Market Overview:
The Global Electric Vehicle Cooling Systems Market size is expected to grow from USD 2.04 billion in 2022 to USD 2.75 billion by 2030, at a CAGR of 3.8% during the forecast period (2023-2030).
The cooling system is a necessary component of an electric vehicle to maintain the battery's temperature. Electric vehicles rely on rechargeable batteries for mobility. When they supply power to the motors in electric vehicles, batteries produce heat, so a thermal management system is necessary to keep them from overheating. A sort of thermal management system, the battery cooling system aids in controlling the temperature of the battery and associated electronic components in electric vehicles. One of the main reasons for the accelerating pace of battery deterioration in electric vehicles is overheating. The battery needs to work hard and gradually degrades in performance as a result of heat production.
Top Key Players Covered In The Electric Vehicle Cooling Systems Market:
- Robert Bosch GmbH (Germany)
- Gentherm Incorporated (US)
- Valeo (France)
- Dana Incorporated (US)
- Mahle GmbH (Germany)
- Hanon Systems (South Korea)
- Voss Automotive GmbH (Germany)
- 3M (US)
- Grayson (US)
- Polymer Science Inc. (US)
- Lord Corporation (US) and Other Major Players
Market Dynamics and Factors:
To reduce the amount of greenhouse gas emissions in the atmosphere, governments of many countries in the world have implemented strict vehicle emission regulations. Governments are offering attractive incentives and policies to encourage the sales and cooling systems of EVs. It provides consumers with multiple benefits, such as reduced selling prices, zero or low registration fees, and the free charging infrastructure of EVs at multiple charging stations. Moreover, several governments across the world exempt road tax, import tax, and purchase tax based on different subsidies. These subsidies have also stimulated automobile manufacturers to upsurge their EV production with cooling systems, which are the factor driving the growth of the electric vehicle cooling market during the forecast period.
electric vehicles have become so widely used, there is a high demand for longer battery life and higher power output. To achieve this, the battery thermal management systems will need to be able to transfer heat away from the battery pack as they are charged and discharged at higher rates. The heat generated as the battery is used can pose safety threats to passengers. Due to the high stress and temperatures generated by the batteries, there is even higher importance on having the correct coolant and additive package. While companies such as Tesla, BMW, and LG Chem can use a traditional liquid coolant for their indirect cooling systems.
Electric Vehicle Cooling Systems Market Report Highlight:
- By System type, the liquid cooling system segment is anticipated to lead the growth of the Electric Vehicle Cooling Systems market in the forecasted timeframe It uses a liquid coolant such as water, a refrigerant, or ethylene glycol to cool the battery. The liquid goes through tubes, cold plates, or other components that surround the cells and carry heat to another location, such as a radiator or a heat exchanger.
- By vehicle type, the Hybrid electric vehicle segment is expected to have the highest share of the Electric Vehicle Cooling Systems market over the projected period. The HEV provides the dual option as fuel-based as well as electric driving, particularly in regions with inadequate charging infrastructure availability.
- The Asia Pacific region is expected to have the highest share of the Electric Vehicle Cooling Systems market over the projected period. China is the world’s largest EV producer and user dominates the global EV market share in the region. Their government has taken steps including subsidies for EV buyers, compulsory laws by which all vehicle manufacturers need to manufacture EVs per number of vehicles manufactured, large support for installation of EV charging points across major cities, and regulations against excessively polluting vehicles
Key Industry Development:
- In June 2023, Hyundai Mobis announces its "Ultra-Fast Direct Flow Battery Cooling System": This system employs multiple microchannels directly embedded in the battery pack, enabling faster and more uniform heat dissipation for improved battery performance and range.
- In March 2023 3M announced a collaboration with Guardhat, an industry-leading connected safety software company. Given the importance of connectivity as a key ingredient in safety programs, 3M is transferring its Safety Inspection Management (SIM) software to Guardhat.
Electric Vehicle Cooling Systems Market Segmentation:
By Type
- Air Cooling System
- Liquid Cooling System
By Vehicle Type
- Battery Electric Vehicle
- Hybrid Electric Vehicle
- Plug-in-Hybrid Electric Vehicle
- Fuel Cell Electric Vehicle
For this report, Introspective Market Research has segmented the Electric Vehicle Cooling Systems Market based on region: Regional Outlook (Revenue in USD Million; Volume in Units, 2023-2030)
North America
- The U.S.
- Canada
- Mexico
Eastern Europe
- Russia
- Bulgaria
- The Czech Republic
- Hungary
- Poland
- Romania
- Rest of Eastern Europe
Western Europe
- Germany
- UK
- France
- Netherlands
- Italy
- Spain
- Rest of Western Europe
Asia Pacific
- China
- India
- Japan
- Singapore
- Australia
- New-Zealand
- Rest of APAC
Middle East & Africa
- Turkey
- Saudi Arabia
- Qatar
- UAE
- Israel
- South Africa
South America
- Brazil
- Argentina
- Rest of SA
