EV Battery Pack Cooling System Market Size, Share, Trends, Growth 2032

EV Battery Pack Cooling System Industry Prospective:

The global EV battery pack cooling system market size was evaluated at $3.17 billion in 2023 and is slated to hit $11.92 billion by the end of 2032 with a CAGR of nearly 15.85% between 2024 and 2032.    

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EV Battery Pack Cooling System Market: Overview

An EV battery pack cooling system is a key part of designing an electric vehicle used for maintaining the temperature of the pack in a particular range. This system is pivotal to the supply chain activities for electric vehicles, thereby expecting huge gains from the escalating preference towards proficient cooling systems.  

Key Insights

• As per the analysis shared by our research analyst, the global EV battery pack cooling system market is projected to expand annually at the annual growth rate of around 15.85% over the forecast timespan (2024-2032)
• In terms of revenue, the global EV battery pack cooling system market size was evaluated at nearly $3.17 billion in 2023 and is expected to reach $11.92 billion by 2032.
• The global EV battery pack cooling system market is anticipated to grow rapidly over the forecast timeline owing to the growing need for proficient battery cooling systems for preserving the safety of EV batteries along with enhancing their performance.
• In terms of vehicle type, the passenger vehicle segment is slated to register the highest CAGR over the forecast period.
• Based on system type, the liquid cooling systems segment is predicted to contribute majorly towards the global market size in the upcoming years.
• Region-wise, the European EV battery pack cooling system industry is projected to register the fastest CAGR during the projected timespan.

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EV Battery Pack Cooling System Market: Growth Factors

Escalating demand for effective battery cooling tools to increase the battery life of EVs will boost the global market trends

Growing need for proficient battery cooling systems for preserving the safety of EV batteries along with enhancing their performance is anticipated to boost the growth of the EV battery pack cooling system market.  Surging emphasis on the sustainability of EV batteries will further enlarge the scope of the global market in the years ahead. Breakthroughs in liquid cooling and the growing use of adaptive control systems are anticipated to embellish the expansion of the market globally. The onset of fast-charging systems and large-scale use of eco-friendly solutions is projected to spearhead the expansion of the global market.

EV Battery Pack Cooling System Market: Restraints

Huge product costs can slow down the growth of the industry across the globe over the forecast period

Escalating prices of products and a huge proportion of heat produced by the product can put brakes on the expansion of the global EV battery pack cooling system industry. A rise in the manufacturing costs of the product can impede the expansion of the global industry.

EV Battery Pack Cooling System Market: Opportunities

Technological innovations in products & new product launches can open new growth opportunities for the market across the globe

Technological breakthroughs along with a surge in government support and rising industrialization will open new growth avenues for the global EV battery pack cooling system market. Escalating urbanization along with the growing need for enhancing the lifespan of the product will steer the global market expansion.

EV Battery Pack Cooling System Market: Challenges

Stringent legislation over product sales can impede the expansion of the industry globally

Strict government laws pertaining to the sale of the product can obstruct the growth of the EV battery pack cooling system industry globally.

EV Battery Pack Cooling System Market: Segmentation

The global EV battery pack cooling system market is divided into vehicle type, propulsion type, system type, and region.                                         

In terms of type, the EV battery pack cooling system market across the globe is segmented into passenger vehicle and commercial vehicle segments. Moreover, the passenger vehicle segment, which garnered nearly three-fourths of the global market earnings in 2023, is anticipated to register the highest annual rate of growth in the projected timeline. The expansion of the segment in the coming eight years can be owing to an increment in the acceptance of passenger vehicles across the globe. Large-scale acceptance of electric passenger cars owing to their cost-efficiency and ability to maintain a green environment is anticipated to spur the growth of the segment in the coming years.

Based on the system type, the global EV battery pack cooling system industry is divided into liquid cooling systems and air cooling systems segments. Moreover, the liquid cooling systems segment, which gathered approximately 53% of the global industry proceeds in 2023, is set to make major contributions towards the global industry earnings in the assessment period. The growth of the segment in the coming eight years can be credited to the ability of the liquid cooling systems to improve the lifespan of EV batteries.  Furthermore, it has the ability to remove heat from cells while ensuring ideal working conditions. In addition to this, liquid cooling systems have the ability to effectively handle higher heat loads and expand the capacity of batteries along with maintaining a constant temperature.

Based on the propulsion type, the global EV battery pack cooling system market is divided into battery electric vehicles, plug-in hybrid electric vehicles, and hybrid electric vehicle systems.

EV Battery Pack Cooling System Market: Report Scope

EV Battery Pack Cooling System Market: Regional Insights

North America is expected to maintain its leadership status in the global market in the forecasting timeline

North America, which accounted for nearly 65% of the EV battery pack cooling system market revenue across the globe in 2023, is anticipated to establish a key position in the global market in the years ahead. In addition to this, the regional market expansion in the next eight years can be credited to a rise in the acceptance of EV batteries in countries such as Canada and the U.S. An increase in the allocation of funds for the manufacture of EV battery pack cooling systems and a huge focus on the use of electric cars in the region will steer the expansion of the market in the region.

The European EV battery pack cooling system industry is slated to register the highest gains in the next few years. The rapid progression of the industry in Europe can be owing to the rise in the presence of key product manufacturers in countries such as the UK, France, Belgium, and Germany. Furthermore, favorable government schemes supporting the use of the product will drive industry growth in the continent. Growing renewable energy trends are expected to spearhead the growth of the industry in the region.

Key Developments

• In December 2023, Propel Industries introduced indigenous electric vehicle dump trucks at EXCON 2023.
• In September 2023, the Tata Ace EV introduced a new small electric commercial four-wheeler in Nepal. Such strategic moves will boost the expansion of the EV battery pack cooling system business in India.

EV Battery Pack Cooling System Market: Competitive Space

The global EV battery pack cooling system market profiles key players such as:

• MAHLE GmbH
• Boyd Corporation
• Kreisel Electric
• RIGID HVAC
• VOSS Automotive Inc.
• Modine Manufacturing Company
• XING Mobility
• TotalEnergies SA
• Vikas Group
• Hanon Systems
• Dana Limited
• Miba AG
• Webasto Group
• Valeo
• E-MERSIV

The global EV battery pack cooling system market is segmented as follows:

By Vehicle Type

• Passenger Vehicle
• Commercial Vehicle

 By Propulsion Type 

• Battery Electric Vehicle
• Plug-in Hybrid Electric Vehicle
• Hybrid Electric Vehicle

By System Type 

• Liquid Cooling Systems
• Air Cooling Systems

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa