Electric Vehicle Cooling Systems Market Trends：the market size is projected to reach USD 35.02 billion by 2031

The electric vehicle cooling system is a key subsystem 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.

Electric Vehicle Cooling Systems Market Summary

According to the new market research report “Electric Vehicle Cooling Systems - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”, published by QYResearch, the global Electric Vehicle Cooling Systems market size is projected to reach USD 35.02 billion by 2031, at a CAGR of 20.1% during the forecast period.

• Global Electric Vehicle Cooling Systems MarketSize(US$ Million), 2020-2031

Source: QYResearch, "Electric Vehicle Cooling Systems - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

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

Source: QYResearch, "Electric Vehicle Cooling Systems - Global Market Share and Ranking, Overall Sales and Demand Forecast 2025-2031”

According to QYResearch Top Players Research Center, the global key manufacturers of Electric Vehicle Cooling Systems include MAHLE, Valeo, etc. In 2024, the global top three players had a share approximately 50.0% in terms of revenue.

In terms of product type, currently Power Battery System is the largest segment, hold a share of 72.9%. Today, most batteries use active cooling, using liquid for cooling to improve temperature management. Since the thermal conductivity of liquid is hundreds of times higher than that of air, temperature management is much simpler. Markets such as North America, Europe, and South Korea prefer high-performance liquid cooling + heat pumps. Liquid cooling has been popularized in mid-to-high-end Chinese models, while some models in India and Japan still use wind to reduce costs. The global trend is moving towards efficient liquid cooling systems to improve battery life and adapt to extreme climates.

In terms of product application, currently BEV is the largest segment, hold a share of 61.2%. The cooling system of pure electric vehicles (BEVs) is mainly used for power batteries, motors and electronic control systems. Most models use liquid cooling for power battery cooling, and high-end models introduce heat pump systems to improve energy efficiency. The overall trend is developing towards efficient liquid cooling + thermal management integrated solutions to improve endurance and adapt to extreme climates. The cooling system of plug-in hybrid electric vehicles (PHEVs) is more complex than that of BEVs, and it is necessary to manage engine cooling, power battery cooling and motor electronic control cooling at the same time. The demand for power battery cooling is relatively low, and some models use air cooling to reduce costs, while high-end PHEVs gradually introduce liquid cooling technology. The engine cooling system still uses the traditional fuel vehicle solution. Overall, PHEVs have lower battery management requirements than BEVs, but are still moving towards a more efficient hybrid thermal management system to optimize the synergistic efficiency of fuel and electric modes.

Market Drivers:

Growing Adoption of Electric Vehicles (EVs): The global shift towards EVs due to sustainability goals and government incentives is driving demand for advanced cooling systems to enhance battery and powertrain efficiency.

Advancements in Battery Technology & Thermal Management: High-energy-density lithium-ion batteries require efficient cooling to prevent overheating, extend lifespan, and improve performance.

Restraint:

High Cost of Advanced Cooling Systems: Liquid cooling and two-phase cooling systems significantly increase EV manufacturing costs, limiting adoption in budget and mid-range EVs.

Complexity of System Integration: Thermal management in EVs requires precise integration of cooling loops, battery packs, and power electronics, increasing design complexity.

Opportunity:

Development of Next-Gen Cooling Technologies: Innovations in direct liquid immersion cooling, nano-coolants, and thermal phase-change materials will enhance EV thermal efficiency.

Advancements in Solid-State & Fast-Charging Batteries: As solid-state batteries and ultra-fast charging solutions become mainstream, cooling technologies will evolve to support new requirements.

About The Authors

Airong Wang– As a Junior Analyst with two years of experience at QYResearch, I specialize in market research and the preparation of in-depth industry reports. With a strong foundation in data collection and analysis, I effectively identify key market trends, assess competitive landscapes, and provide actionable insights for clients.

Leveraging my academic background in logistics and auto, I bring a technical understanding of the industry, which enhances the quality of my analysis and reports. My expertise lies in conducting feasibility studies, identifying growth opportunities, and helping businesses make informed, strategic decisions.

Email: wangairong@qyresearch.com

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, 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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