Battery Cooling Plate Market To Reach $6,791.3 Million By 2033

Battery Cooling Plate Market Growth & Trends

The global battery cooling plate market size is expected to reach USD 6,791.3 million by 2033, registering a CAGR of 28.6% from 2026 to 2033, according to a new report by Grand View Research, Inc. The increasing demand for electric vehicles (EVs) because of the ongoing decarbonization efforts and green energy initiatives is anticipated to be the key driver for market growth during the forecast period.

Battery electric vehicles (BEV) are anticipated to drive volume demand in the market. The BEVs use a battery pack to store electrical energy to power their motors. Battery cooling plates are widely utilized as heat dissipation is extremely important for the safety and optimum performance of the vehicle. The battery cooling plates are mainly used in liquid cooling, a widely used battery thermal management system technology.

The increase in the production of EV batteries is fueling market growth. For instance, as of June 2023, GM and Samsung SDI are building a new EV battery plant worth USD 3 billion in Indiana, U.S., as a joint venture. This will be GM’s fourth battery plant in the U.S. In addition, in May 2023, Hyundai and LG Energy announced a new EV battery plant in the U.S., worth USD 4.3 billion.

Indirect cooling held the largest revenue share of the market in 2022, and it is likely to continue its dominance during the forecast period. Like traditional internal combustion engines, the liquid coolant circulates through a system of pipes embedded into a battery cooling plate. It is the most widely used commercial technology, readily utilized by EVs. There is ongoing R&D to develop more efficient cooling methods.

Asia Pacific held the largest revenue share of the market in 2022 due to the highest volumes sold. Charging infrastructure is being developed at a rapid pace. Various tax incentives are being provided to buyers to encourage purchases. For instance, in June 2023, China offered the EV industry its largest package of tax breaks of USD 72.3 billion for over four years, aiming to boost the slowing auto sales.

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Battery Cooling Plate Market Report Highlights

• By process, the indirect cooling segment held the revenue share of over 77% in 2025. The direct cooling segment is gaining traction due to its superior thermal efficiency and ability to handle high heat loads in advanced battery systems.

• By application, the BEV segment held the revenue share of over 62.0% in 2025. The Plug-in Hybrid Electric Vehicle (PHEV) segment combines an internal combustion engine with a rechargeable battery system.

• Asia Pacific dominated the battery cooling plate market with the largest market revenue share of over 52.0%.

• China dominates the Asia Pacific battery cooling plate market, supported by its leading position in electric vehicle production and a well-established battery manufacturing ecosystem.

Battery Cooling Plate Market Segmentation

Grand View Research has segmented the global battery cooling plate market report on the basis of process, application, and region:

Battery Cooling Plate Process Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• Indirect Cooling

• Direct Cooling

Battery Cooling Plate Application Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• BEV

• PHEV

Battery Cooling Plate Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2021 - 2033)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • Italy

  • France

  • Russia

• Asia Pacific

  • China

  • India

  • Japan

• Latin America

  • Brazil

• Middle East & Africa

  • Saudi Arabia

  • UAE

List of Key Players of Battery Cooling Plate Market

• 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