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Battery Cooling Plate Market To Reach $5.01 Billion By 2030

The global battery cooling plate market size is expected to reach USD 5.01 billion by 2030, growing at a CAGR of 37.4% from 2023 to 2030, according to a new report by Grand View Research, Inc. The increasing demand for electric vehicles (EVs) because of the ongoing decarbonization efforts and green energy initiatives is anticipated to be the key driver for market growth during the forecast period.

Battery electric vehicles (BEV) are anticipated to drive volume demand in the market. The BEVs use a battery pack to store electrical energy to power their motors. Battery cooling plates are widely utilized as heat dissipation is extremely important for the safety and optimum performance of the vehicle. The battery cooling plates are mainly used in liquid cooling, a widely used battery thermal management system technology.

The increase in the production of EV batteries is fueling market growth. For instance, as of June 2023, GM and Samsung SDI are building a new EV battery plant worth USD 3 billion in Indiana, U.S., as a joint venture. This will be GM’s fourth battery plant in the U.S. In addition, in May 2023, Hyundai and LG Energy announced a new EV battery plant in the U.S., worth USD 4.3 billion.

Indirect cooling held the largest revenue share of the market in 2022, and it is likely to continue its dominance during the forecast period. Like traditional internal combustion engines, the liquid coolant circulates through a system of pipes embedded into a battery cooling plate. It is the most widely used commercial technology, readily utilized by EVs. There is ongoing R&D to develop more efficient cooling methods.

Asia Pacific held the largest revenue share of the market in 2022 due to the highest volumes sold. Charging infrastructure is being developed at a rapid pace. Various tax incentives are being provided to buyers to encourage purchases. For instance, in June 2023, China offered the EV industry its largest package of tax breaks of USD 72.3 billion for over four years, aiming to boost the slowing auto sales.

Battery Cooling Plate Market Report Highlights

Based on process indirect cooling is anticipated to register the fastest CAGR of 37.5%, in terms of revenue, from 2023 to 2030. This cooling type is widely used in electric vehicles(EVs) because of its established technology, widely available coolant liquid, and economical cost
Based on application, BEV is anticipated to register the fastest CAGR of 42.1% in terms of revenue, during the forecast period. BEVs are purely battery-operated vehicles with zero carbon emissions and attract tax incentives for their production and purchase
Based on region, Asia Pacific is expected to register the fastest CAGR of 39.2%, in terms of revenue, over the forecast period. Various government initiatives are propelling the growth. For instance, the region is part of the Electric Vehicles Initiative (EVI), a forum to accelerate the adoption of EVs worldwide
In September 2021, MAHLE GmbH developed a new system for cooling batteries. The immersion cooling technology helps reduce charging time for EVs; thus, batteries can be smaller, resulting in more resource-efficient and low-cost EVs

Battery Cooling Plate Market Segmentation

Grand View Research has segmented the global battery cooling plate market based on process, application, and region:

Battery Cooling Plate Process Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)