Battery cooling plates provide a mechanical and thermal interface to regulate the temperature of the battery pack. A heated/cooled coolant flows through the cooling surface and keeps the temperature of the battery units within optimum limits. The overall process also helps in extending the life of the battery. While these can be used in any and every segment which require thermal regulation of batteries, cooling plates have seen significant uptake in the automotive industry, especially with the rise of electric and hybrid vehicles.
The global battery cooling plates market was valued at USD 735.8 million in 2020 and is expected to grow at a steady CAGR of 28.1% to reach USD 3,361.1 million by 2025. The market can be segregated by the type of material used to make the battery cooling plates, that is aluminum and steel. Aluminum plates have been gaining significant traction over the last few years with most of the new vehicles being manufactured post 2017 or 2018 having cooling plates made of aluminum.
The battery cooling plates mostly customized for a vehicle type with the OEMs having high level on involvement during the design and conceptualization of the cooling plates. As such, value based pricing is one of the most commonly used pricing strategies used across the industry.
Cooling plates are still in their early stages of development. Several companies are researching to broaden the scope of usage of a cooling plate or to manufacture the plates using materials that make thermal management better at the same time using lightweight materials to do so. All these will culminate in better quality of cooling plates helping the market grow from a value-driven perspective.
One of the major constraints that the market is the lack of customization. Different OEMs have their battery units built to different specifications. Therefore, the specifications to which the cooling plates are to be built also changes from vehicle to vehicle. Additionally, the cooling plates need to be designed keeping in mind the packing of cells and modules. All these results in a severe lack of standardization. This directly impacts the pricing of the product.
The battery cooling plates industry is highly dependent on the consumption of Li-ion batteries in EVs. Changes is design or requirement in the Li-ion batteries may uplift or disrupt the market drastically. One of the impending challenges to this market is the introduction of solid state devices and their requirement for cooling plates. Although the cooling plates in SSD are made of aluminum, yet the engineering of these cooling plates would be different which means greater investment would be required in research and development.
The key manufacturers for battery cooling plates are Mahle GmbH, Modine Manufacturing, Valeo, Sanhua Automotive, DANA, Estra Automotive, Nippon Light Metal Co. Ltd., etc. The battery cooling plate market has a fair mix of global players and regional players. The concentration of local players is more in the APAC region, especially in China. Overall, the market is consolidated with the top 10 players occupying over 65% of the market share. Grand View Research will help our client identify the best-suited suppliers by mapping their core capabilities and operational efficiency.
Component wise cost break down for better negotiation for the client, highlights the key cost drivers in the market with future price fluctuation for different materials (e.g.: steel, aluminum, etc.) used in the production process
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Determining and forecasting salaries for specific skill set labor to make decision on outsourcing vs in-house.
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