EV Power Electronics Cooling Plates Market Analysis | 2024-2031

Market Insights

“The EV power electronics cooling plates market size was US$ 1.2 billion in 2024 and is likely to grow at a strong CAGR of 10.7% in the long run to reach US$ 2.7 billion in 2031.”

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Market Dynamics

Introduction

EV power electronics cooling plates are thermal management devices that dissipate heat generated by power electronic components such as inverters, converters, and on-board chargers. Typically made from high thermal conductivity materials like copper or aluminium, these plates facilitate optimal operating temperatures. By effectively removing heat from vital components, they avoid overheating, facilitate even temperature distribution, and ensure overall reliability and performance of electronic systems.

Key advantages of power electronics cooling plates are improved energy efficiency by keeping electronic components within optimal temperature ranges, longer service life of power electronics through reduced thermal stress, enhanced safety, preventing thermal runaway or component failure, and support for higher power density, enabling advanced fast-charging and high-performance EV systems.

Recent Market JVs and Acquisitions:

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

In October 2024, Jabil Inc. acquired Mikros Technologies LLC, a key player in the engineering and manufacturing of liquid cooling solutions for thermal management. The acquisition strengthened Jabil Inc.'s thermal management capabilities.

Segments' Analysis

By EV Type

“HEV holds the larger share in the market, whereas BEV is likely to experience faster growth during the forecast period.”

The EV power electronics cooling plates market is segmented into BEV and HEV. HEVs (Hybrid Electric Vehicles) currently represent the larger propulsion type, which demands thermal management for the internal combustion engine and electric components. Their widespread adoption, continuous operation of power electronics, and minimal dependence on charging infrastructure drive strong demand for reliable cooling solutions.

BEVs (Battery Electric Vehicles) are experiencing faster global adoption, driven by government policies promoting full electrification. Since BEVs rely entirely on electric powertrains, they generate more heat during charging and discharging than HEVs. This necessitates more advanced and comprehensive thermal management systems to maintain performance, safety, and energy efficiency.

By Vehicle Type

“LV (Light Vehicle) is anticipated to contribute a larger share of the EV power electronic cooling plates market.”

The market is segmented into LV and M&HCV. Passenger cars constitute the largest segment of the automotive industry, amplifying the impact of electrification within the LV (light vehicle) category. LVs have packed a dense array of power electronics in smaller spaces, making advanced cooling systems essential for safe and reliable operation. Efficient heat dissipation becomes critical in these vehicles to maintain performance without compromising space or energy efficiency.

M&HCVs (Medium and heavy Commercial Vehicles) are likely to remain the smaller vehicle type in the market primarily due to their lower production volumes, slower electrification rates, and limited adoption compared to light vehicles.

By Application Type

“Inverter is expected to remain the widely used application type in the market during the forecast period.”

The market is segmented into inverter, converter, and on-board charger. Inverters play a central role in EVs by converting DC from the battery into AC for the motor, generating significant heat. As every electric vehicle depends on this conversion, inverters consistently require cooling plates to ensure performance, efficiency, and system reliability. The converter is anticipated to remain the second-largest application type in the market during the forecast period, driven by the increasing complexity of EV electrical architectures, growing adoption of multi-voltage systems, and rising demand for efficient thermal management in high-power charging and DC-DC conversion applications.

By Material Type

“Aluminium holds a larger market share, and it is also expected to be the fastest-growing material of the market during the forecast period.”

The market is segmented into copper and aluminium. Aluminium’s dominance is driven by its excellent thermal conductivity, lightweight nature, cost-effectiveness, and ease of manufacturing. These properties make aluminium especially well-suited for electric vehicle applications, where efficient heat dissipation, weight reduction, and scalability are critical for performance, energy efficiency, and mass production.

By Integration Type

“Integrated cooling plates hold the largest market share and are also expected to experience the fastest growth in the coming years.”

The market is segmented into standalone and integrated cooling plates. Integrated cooling plates are expected to gain a larger share of the EV power electronics cooling plates market, as they combine thermal management for multiple components, such as inverters, converters, and onboard chargers, into a single compact unit. This integration reduces space, weight, and system complexity while enhancing thermal efficiency and cutting manufacturing and assembly costs, all of which are critical in EV design.

Regional Insights

“Asia-Pacific is expected to remain the largest market for EV power electronics cooling plates during the forecast period, whereas North America is estimated to be the fastest-growing during the forecast period.”

The market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. Asia-Pacific is expected to dominate the market due to the high concentration of EV production and government initiatives supporting electrification. Countries like China, Japan, and South Korea are home to leading EV manufacturers (BYD, Nio, XPeng, Toyota, Hyundai), driving the demand for advanced power electronics 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.

North America is witnessing the fastest growth in the market due to robust EV expansion and increasing demand for efficient thermal solutions. This growth is further fueled by strong government incentives for electrification, rising investments in EV infrastructure, and the presence of major automotive and power electronics manufacturers.

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Key Players

The market is moderately fragmented, with over 20 players. Key leading players are supplying both battery cooling plates and power electronics cooling plates. Valeo, Mahle GmbH, and Dana Incorporated are the leading players in both cooling plate types. BYD is one of the key OEMs that manufactures both battery cooling plates and power electronics cooling plates in-house. The following are the key players in the EV power electronics cooling plates market. Here is the list of the Top Players (Based on Dominance)

• BYD
• Mahle GmbH
• Valeo Group
• Dana Incorporated
• BorgWarner Inc.
• Robert Bosch GmbH

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

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Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s EV power electronics cooling plates market realities and future market possibilities for the forecast period.
• The report segments and analyses 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 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 power electronics cooling plates market is segmented into the following categories:  

EV Power Electronics 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 Power Electronics 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 Power Electronics Cooling Plates Market, by Application Type

• Inverter (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Converter (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• On-Board Charger (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Power Electronics Cooling Plates Market, by Material Type

• Copper Cooling Plates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Aluminium Cooling Plates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Power Electronics Cooling Plates Market, by Integration Type

• Standalone Cooling Plates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)
• Integrated Cooling Plates (Regional Analysis: North America, Europe, Asia-Pacific, and Rest of the World)

EV Power Electronics 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)

Customization Options

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• Detailed profiling of additional market players (up to three players)
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Competitive Benchmarking

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

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