Global EV Battery Cooling Market - Forecasts from 2024 to 2029

Global EV Battery Cooling Market - Forecasts from 2024 to 2029

The global EV battery cooling market is anticipated to expand at a CAGR of 19.54% to attain US$5,648.499 million by 2029 from US$2,314.249 million in 2024.

A battery cooling system is a procedure through which the temperature of an electric vehicle (EV) is maintained during operations or while charging. An efficient battery charging solution helps in improving the lifespan of the EV battery, simultaneously increasing its performance and ensuring a faster charge time. EV battery cooling is an important aspect of electric vehicle design and operation, as it is necessary to maintain a suitable temperature range for the battery cells to ensure optimal performance, longevity, and safety. Three main types of EV battery cooling systems are available across the industry: air, liquid, and fan. Different types of EV battery cooling systems are used across different types of vehicles, such as battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles.

The global EV battery cooling systems market is growing with the increasing demand for electric vehicles. With the increasing demand, the production volume of these vehicles is set to rise, leading to the global battery cooling market’s expansion. Furthermore, with the boost in the global EV battery technology research & development and the introduction of a new battery thermal management system, the market will also observe growth. An efficient battery cooling system ensures increased battery performance, increasing the vehicles' driving range and maintaining the optimum battery health.

Global EV Battery Cooling Market Drivers:

The increasing electric vehicle production and demand.

One of the major driving factors estimated to propel the global EV battery cooling market is the increasing global production of electric vehicles. With the demand for EVs across the world, the industry observed an increasing production of electric vehicles in the past few years. The global market for electric vehicles witnessed a surge, majorly due to the increasing concern of consumers with the risk of air pollution and improvement in EV technologies. Furthermore, various countries, like the USA, France, Spain, and India, among others, have introduced multiple policies and subsidy schemes to meet the demand for EVs.

Global EV sales grew massively, mainly with the introduction of new and improved technologies in this sector. The International Energy Agency, in its global electric vehicle report, stated that the sales of EVs witnessed a massive increase, especially in Europe and the USA. The agency stated that in 2021, 2.3 million units of EVs were sold in Europe, which increased to about 2.7 million in 2022 and 3.2 million in 2023. Similarly, in the USA, the total EV sales in 2021 were recorded at about 0.6 million, which increased to 1 million in 2022. In 2023, a total of about 1.4 million units of electric vehicles were sold in the nation.

Global EV Battery Cooling Market Geographical Outlook
Asia Pacific is forecasted to hold a major share of the Global EV Battery Cooling Market.

The Asian Pacific region is estimated to attain a greater market share in the global EV battery cooling market, as it is among the fastest-growing regions in the EV sector and the technological leader in the global EV landscape. Asian Pacific countries like China, Japan, and Taiwan are among the biggest producers of EVs and EV-related technologies. Furthermore, the Asian Pacific region has also witnessed increasing governmental and private investments from across the globe, especially in countries like India, China, and Vietnam, to develop EV and its technology.

The Asia Pacific region is also among the biggest producers of electric vehicles, especially China. The International Energy Agency, in its report, stated that in 2021, the total stock of BEV in China was recorded at about 6.2 million units, which increased to about 10.7 million in 2022. The total stock of BEVs in China was recorded at about 16.1 million units in 2023, nearly half of the global stock. Similarly, the nation’s EV sales also witnessed a massive increase, from about 3.3 million units sold in 2021 to about 6 million in 2022. In 2023, the total units of EVs sold in China was recorded at about 8.1 million.

The demand for electric vehicles also increases in other nations of the Asian Pacific region, like India. The India Brand Equity Foundation, in its report, stated that in 2021, a total of 3.31 million EVs were registered in the nation, which increased to about 10.2 million in 2022. In 2023, this figure was recorded at about 15.29 million, observing a growth greater than five times compared to 2021.

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Report Coverage:

Historical data & forecasts from 2022 to 2029
Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
Competitive Positioning, Strategies, and Market Share Analysis
Revenue Growth and Forecast Assessment of segments and regions including countries
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The Global EV Battery Cooling Market is segmented and analyzed as follows:

By Cooling Type

Air Cooling
Liquid Cooling
Fan Cooling

By Battery Type

Lead Acid
Lithium Ion
Others

By Vehicle Type

Battery Electric Vehicles
Hybrid Electric Vehicles
Plug-In Hybrid Electric Vehicle

By Geography

North America
USA
Canada
Mexico
South America
Brazil
Argentina
Others
Europe
UK
Germany
France
Spain
Others
Middle East and Africa
Saudi Arabia
UAE
Others
Asia Pacific
China
Japan
India
South Korea
Australia
Other