PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397107
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1397107
Battery Cooling Plate Market size was valued at USD 401.2 Million in 2022, expanding at a CAGR of 38% from 2023 to 2030.
An aluminum-based cooling system is called a battery cooling plate. By using liquid cooling, it is frequently installed on both sides of the battery to reduce its temperature and enhance its stability and temperature uniformity. To boost the battery's quick charging capabilities.
The increasing popularity of electric vehicles is one of the main forces behind battery cooling technology developments. Effective cooling solutions are needed in tandem with the growing demand for electric vehicles (EVs) to improve the safety and efficiency of battery systems. According to the International Energy Agency, in just three years, the percentage of electric vehicles in overall sales has more than quadrupled, rising from 4% in 2020 to 14% in 2022. It is anticipated that EV sales will rise significantly until 2023. In comparison to the same period last year, almost 2.3 million electric cars were sold in the first quarter. This represents a 25% increase.
The Global Battery Cooling Plate Market is segmented based on Process, Application, and Region.
Based on the process, the market is bifurcated into Indirect Cooling and Direct Cooling. The Indirect Cooling segment is expected to dominate the market during the forecast period. Among all the cooling methods, indirect cooling has the least temperature rise. It works by circulating a liquid coolant via a network of metal pipes. Automakers like Tesla and BMW use this kind of cooling in their cars. Since this technology uses the same coolant as internal combustion engines, it is dependable, generally accessible, and has room for further advancement.
Based on the application, the industry is segmented into BEV and PHEV. The BEV segment is expected to capture a substantial market share during the forecast period. Growing investments in BEV production in anticipation of demand are anticipated to have a beneficial impact on category growth. Besides, the PHEV segment is expected to grow at the fastest rate during the forecast period.
Geographically, this market is widespread in the regions of North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. These regions are further divided as per the nations bringing business. The Asia Pacific is expected to dominate the market during the forecast period. Battery cooling plate usage has grown as a result of the presence of significant EV manufacturers in the region, including BYD, Tesla, Nissan, and General Motors. For instance, BYD declared in February 2023 that it would invest USD 1.2 billion to construct a new EV battery manufacturing in China. Throughout the projected period, it is expected that this increase will continue to propel market expansion. Besides, Europe is expected to hold a substantial market share during the forecast period. The requirement to adhere to strict EU CO2 regulations is what is driving the adoption of EVs in this area. As a result, a growing number of automakers have pledged to comply with clean energy mandates, converted their current ICE lines to electric vehicles, or established new EV production facilities.
The industry is quite competitive since many well-known companies in it are always coming up with new goods that meet higher standards for battery cooling plate design. Ongoing research and development due to the development of new cooling technologies means that efficiency and safety will probably continue to be improved via coordinated efforts by value chain performers. As EV technology develops and these cars are fully commercialized and integrated into the global fleet system, the market rivalry is expected to intensify even further. Major industry suppliers are already working hard to establish themselves in important nations where cars are manufactured.
In August 2023, the thermodynamic performance and structural-mechanical characteristics of a battery cooling plate were considerably enhanced by the bio-inspired cooling channel structure that MAHLE engineers created. Consequently, MAHLE achieved a 10% improvement in cooling performance and a 20% decrease in pressure loss.