The Global Immersion Cooling Fluids Market for EVs Size is valued at 357.22 million in 2023 and is predicted to reach 2,628.14 million by the year 2031 at a 28.44% CAGR during the forecast period for 2024-2031.
Immersion cooling fluids employed in electric vehicles are technologically improving and are predicted to expand quicker during the projection period. Ongoing research and development operations in the manufacture of high-performance immersion cooling fluids are likely to promote key market development activities.
The global immersion cooling fluids market for Electric Vehicles (EVs) is still developing. The market for immersion cooling fluids is being driven by a rising fleet of electric vehicles. Thus, the global immersion cooling fluids market for EVs is predicted to grow significantly during the forecast period.
However, due to the COVID-19 lockout, large industries began to rethink their previous market outlook. Because of the economic difficulties, worldwide petroleum prices have fallen, resulting in EVs having a greater ownership cost than conventional vehicles.
However, there has been encouraging news about EV adoption among new customers and people, owing to increased awareness about emission management. Governments throughout the world are dedicated to implementing EV sales incentives and are concentrating on new and ambitious EV policies.
Competitive Landscape:
Some of the Immersion Cooling Fluids Market for EVs Players are:
- FUCHS
- The Lubrizol Corporation
- 3M
- Castrol Limited
- M&I Materials Ltd.
- Engineered Fluids
- Shell plc
- TotalEnergies SE
- Cargill Incorporated
- Dober
- LANXESS
- XING Mobility
- MAHLE GmbH
- Kreisel Electric
- E-MERSIV
- Tesla Inc.
- Volkswagen AG
- SAIC Motors
- BYD Co. Ltd.
- Stellantis N.V.
- General Motors
- Ford Motor Company
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Groupe Renault
- Toyota Motor Corporation
- Bayerische Motoren Werke (BMW) AG
Market Segmentation:
The Immersion Cooling Fluids Market for EVs is categorized on the basis of vehicle type, propulsion type, application, product type, and chemistry. Propulsion type includes Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-in Hybrid Electric Vehicles (PHEVs). The vehicle type segment includes passenger vehicles, light commercial vehicles, and heavy commercial vehicles. By application, the market is segmented into EV Batteries, EV Motors, and Power Electronics. The product segment includes single-phase coolants and two-phase coolants. Chemistry segment includes mineral oils and synthetic oils and esters.
Based On Product, The Single-Phase Coolant Segment Is Accounted As A Major Contributor In The Immersion Cooling Fluids Market For EVs
The single-phase coolant category is expected to hold a major share of the global Immersion Cooling Fluids Market for EVs in 2023. Single-phase coolants fulfill a wide range of battery EV performance needs in an effective and efficient manner. According to reports, the products are aimed at the expanding number of automobile manufacturers who are developing EVs. Battery EVs, like ordinary automobiles, require fluids to function. Current lubricants designed for internal combustion engines (ICEs) often fall short of the performance demands of high-tech EV powertrains. As a result, automakers are introducing new revolutionary products.
The Passenger Vehicles Segment Witnessed Growth At A Rapid Rate
The passenger vehicles segment is projected to grow at a rapid rate in the global Immersion Cooling Fluids Market for EVs. Rising government initiatives to provide subsidies for passenger EVs in countries such as Canada, China, and Japan, rapidly increasing EV penetration into the automotive industry, increasing sales volume, particularly for battery-powered vehicles, and increased investment in EV charging solutions are the most prominent factors expected to drive the fastest demand for fluids and lubricants required in Passenger EVs.
In The Region, Europe Immersion Cooling Fluids Market For EVs Holds A Significant Revenue Share
Europe's Immersion Cooling Fluids Market for EVs is expected to register the highest market share in terms of revenue owing to strong EV sales push tactics such as government subsidies of up to 20% of the vehicle's cost in Europe. Companies swiftly realize that they cannot afford to fall behind as European governments, as well as dozens of cities and states, intend to phase out new internal combustion engine (ICE) car sales by 2035. The rapidly growing number of vehicles and worsening traffic congestion in Asia Pacific's main cities have resulted in significant air and noise pollution, needing immediate and comprehensive measures to encourage low-emission autos. These significant reasons are projected to boost the Asia Pacific regional market.
Global Immersion Cooling Fluids Market Report Scope:
|
Report Attribute |
Specifications |
|
Market size value in 2023 |
USD 357.22 Mn |
|
Revenue forecast in 2031 |
USD 2628.14 Mn |
|
Growth rate CAGR |
CAGR of 28.44% from 2024 to 2031 |
|
Quantitative units |
Representation of revenue in US$ Billion, 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 statistics, growth prospects, and trends |
|
Segments covered |
Vehicle Type, Propulsion Type, Application, Product Type, And Chemistry |
|
Regional scope |
North America; Europe; Asia Pacific; Latin America; Middle East & Africa |
|
Country scope |
U.S.; Canada; U.K.; Germany; China; India; Japan; Brazil; Mexico; The UK; France; Italy; Spain; China; Japan; India; South Korea; Southeast Asia; South Korea; Southeast Asia |
|
Competitive Landscape |
FUCHS, 3M, Castrol Limited, M&I Materials Ltd., Shell plc, TotalEnergies SE, Cargill, Incorporated, Dober, LANXESS, SAIC Motors, MAHLE GmbH, Kreisel Electric, E-MERSIV, Tesla Inc., Volkswagen AG, BYD Co. Ltd., Engineered Fluids, Stellantis N.V., General Motors, Ford Motor Company, XING Mobility, Hyundai Motor Company, Groupe Renault, Honda Motor Co., Ltd., The Lubrizol Corporation, Toyota Motor Corporation, and Bayerische Motoren Werke AG. |
|
Customization scope |
Free customization report with the procurement of the report, 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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