BEV and PHEV Cooling Systems Research Report： the market size is projected to reach USD 35.02 billion by 2031

BEV and PHEV cooling systems are key subsystems to ensure the safe and efficient operation of batteries, motors and power electronic equipment. It is a highly integrated thermal management system that needs to deal with the heat generated by battery charging and discharging, the heat generated by high-power operation of motors, and complex ambient temperature changes. Its performance directly affects the safety, endurance and life of the vehicle. With the improvement of battery energy density and the popularization of fast charging technology, efficient and intelligent cooling systems will become a key area of competition for automakers.

BEV and PHEV Cooling Systems Market Summary

According to the new market research report “Bare Wafer Storage System - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”, published by QYResearch, the global BEV and PHEV Cooling Systems market size is projected to reach USD 35.02 billion by 2031, at a CAGR of 19.68% during the forecast period.

• Global BEV and PHEV Cooling Systems MarketSize(US$ Million), 2020-2031

Source: QYResearch, "Bare Wafer Storage System - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

• Global BEV and PHEV Cooling Systems Top8Players Ranking and Market Share (Ranking is based on the revenue of 2024, continually updated)

Source: QYResearch, "Bare Wafer Storage System - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

According to QYResearch Top Players Research Center, the global key manufacturers of BEV and PHEV Cooling Systems include MAHLE, Valeo, Hanon Systems, Sanhua, etc. In 2024, the global top four players had a share approximately 57.76% in terms of revenue, the global top three players had a share approximately 50.00% in terms of revenue.

Industry Trends:

System Integration: The cooling system has evolved from a single function to integrated vehicle thermal management, sharing cooling circuits with batteries, motors, etc. to form a closed-loop control.

Lightweight Materials: New materials such as graphene coatings and nanofluids improve thermal conductivity and help lightweight design.

Heat Pump Technology Innovation: Heat pump systems (absorbing heat from the environment in winter) have become mainstream, and are combined with battery waste heat recovery technology to improve battery life.

Restraint:

Cooling requirements for high energy density components: New technologies such as SiC power devices and 4680 cylindrical batteries require a 30%-50% increase in heat dissipation efficiency, and existing liquid cooling solutions are facing limits.

Extreme working conditions adaptation issues: In high temperature (50℃+) or high cold (-30℃) environments, the cooling system energy efficiency decays by more than 40%, requiring additional energy consumption compensation, affecting battery life.

Difficulty in Cross-Domain Technology Integration: The controller PCB layout needs to be optimized in coordination with the cooling channel (such as matching the IGBT spacing with the cold plate fins), the efficiency of cross-disciplinary collaboration is low, and the iteration cycle is extended.

Difficulty in Breaking Through Heat Flux Density: When the heat flux density of the battery module exceeds 100W/cm², the local temperature difference of the current liquid cooling solution can reach more than 15℃, which is difficult to meet the needs of 4680 batteries or supercharging technology.

Opportunity:

Increasing Penetration of Electric Vehicles: Global electric vehicle sales and penetration are increasing, directly driving demand for cooling systems.

Consumer Demand: Consumers' preference for electric vehicles with longer driving range, faster charging speed and stronger performance has brought new driving forces to cooling systems.

Policy and Regulatory Drive: Governments around the world encourage the popularization of electric vehicles and implement stricter safety emission standards.

Technological Development and Innovation: Technical developments such as higher energy density, fast charging, integrated thermal management, cold plate innovation, lightweight and sustainability, and AI-driven control bring new opportunities for electric vehicle cooling systems.

About The Authors

Yuan Zhidan - Main Analyst of this Article

Email: yuanzhidan@qyresearch.com

Focusing on research in the automotive and semiconductor industry chain related fields, including automotive parts, chip sensors, laser equipment, etc., she has solid professional basic knowledge and market research and communication skills.

About QYResearch

QYResearch founded in California, USA in 2007.It is a leading global market research and consulting company. With over 17 years’ experience and professional research team in various cities over the world QY Research focuses on management consulting, database and seminar services, IPO consulting (data is widely cited in prospectuses, annual reports and presentations), industry chain research and customized research to help our clients in providing non-linear revenue model and make them successful. We are globally recognized for our expansive portfolio of services, good corporate citizenship, and our strong commitment to sustainability. Up to now, we have cooperated with more than 60,000 clients across five continents. Let’s work closely with you and build a bold and better future.

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