Battery Cooling Plates Market Report

Market Insights

“The Battery Cooling Plates Market value was US$ 1.87 Billion in 2023 and is likely to grow at a robust CAGR of 21.5% in the long run to reach US$ 7.28 Billion in 2032.”

Market Dynamics

Introduction

The battery cooling market is centered on technologies and solutions associated with battery cooling in end-use segments such as electric vehicles, energy storage systems, and consumer electronics. Air conditioning and cooling are critical factors that impact efficiency, safety, and battery life. Some of the main factors include increased acceptance of electric cars and enhanced innovations in battery systems. Recent Market JVs and Acquisitions:

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

• In June 2023, the Chinese government put in place its biggest package of tax incentives of USD 72 to the EV industry. 3 billion for more than four years to increase the stagnant auto demand.
• In May 2023, Hyundai and LG Energy revealed a plan to open a new EV battery plant in the U. S. with a cost of USD 4. 3 billion
• In August 2022, The Michigan Economic Development Corporation’s (MEDC) board approved new savings for electric vehicle batteries and components such as battery cooling plates for foreign carmakers.

Recent Product Development:

• In February 2023, Battery and e-mobility solutions supplier BorgWarner declared it would supply a German OEM with new battery cooling plates for EVs. This would offer a smaller cooling capacity, which would, in turn, mean lower costs and weight.
• In June 2023, GM and its battery supplier, Samsung SDI, resolved to invest USD 3 billion in a new EV battery plant in Indiana, U. S. an area of joint venture. This would be GM’s fourth battery plant in the United States.
• In April 2022, Tesla also launched a giga factory in Texas, which cost about one billion US dollars and is likely to assemble half a million vehicles annually by the year 2023. It also plans to build more battery testing facilities, such as battery cooling plates and drive unit manufacturing plants.
• In September 2021, MAHLE GmbH came up with a new cooling system for batteries. The immersion cooling technology entails the lowering of the charging time of the EVs; therefore batteries can be smaller making the EVs more resource-efficient and low-cost.
• In September 2021, Ford Motor revealed that it would pump USD 11 billion in its plants in Tennessee and Kentucky to develop lithium-ion batteries and electric vehicles by 2025 which led to high usage of battery cooling plates.

Segment Analysis

By Process Type

“Indirect cooling is expected to remain dominant in the market during the forecast period”.

• The process battery cooling plates market is segmented into direct cooling and indirect cooling.
• Indirect cooling is dominating the market during the forecasted period. Indirect cooling involves circulating a liquid coolant through metal pipes and experiences the least rise in temperature among the various classifications. Various car makers including Tesla and BMW have implemented this method of cooling in their vehicles.
• Direct cooling is expected to remain the highest growth rate in the forecast period. This technology stipulates that the coolant must be a poor conductor of electricity to operate safely and to the optimum level. Some of the coolants that can be used for EV batteries have been developed by companies such as 3M, Solvay, and M&I Material.

By Application Type

“BEV is expected to capture the largest market share of the global Battery Cooling Plates market whereas PHEV is the fastest growing market during the forecast period”.

• The market is segmented into BEV and PHEV.
• Battery electric vehicles (BEV) captured the largest share of the market owing to an increase in investments aimed at the development of BEV production.
• Companies in the automotive industry like Volkswagen and BMW are leading the increase in demand for PHEVs in developing regions. Battery cooling plates are particularly crucial for EVs as they guarantee that no battery drums when strength is conveyed while charging.
• Attempts by governments around the world to invest in effective charging infrastructure in areas like the Asia Pacific and North America will be instrumental in bolstering the growth of this segment.

Regional Analysis

“The Asia-Pacific is expected to remain the largest market for Battery Cooling Plates during the forecast period”.

• Asia Pacific is dominating the battery cooling plates market in 2023, due to the leading manufacturers involved in the production of EVs having located their production facilities in Asia-pacific, BYD, Tesla, Nissan, and General Motors which in result have boosted the consumption of battery cooling plates.
• Europe secured the second-largest revenue market share of the global market in 2023. The growth of EVs here is a result of the rising pressure to meet regulatory requirements of the EU CO2 standards. This has led to more automotive manufacturers pledging toward adhering to clean energy directives, retooling their conventional ICE lines to electric vehicles, or setting up additional electric vehicle lines.
• North America is expected to grow at the highest CAGR during the forecast period. Through developments such as Volkswagen Electrify America and Tesla superchargers, investments in these EVs have been made to make them even more appealing to buyers

Key Players

The market is highly fragmented with the presence of over 100 players across the region. 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 battery cooling plates market. Some of the major players are highly integrated in the market.

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

• Bespoke Composite Panels
• Dana Limited
• Estra Automotive
• HELLA GmbH & Co. KGaA
• KOHSAN Co., Ltd
• MAHLE GmbH
• Modine Manufacturing Company
• Nippon Light Metals
• Priatherm
• SANHUA Automotive

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

Are you the leading player in this market? We would love to include your name. Write to us at [email protected]

Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such 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 global Battery Cooling Plates market is segmented into the following categories. 

Battery Cooling Plates Market, by Process Type

• Indirect Cooling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• Direct Cooling (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Battery Cooling Plates Market, by Application Type

• BEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)
• PHEV (Regional Analysis: North America, Europe, Asia-Pacific, and RoW)

Battery Cooling Plates Market, by Region

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

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s 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 in order to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate 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 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

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

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]