Battery Cooling Plate Market Size, Share & Trends Analysis Report By Product (Direct Cooling, Indirect Cooling), By Application (BEV, PHEV), By Region, And Segment Forecasts, 2022 - 2030

Report Overview

The global battery cooling plate market size was valued at USD 320.4 million in 2021 and is anticipated to witness a compound annual growth rate (CAGR) of 35.7% from 2022 to 2030. The growth is expected to be favorably impacted by the green energy initiatives adopted by governments worldwide. The automotive industry is in the limelight, with ongoing R&D for lightweight, energy efficient, and sustainable material alternatives. The electric vehicle (EV) market has witnessed tremendous growth as the world looks to switch to the usage of renewable energy sources. The governmental push toward aligning itself with the global decarbonization goals, in line with the 2021 Paris Agreement, has accelerated the production of EVs worldwide.

Several incentives have been provided for the sale of EVs and purchase, and by 2035 automakers are anticipated to convert their production lines to manufacture EVs. The largest battery cooling plate market was the U.S. in 2021. Passenger car production in the U.S. was 1.5 million in 2021, registering a decline of 26% from 2020. Among other macro-level factors that adversely impacted the automotive industry, this can be partially attributed due to the increasing demand for EVs, which witnessed sales growth of over 85% in 2021, as compared to 2020.

In line with the growing demand,  Tesla opened its new Giga-factory in April 2022 in Texas, with an investment of about USD 1 billion. The plant is expected to produce about 500,000 vehicles annually by 2023. Similarly, in December 2021, Rivian announced to construct a new EV production facility (pickup trucks and SUVs) in Georgia. This is the company’s second plant, which is expected to be commissioned in 2024, and would produce 4,000 vehicles per year. Several EV capacity expansion plans have been announced last year.

For instance, in September 2021, Ford Motor Corp. announced its plan to invest USD 11.4 billion in its Tennessee and Kentucky plants to produce EVs and lithium-ion batteries by 2025. EV manufacturers adopt different cooling methods for their cars, which help in addressing the thermal management challenges. Common challenges include leaks, corrosion, clogging, extreme weather conditions, and aging. As a result, to address such challenges, the battery cooling plate market is anticipated to augment during the forecast period.

Application Insights

Battery EV (BEV) held the largest revenue share of over 53.0% of the global market, and this trend is anticipated to continue to exhibit a CAGR of 40.3% during the forecast period. Rising investments toward expanding BEV production on account of anticipated demand are expected to positively influence segment growth. The plug-in hybrid EV (PHEV) segment is expected to register a 28.0% CAGR, in terms of revenue, from 2022 to 2030. Various governmental initiatives for developing charging infrastructure in regions such as the Asia Pacific and North America are anticipated to drive growth in this segment.

Automotive manufacturers such as Volkswagen and BMW are driving the sales of PHEVs in developing markets. Battery cooling plates are imperative for EVs to ensure no battery overheating occurs when power is delivered, and when it is being charged. Inefficient cooling can result in a thermal runaway that releases organic carbonates, which when mixed with air can cause fires. Hence, it offers temperature stability and prolongs the life of battery cells.

Product Insights

Indirect cooling held a revenue share of over 76.0% in 2021 of the global market and is expected to reveal a CAGR of 35.9% during the forecast period. This type of cooling circulates a liquid coolant through a series of metal pipes and has the lowest temperature rise compared to all other types. Manufacturers such as Tesla and BMW utilize this method of cooling in their vehicles. The coolant used in this technology is the same as that of Internal Combustion Engines, and hence technology is widely available, reliable, and has further scope for improvement.

Direct cooling is anticipated to exhibit a 35.2% CAGR during the forecast period.  The system places the battery cells in direct contact with the coolant liquid. This technology is upcoming and is in the R&D stage for the type of coolant that can be used. This is because the coolant must have low or no conductivity to achieve safe, and optimum performance. Companies such as 3M, Solvay, and M&I Material have developed specific coolants that can be used for EV batteries.

Regional Insights

Asia Pacific held a revenue share of over 49.0% in 2021 of the global market and is expected to reflect a CAGR of 37.6% in the forecast period. The presence of major EV manufacturers such as Tesla, Nissan, and General Motors in the region has led to the increasing consumption of battery cooling plates. For instance, a capacity expansion announcement was made by Tesla in its Shanghai plant in November 2021. This is anticipated to reach completion in August 2022. Such growth is anticipated to continue driving the market growth during the forecast period.

Europe held the second-largest revenue share of the global market in 2021 and is predicted to exhibit a 29.7% CAGR during the forecast period. EV growth here is driven by the need to comply with stringent EU CO₂ standards. This has led to the increasing number of automotive manufacturers committing to clean energy directives, converting their existing ICE lines to EVs, or setting up new EV production capacities.

North America is anticipated to register a growth rate of 42.5%, in terms of revenue, in the forecast period. Increasing investments for electric charging infrastructure such as Volkswagen Electrify America and Tesla supercharger have helped in making EVs increasingly attractive to buyers.

Key Companies & Market Share Insights

The battery cooling plate market is becoming increasingly competitive worldwide. The development of new cooling technologies has led to ongoing R&D, and coordinated efforts by value chain participants are likely to continue to improve efficiency and safety. The market competition is likely to enhance further with the development of EV technology and full-scale commercialization of these vehicles in the global fleet system. The key vendors of the industry are already striving to build a presence in key vehicle manufacturing countries across the globe. Some of the prominent players in the global battery cooling plate market include:

• 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

Battery Cooling Plate Market Report Scope

Global Battery Cooling Plate Market Segmentation

This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2017 to 2030. For this study, Grand View Research has segmented the global battery cooling plate market report based on product, application, and region:

• Product  Outlook (Revenue, USD Million, 2017 - 2030)

  • Direct Cooling

  • Indirect Cooling

• Application Outlook (Revenue, USD Million, 2017 - 2030)

  • BEV

  • PHEV

• Regional  Outlook (Revenue, USD Million, 2017 - 2030)

  • North America

    • U.S.

  • Europe

    • Germany

    • France

    • U.K.

    • Netherlands

  • Asia Pacific

    • China

    • Japan

  • Central & South America

  • Middle East & Africa