Ev Battery Cooling Plates Market Report

Market Insights

“The EV battery cooling plates market size was USD 1.4 billion in 2024 and is likely to grow at a strong CAGR of 11.7% in the long run to reach USD 3.2 billion in 2031.”

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Market Dynamics

Introduction

Battery cooling plates play a critical role in the thermal management systems of electric vehicles (EVs). They regulate and dissipate heat from battery cells, maintaining optimal operating temperatures to prevent overheating. This safeguards battery performance and safety, extends lifespan, supports fast charging, and boosts overall vehicle efficiency and reliability. As EV adoption grows and battery technologies evolve, the demand for advanced, compact, and efficient cooling plate solutions continues to rise across the automotive industry.

EV battery cooling plates are primarily used in liquid cooling systems, which offer high thermal efficiency by circulating coolant through metal plates in direct contact with battery modules. This method effectively manages heat in high-performance or fast-charging electric vehicles. However, air cooling systems are also used, particularly in smaller or cost-sensitive EVs, where natural or forced airflow dissipates heat from the battery pack. While air cooling is simpler and more cost-effective, it is less efficient than liquid cooling, especially under high thermal loads. The choice between air and liquid cooling depends on vehicle type, battery size, performance requirements, and design constraints.

Recent Market JVs and Acquisitions:

A considerable number of strategic alliances, including JVs, etc., have been performed over the past few years:

In 2024, Marelli secured a major contract from a leading global automaker to supply battery cooling plates for upcoming Battery Electric Vehicles (BEVs). Production is set to begin in 2024, with an estimated 5 million units to be delivered over the contract period. The agreement covers multiple vehicle platforms and segments across the Chinese, North American, and European markets.

Segment Analysis

By Propulsion Type

“BEV is expected to remain the dominant and faster-growing propulsion of the market in the coming years.”

The EV battery cooling plates market is segmented into BEV and HEV. Battery Electric Vehicles (BEVs) are seeing faster global adoption as governments prioritize full electrification over hybrid alternatives. BEVs depend solely on high-capacity battery packs, which generate significantly more heat during charging and discharging than those in hybrid vehicles. In contrast, hybrids use smaller batteries with lower thermal demands. As a result, BEVs require larger and more advanced cooling plates to effectively manage heat and ensure consistent battery performance, safety, and longevity. The rise in fast-charging infrastructure, increasing vehicle range expectations, and the adoption of high-energy-density battery chemistries further amplify the need for efficient cooling solutions.

By Vehicle Type

“LV is anticipated to contribute a larger share of the EV battery cooling plates market.”

The market is segmented into LV and M&HCV. LV (light vehicle), which includes passenger cars and light commercial vehicles (LCVs), holds a dominant share in the market due to the rising motorization rate and growing production volumes. The light vehicle (LV) uses high-energy-density lithium-ion batteries, which require efficient thermal management to prevent overheating and enhance performance. Cooling plates (serpentine or rectangular designs) are the preferred solution for uniform temperature regulation.

As production scales up and manufacturing costs decrease, electric passenger cars and LCVs are becoming more affordable, making them accessible to a broader consumer base, thereby increasing demand for thermal management technologies.

By Plate Type

“Rectangular plates are expected to remain the most preferred, whereas serpentine plates are likely to experience the faster growth in the market during the forecast period.”

The market is segmented into rectangular plates and serpentine plates. Rectangular battery cooling plates are expected to dominate the EV battery cooling plates market, driven by their widespread adoption in existing electric vehicle architectures. These plates offer a larger surface area for efficient heat dissipation, making them ideal for passenger cars, commercial EVs, and high-capacity battery packs. Their proven reliability, ease of manufacturing, and compatibility with modular battery pack designs enhance their appeal, further solidifying their dominant market position. Additionally, major OEMs and battery manufacturers have already integrated rectangular cooling plates into their EV platforms, ensuring continued demand.

The serpentine cooling plate is anticipated to grow at a faster rate, fueled by the rising adoption of high-performance EVs, the development of next-generation battery technologies, and advancements in fast charging. These plates' efficient design and ability to optimize heat dissipation in compact spaces make them increasingly popular in advanced EV applications. Additionally, their widespread use by Tesla in major models further contributes to the growth of this segment, solidifying their role in modern electric vehicle thermal management systems.

By Supply Chain Type

“OEMs are anticipated to contribute a larger share of the EV battery cooling plates market.”

The market is segmented into OEMs and battery manufacturers. OEMs are anticipated to hold a larger share; also, it will be the faster-growing category due to their direct involvement in vehicle manufacturing, strong supplier collaborations, and focus on advanced thermal management solutions.

OEMs leverage their partnerships with leading battery manufacturers like CATL, LG Energy Solution, Panasonic, and Samsung SDI, as well as thermal management system providers such as Valeo, Mahle GmbH, Dana Incorporated, Modine Manufacturing Company, and Marelli, to co-develop advanced cooling technologies. This allows for the seamless integration of cooling plates that are specifically engineered for high-performance battery systems, making them more efficient and reliable.

Regional Insights

“The Asia-Pacific is expected to be the dominant region, whereas North America will be the fastest-growing region of the market during the forecast period.”

In terms of region, the Asia-Pacific region is expected to dominate the EV battery cooling plates market due to the high concentration of EV production, strong presence of battery manufacturers, and government initiatives supporting electrification. Countries like China, Japan, and South Korea are home to leading EV manufacturers (BYD, NIO Inc., XPeng Inc., Toyota Motor Corporation, and Hyundai Motor Company) and major battery suppliers such as CATL, LG Energy Solution, and Panasonic, driving the demand for advanced battery cooling solutions. Additionally, the region benefits from cost-effective manufacturing, a well-established supply chain, and government subsidies, making it the largest market for EV components, including cooling plates.

In addition, North America is projected to be the fastest-growing region, fueled by rapid EV adoption and increasing investments in domestic battery production.

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Key players

The market is moderately fragmented, with over 60 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. The following are the key players in the EV battery cooling plates market.

Here is the list of the Top Players (Based on Dominance)

• Valeo
• Mahle GmbH
• Dana Incorporated
• Sogefi S.p.A.
• Borg Warner Inc.
• BYD
• Marelli

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept so that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The EV battery cooling plates market is segmented into the following categories. 

EV Battery Cooling Plates Market, by Propulsion Type

• BEV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• HEV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Battery Cooling Plates Market, by Vehicle Type

• LV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• M&HCV (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Battery Cooling Plates Market, by Plate Type

• Serpentine Plates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Rectangular Plates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Battery Cooling Plates Market, by Supply-Chain Type

• OEMs (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Battery Manufacturers (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Battery Cooling Plates Market, by Region

• North America (Country Analysis: The USA, Canada, and Mexico)
• Europe (Country Analysis: Germany, France, The UK, Italy, Russia, and Rest of Europe)
• Asia-Pacific (Country Analysis: Japan, China, South Korea, India, and Rest of Asia-Pacific)
• Rest of the World (Country Analysis: Brazil, Argentina, and Others)

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s EV battery cooling plates market realities and future market possibilities for the forecast period. 
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants and investors in identifying the low-hanging fruit available in the market and formulating growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 10 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Report Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respected clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

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