Battery Cooling Plate Market Size, Share, Trends, Growth 2032

Battery Cooling Plate Industry Prospective:

The global battery cooling plate market size was evaluated at $396 million in 2023 and is slated to hit $601 million by the end of 2032 with a CAGR of nearly 11% between 2024 and 2032.

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Battery Cooling Plate Market: Overview

The battery cooling plate is constructed with the help of lightweight aluminum. The product helps in stabilizing the cell temperature of the battery along with offering uniformity in temperature. Reportedly, battery cooling plates possess beneficial features such as double-side cell loading design and counter flow and they derive heat from the li-ion cells of the battery for facilitating rapid charging. For the record, it helps in preventing battery overheating as it severely affects the lifespan and performance of the battery.

Key Insights

• As per the analysis shared by our research analyst, the global battery cooling plate market is projected to expand annually at the annual growth rate of around 11% over the forecast timespan (2024-2032)
• In terms of revenue, the global battery cooling plate market size was evaluated at nearly $396 million in 2023 and is expected to reach $601 million by 2032.
• The global battery cooling plate market is anticipated to grow rapidly over the forecast timeline owing to the large-scale use of battery cooling plates in thermal management systems of electric vehicles.
•  In terms of process, the indirect cooling segment is slated to register the highest CAGR over the forecast period.
• Based on application, the BEV segment is predicted to contribute majorly towards the global industry size in the upcoming years.
• Region-wise, the European battery cooling plate industry is projected to register the fastest CAGR during the projected timespan.

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Battery Cooling Plate Market: Growth Factors

Huge product utilization in electric vehicles is predicted to boost the growth of the global market

Large-scale use of battery cooling plates in thermal management systems of electric vehicles will boost the progression of the battery cooling plate market across the globe. Escalating demand for battery cooling plates in the automotive sector owing to its lightweight and energy-efficient features is anticipated to spur the global market trends. A rise in the application of renewable energy trends is also predicted to spearhead the expansion of the global market. Growing government programs and projects related to de-carbonization will further fuel the market surge in the years ahead. New product launches are predicted to account lucratively towards the growth of the market in the upcoming years.

Battery Cooling Plate Market: Restraints

Escalating prices of new cooling technologies to impede the expansion of the global industry by 2032

Humungous costs of new cooling systems and complicated integration witnessed in the battery packs are likely to create obstacles in the expansion of the global battery cooling plate industry. Apart from this, a lack of compatibility and standardization is likely to pose a huge impediment to the industry growth in the foreseeable future.

Battery Cooling Plate Market: Opportunities

Huge product utilization in renewable energy storing systems to create vistas of growth for the global market

Escalating demand for high-performing batteries in electric cars and the growing popularity of new cooling tools are likely to generate new growth avenues for the global battery cooling plate market. Large-scale product usage in renewable energy storage applications is likely to expedite the expansion of the market globally in the coming few years.

Battery Cooling Plate Market: Challenges

A surge in the costs of maintenance of product is anticipated to challenge the growth of the industry globally

Challenges of technical designing of the product and issues of thermal management can pose a huge challenge for the global battery cooling plate industry. An increase in the maintenance charges can further obstruct the growth of the industry globally.

Battery Cooling Plate Market: Segmentation

The global battery cooling plate market is divided into process, application, and region.                                          

In terms of process, the battery cooling plate market across the globe is bifurcated into direct cooling and indirect cooling segments. Additionally, the indirect cooling segment, which gained approximately 77% of the global market revenue in 2023, is projected to register the highest CAGR in the forecast timeline. The expansion of the segment in the next few years can be due to the ability of the indirect cooling process to circulate a liquid coolant with the help of metal pipes. For the record, BMW and Tesla make use of this method in vehicles.

Based on the application, the global battery cooling plate industry is divided into PHEV and BEV segments. Furthermore, the BEV segment, which gathered approximately two-fifths of the global industry earnings in 2023, is set to make major contributions towards the global industry size in the years ahead. The expansion of the segment in the forecast timeline can be credited to a surge in the allocation of funds for the manufacture of BEVs.

Battery Cooling Plate Market: Report Scope

Battery Cooling Plate Market: Regional Insights

Asia-Pacific is expected to maintain leadership position in the global market in the forecast timeline

Asia-Pacific, which accounted for 57% of the global battery cooling plate market revenue in 2023, is anticipated to establish a key position in the global market in the next few years. In addition to this, the regional market expansion in the forecast timeline can be credited to the presence of key product manufacturers such as Nissan, BYD, and General Motors in countries such as India. An increase in the allocation of funds for setting up a new unit for EV batteries in China will prop up the expansion of the market in the APAC zone.

The European battery cooling plate industry is projected to register the fastest growth rate annually in the next few years. The expansion of the industry in the continent can be due to a surge in the number of vehicle producers focusing on clean energy directives.

Key Developments

• In the second half of 2023, MAHLE GmbH, a key German player in the automotive component manufacturing sector, developed a new battery cooling system for rapidly charging electric cars. Such moves will steer the growth of the battery cooling plate industry in Europe.

Battery Cooling Plate Market: Competitive Space

The global battery cooling plate market profiles key players such as:

• Priatherm
• SANHUA Automotive
• Bespoke Composite Panels
• Estra Automotive
• HELLA GmbH & Co. KGaA
• Nippon Light Metals
• Modine Manufacturing Company
• Dana Limited
• MAHLE GmbH
• and KOHSAN Co. Ltd.

The global battery cooling plate market is segmented as follows:

By Process

• Direct Cooling
• Indirect Cooling

By Application

• PHEV
• BEV

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