from 2024 to 2031 |
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Quantitative Units |
Representation of revenue in US$ Bn and CAGR from 2024 to 2031 |
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Historic Year |
2019 to 2023 |
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Forecast Year |
2024-2031 |
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Report Coverage |
The forecast of revenue, the position of the company, the competitive market structure, growth prospects, and trends |
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Segments Covered |
By Vehicle Type, By Propulsion Type, By System Type and By Region |
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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 |
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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 |
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Customization Scope |
Free customization report with the procurement of the report and modifications to the regional and segment scope. Particular Geographic competitive landscape. |
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Pricing And Available Payment Methods |
Explore pricing alternatives that are customized to your particular study requirements. |
Chapter 1. Methodology and Scope
1.1. Research Methodology
1.2. Research Scope & Assumptions
Chapter 2. Executive Summary
Chapter 3. Global EV Battery Pack Cooling System Market Snapshot
Chapter 4. Global EV Battery Pack Cooling System Market Variables, Trends & Scope
4.1. Market Segmentation & Scope
4.2. Drivers
4.3. Challenges
4.4. Trends
4.5. Investment and Funding Analysis
4.6. Industry Analysis – Porter’s Five Forces Analysis
4.7. Competitive Landscape & Market Share Analysis
4.8. Impact of Covid-19 Analysis
Chapter 5. Market Segmentation 1: by Vehicle Type Estimates & Trend Analysis
5.1. by Vehicle Type & Market Share, 2019 & 2031
5.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Vehicle Type:
5.2.1. Passenger Vehicle
5.2.2. Commercial Vehicle
Chapter 6. Market Segmentation 2: by Propulsion Type Estimates & Trend Analysis
6.1. by Propulsion Type & Market Share, 2019 & 2031
6.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Propulsion Type:
6.2.1. Battery Electric Vehicle
6.2.2. Hybrid Electric Vehicle
6.2.3. Plug-in Hybrid Electric Vehicle
Chapter 7. Market Segmentation 3: by Application Estimates & Trend Analysis
7.1. by Application & Market Share, 2019 & 2031
7.2. Market Size (Value (US$ Mn)) & Forecasts and Trend Analyses, 2019 to 2031 for the following by Application:
7.2.1. Air Cooling System
7.2.2. Liquid Cooling Systems
Chapter 8. EV Battery Pack Cooling System Market Segmentation 4: Regional Estimates & Trend Analysis
8.1. North America
8.1.1. North America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Vehicle Type, 2023-2031
8.1.2. North America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Propulsion Type, 2023-2031
8.1.3. North America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.1.4. North America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.2. Europe
8.2.1. Europe EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Vehicle Type, 2023-2031
8.2.2. Europe EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Propulsion Type, 2023-2031
8.2.3. Europe EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.2.4. Europe EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.3. Asia Pacific
8.3.1. Asia Pacific EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Vehicle Type, 2023-2031
8.3.2. Asia Pacific EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Propulsion Type, 2023-2031
8.3.3. Asia-Pacific EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.3.4. Asia Pacific EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.4. Latin America
8.4.1. Latin America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Vehicle Type, 2023-2031
8.4.2. Latin America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Propulsion Type, 2023-2031
8.4.3. Latin America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.4.4. Latin America EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
8.5. Middle East & Africa
8.5.1. Middle East & Africa EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Vehicle Type, 2023-2031
8.5.2. Middle East & Africa EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Propulsion Type, 2023-2031
8.5.3. Middle East & Africa EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by Application, 2023-2031
8.5.4. Middle East & Africa EV Battery Pack Cooling System Market Revenue (US$ Million) Estimates and Forecasts by country, 2023-2031
Chapter 9. Competitive Landscape
9.1. Major Mergers and Acquisitions/Strategic Alliances
9.2. Company Profiles
9.2.1. Boyd Corporation
9.2.2. Dana Limited
9.2.3. E-MERSIV
9.2.4. Hanon Systems
9.2.5. Kreisel Electric
9.2.6. MAHLE GmbH
9.2.7. Miba AG
9.2.8. Modine Manufacturing
9.2.9. RIGID HVAC
9.2.10. TotalEnergies
9.2.11. Valeo
9.2.12. Vikas Group
9.2.13. VOSS Automotive, Inc.
9.2.14. Webasto Group
9.2.15. XING Mobility
9.2.16. Other Prominent Players
EV Battery Pack Cooling System Market-By Vehicle Type
EV Battery Pack Cooling System Market-By Propulsion Type
EV Battery Pack Cooling System Market-By System Type
EV Battery Pack Cooling System Market-By Region
North America-
Europe-
Asia-Pacific-
Latin America-
Middle East & Africa-
InsightAce Analytic follows a standard and comprehensive market research methodology focused on offering the most accurate and precise market insights. The methods followed for all our market research studies include three significant steps – primary research, secondary research, and data modeling and analysis - to derive the current market size and forecast it over the forecast period. In this study, these three steps were used iteratively to generate valid data points (minimum deviation), which were cross-validated through multiple approaches mentioned below in the data modeling section.
Through secondary research methods, information on the market under study, its peer, and the parent market was collected. This information was then entered into data models. The resulted data points and insights were then validated by primary participants.
Based on additional insights from these primary participants, more directional efforts were put into doing secondary research and optimize data models. This process was repeated till all data models used in the study produced similar results (with minimum deviation). This way, this iterative process was able to generate the most accurate market numbers and qualitative insights.
Secondary research
The secondary research sources that are typically mentioned to include, but are not limited to:
The paid sources for secondary research like Factiva, OneSource, Hoovers, and Statista
Primary Research:
Primary research involves telephonic interviews, e-mail interactions, as well as face-to-face interviews for each market, category, segment, and subsegment across geographies
The contributors who typically take part in such a course include, but are not limited to:
Data Modeling and Analysis:
In the iterative process (mentioned above), data models received inputs from primary as well as secondary sources. But analysts working on these models were the key. They used their extensive knowledge and experience about industry and topic to make changes and fine-tuning these models as per the product/service under study.
The standard data models used while studying this market were the top-down and bottom-up approaches and the company shares analysis model. However, other methods were also used along with these – which were specific to the industry and product/service under study.
To know more about the research methodology used for this study, kindly contact us/click here.
