Ev Battery Pack Cooling System Market
EV Battery Pack Cooling System Market Forecasts to 2030 - Global Analysis By Vehicle Type (Passenger Vehicle and Commercial Vehicle), Propulsion Type (Battery Electric Vehicle, Plug-in Hybrid Electric Vehicle and Hybrid Electric Vehicle), System Type and by Geography
According to Stratistics MRC, the Global EV Battery Pack Cooling System Market is accounted for $3.50 billion in 2024 and is expected to reach $9.16 billion by 2030 growing at a CAGR of 17.39% during the forecast period. The cooling system for electric vehicle (EV) battery packs is crucial for maintaining optimal performance and safety. Effective thermal management is necessary to avoid overheating and guarantee longevity because lithium-ion batteries produce heat during charging and discharging. Liquid cooling is the most efficient form of cooling, owing to its superior heat transfer capabilities, followed by air cooling and phase change materials (PCM). There are direct and indirect types of liquid cooling systems. Moreover, direct cooling allows battery cells to immediately absorb heat due to their immersion in a coolant.
According to the International Energy Agency (IEA), global electric car sales reached nearly 14 million in 2023. Electric car sales are projected to reach around 17 million by the end of 2024.
Market Dynamics:
Driver:
Growing electric vehicle (EV) demand
The need for energy independence, growing fuel costs, and environmental concerns are driving the global shift to electric vehicles. The need for effective battery cooling systems increases in tandem with the number of businesses and consumers choosing electric vehicles (EVs). In order to keep batteries operating within ideal temperature ranges and thereby improve their performance, longevity, and safety, effective cooling solutions are essential. Additionally, improvements in battery technology, which enable higher energy densities and thus call for better thermal management, further reinforce this trend.
Restraint:
High starting prices
A substantial upfront investment is needed for advanced cooling systems. The use of active cooling solutions, such as liquid cooling systems, raises manufacturing costs because of the complex components, such as sensors, pumps, and heat exchangers. Furthermore, the substantial initial outlay may discourage automakers from implementing these systems, particularly in markets where consumers may place a higher value on affordable cars than cutting-edge technology.
Opportunity:
Technological developments in cooling
The market players have a significant opportunity as long as cooling technologies continue to advance. Battery performance and lifespan can be greatly increased by innovations like phase-change materials, improved liquid cooling systems, and clever thermal management techniques. Moreover, businesses that make R&D investments to produce more economical and effective cooling systems will be in a strong position to gain market share as the sector develops.
Threat:
Threats from alternative technologies
Alternatives to conventional cooling systems for thermal management may surface as battery technology advances. Developments in solid-state batteries, for example, may result in less heat being produced while the battery is operating, which would eliminate the need for large cooling systems. Additionally, the market may be disrupted and demand for current cooling technologies reduced if these alternatives turn out to be more economical or efficient.
Covid-19 Impact:
The COVID-19 pandemic had a major effect on the market for EV battery pack cooling systems and caused extensive disruptions in a number of industries. Lockdowns, travel restrictions, and factory closures were some of the ways that the pandemic initially severely disrupted global supply chains, making it more difficult to produce and distribute critical parts for battery cooling systems. The inability of manufacturers to meet demand was severely impacted by the delays and shortages that followed. Furthermore, lowering demand for electric cars and the cooling systems that go along with them was the economic uncertainty brought on by the pandemic, which also resulted in lower consumer spending and a drop in car sales.
The Passenger Vehicle segment is expected to be the largest during the forecast period
Due to greater consumer interest and adoption rates than commercial vehicles, the passenger vehicle segment dominates the EV battery pack cooling system market. Significant research and development efforts are made to improve the performance, economy, and range of electric passenger cars, which benefits this market segment. Moreover, electric passenger cars are becoming more and more popular, and automakers are putting a lot of effort into producing them due to factors like cost consciousness, environmental consciousness, and government incentives.
The Plug-in Hybrid Electric Vehicle segment is expected to have the highest CAGR during the forecast period
In the market for EV battery pack cooling systems, the Plug-in Hybrid Electric Vehicle (PHEV) segment is anticipated to grow at the highest CAGR. In order to control the heat produced by the engine and the battery pack, plug-in hybrid electric vehicles (PHEVs) combine an internal combustion engine with an electric motor and a rechargeable battery. Additionally, this market segment for EV battery pack cooling systems is expanding at a rapid pace due to the rising demand for plug-in hybrid electric vehicles (PHEVs) and the requirement for sophisticated cooling technologies to guarantee their optimal performance and safety.
Region with largest share:
The market for EV battery pack cooling systems has largest market share in North America, because of the region's strong infrastructure for the development of electric vehicles and substantial government support. The focus on research and development in this area has resulted in the development of more effective cooling solutions specifically designed for electric vehicles. The adoption of electric vehicles has been encouraged by significant incentives and subsidies from the U.S. and Canada, which has increased demand for cutting-edge battery cooling technologies. Moreover, as consumer interest in electric vehicles grows, the requirement for dependable thermal management systems grows in importance in order to guarantee both safety and optimal battery performance.
Region with highest CAGR:
The market for EV battery pack cooling systems is anticipated to grow at the highest CAGR in the Europe region due to the presence of major manufacturers there and government initiatives that encourage the use of electric vehicles. Large investments in R&D benefit the European market by fostering innovations in battery cooling technologies that improve efficiency and performance. Additionally, the EV market is expanding in this region due in part to supportive regulations that aim to increase the use of renewable energy sources and reduce carbon emissions.
Key players in the market
Some of the key players in EV Battery Pack Cooling System market include MAHLE GmbH, TotalEnergies SA, Dana Incorporated, Kreisel Electric, Modine Manufacturing Company, E-MERSIV, RIGID HVAC CO., LTD, Miba Group, Boyd Corporation, Valeo, XING Mobility, VOSS Automotive, Inc., Hanon Systems, Webasto Group and Vikas Group.
Key Developments:
In April 2024, MAHLE Behr GmbH & Co. KGand HELLA GmbH & Co. KGaA successfully completed the sale of their respective 50 percent stake in the joint venture Behr-Hella Thermocontrol (""BHTC"") to AUO Corporation. The parties had signed an agreement to sell the shares on 2 October 2023; the transaction has now been approved by the relevant authorities.
In March 2024, TotalEnergies has signed, together with its partner QatarEnergy, an agreement to acquire participating interests in Block 3B/4B, offshore South Africa, from Africa Oil South Africa, Azinam (a wholly owned subsidiary of Eco Atlantic Oil and Gas) and Ricocure.
In February 2024, Dana Incorporated announced the company has entered into a definitive agreement to sell its European hydraulics business to HPI Group, a hydraulics business jointly held by Apogee Group and EiM Capital. The move is part of an ongoing evaluation of its operations and product portfolio.
Vehicle Types Covered:
• Passenger Vehicle
• Commercial Vehicle
Propulsion Types Covered:
• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle
System Types Covered:
• Liquid Cooling Systems
• Air Cooling Systems
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2022, 2023, 2024, 2026, and 2030
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Emerging Markets
3.7 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global EV Battery Pack Cooling System Market, By Vehicle Type
5.1 Introduction
5.2 Passenger Vehicle
5.3 Commercial Vehicle
6 Global EV Battery Pack Cooling System Market, By Propulsion Type
6.1 Introduction
6.2 Battery Electric Vehicle
6.3 Plug-in Hybrid Electric Vehicle
6.4 Hybrid Electric Vehicle
7 Global EV Battery Pack Cooling System Market, By System Type
7.1 Introduction
7.2 Liquid Cooling Systems
7.3 Air Cooling Systems
8 Global EV Battery Pack Cooling System Market, By Geography
8.1 Introduction
8.2 North America
8.2.1 US
8.2.2 Canada
8.2.3 Mexico
8.3 Europe
8.3.1 Germany
8.3.2 UK
8.3.3 Italy
8.3.4 France
8.3.5 Spain
8.3.6 Rest of Europe
8.4 Asia Pacific
8.4.1 Japan
8.4.2 China
8.4.3 India
8.4.4 Australia
8.4.5 New Zealand
8.4.6 South Korea
8.4.7 Rest of Asia Pacific
8.5 South America
8.5.1 Argentina
8.5.2 Brazil
8.5.3 Chile
8.5.4 Rest of South America
8.6 Middle East & Africa
8.6.1 Saudi Arabia
8.6.2 UAE
8.6.3 Qatar
8.6.4 South Africa
8.6.5 Rest of Middle East & Africa
9 Key Developments
9.1 Agreements, Partnerships, Collaborations and Joint Ventures
9.2 Acquisitions & Mergers
9.3 New Product Launch
9.4 Expansions
9.5 Other Key Strategies
10 Company Profiling
10.1 MAHLE GmbH
10.2 TotalEnergies SA
10.3 Dana Incorporated
10.4 Kreisel Electric
10.5 Modine Manufacturing Company
10.6 E-MERSIV
10.7 RIGID HVAC CO., LTD
10.8 Miba Group
10.9 Boyd Corporation
10.10 Valeo
10.11 XING Mobility
10.12 VOSS Automotive, Inc.
10.13 Hanon Systems
10.14 Webasto Group
10.15 Vikas Group
List of Tables
1 Global EV Battery Pack Cooling System Market Outlook, By Region (2022-2030) ($MN)
2 Global EV Battery Pack Cooling System Market Outlook, By Vehicle Type (2022-2030) ($MN)
3 Global EV Battery Pack Cooling System Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
4 Global EV Battery Pack Cooling System Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
5 Global EV Battery Pack Cooling System Market Outlook, By Propulsion Type (2022-2030) ($MN)
6 Global EV Battery Pack Cooling System Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
7 Global EV Battery Pack Cooling System Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
8 Global EV Battery Pack Cooling System Market Outlook, By Hybrid Electric Vehicle (2022-2030) ($MN)
9 Global EV Battery Pack Cooling System Market Outlook, By System Type (2022-2030) ($MN)
10 Global EV Battery Pack Cooling System Market Outlook, By Liquid Cooling Systems (2022-2030) ($MN)
11 Global EV Battery Pack Cooling System Market Outlook, By Air Cooling Systems (2022-2030) ($MN)
12 North America EV Battery Pack Cooling System Market Outlook, By Country (2022-2030) ($MN)
13 North America EV Battery Pack Cooling System Market Outlook, By Vehicle Type (2022-2030) ($MN)
14 North America EV Battery Pack Cooling System Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
15 North America EV Battery Pack Cooling System Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
16 North America EV Battery Pack Cooling System Market Outlook, By Propulsion Type (2022-2030) ($MN)
17 North America EV Battery Pack Cooling System Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
18 North America EV Battery Pack Cooling System Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
19 North America EV Battery Pack Cooling System Market Outlook, By Hybrid Electric Vehicle (2022-2030) ($MN)
20 North America EV Battery Pack Cooling System Market Outlook, By System Type (2022-2030) ($MN)
21 North America EV Battery Pack Cooling System Market Outlook, By Liquid Cooling Systems (2022-2030) ($MN)
22 North America EV Battery Pack Cooling System Market Outlook, By Air Cooling Systems (2022-2030) ($MN)
23 Europe EV Battery Pack Cooling System Market Outlook, By Country (2022-2030) ($MN)
24 Europe EV Battery Pack Cooling System Market Outlook, By Vehicle Type (2022-2030) ($MN)
25 Europe EV Battery Pack Cooling System Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
26 Europe EV Battery Pack Cooling System Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
27 Europe EV Battery Pack Cooling System Market Outlook, By Propulsion Type (2022-2030) ($MN)
28 Europe EV Battery Pack Cooling System Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
29 Europe EV Battery Pack Cooling System Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
30 Europe EV Battery Pack Cooling System Market Outlook, By Hybrid Electric Vehicle (2022-2030) ($MN)
31 Europe EV Battery Pack Cooling System Market Outlook, By System Type (2022-2030) ($MN)
32 Europe EV Battery Pack Cooling System Market Outlook, By Liquid Cooling Systems (2022-2030) ($MN)
33 Europe EV Battery Pack Cooling System Market Outlook, By Air Cooling Systems (2022-2030) ($MN)
34 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Country (2022-2030) ($MN)
35 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Vehicle Type (2022-2030) ($MN)
36 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
37 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
38 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Propulsion Type (2022-2030) ($MN)
39 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
40 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
41 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Hybrid Electric Vehicle (2022-2030) ($MN)
42 Asia Pacific EV Battery Pack Cooling System Market Outlook, By System Type (2022-2030) ($MN)
43 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Liquid Cooling Systems (2022-2030) ($MN)
44 Asia Pacific EV Battery Pack Cooling System Market Outlook, By Air Cooling Systems (2022-2030) ($MN)
45 South America EV Battery Pack Cooling System Market Outlook, By Country (2022-2030) ($MN)
46 South America EV Battery Pack Cooling System Market Outlook, By Vehicle Type (2022-2030) ($MN)
47 South America EV Battery Pack Cooling System Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
48 South America EV Battery Pack Cooling System Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
49 South America EV Battery Pack Cooling System Market Outlook, By Propulsion Type (2022-2030) ($MN)
50 South America EV Battery Pack Cooling System Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
51 South America EV Battery Pack Cooling System Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
52 South America EV Battery Pack Cooling System Market Outlook, By Hybrid Electric Vehicle (2022-2030) ($MN)
53 South America EV Battery Pack Cooling System Market Outlook, By System Type (2022-2030) ($MN)
54 South America EV Battery Pack Cooling System Market Outlook, By Liquid Cooling Systems (2022-2030) ($MN)
55 South America EV Battery Pack Cooling System Market Outlook, By Air Cooling Systems (2022-2030) ($MN)
56 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Country (2022-2030) ($MN)
57 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Vehicle Type (2022-2030) ($MN)
58 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Passenger Vehicle (2022-2030) ($MN)
59 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Commercial Vehicle (2022-2030) ($MN)
60 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Propulsion Type (2022-2030) ($MN)
61 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Battery Electric Vehicle (2022-2030) ($MN)
62 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Plug-in Hybrid Electric Vehicle (2022-2030) ($MN)
63 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Hybrid Electric Vehicle (2022-2030) ($MN)
64 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By System Type (2022-2030) ($MN)
65 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Liquid Cooling Systems (2022-2030) ($MN)
66 Middle East & Africa EV Battery Pack Cooling System Market Outlook, By Air Cooling Systems (2022-2030) ($MN)
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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