Immersion Cooling for EV Batteries Market: Current Trends and Future Projections

According to our latest study on "Immersion Cooling for EV Batteries Market Forecast to 2030 - Global and Regional Share, Trends, and Growth Opportunity Analysis - by Type and Cooling Fluid Type," the immersion cooling for EV batteries market size was valued at US$ 1.23 million in 2022 and is expected to reach US$ 156.90 million by 2030; it is estimated to record a CAGR of 91.1% from 2026 to 2030.

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The immersion cooling for EV batteries market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. One of the key factors driving the immersion cooling for EV batteries market is the rising adoption of EVs in the region. Increasing concerns regarding pollution and growing preference for environment-friendly modes of transport fuel the demand for EVs in APAC. Further, to raise the adoption of EVs, the governments of different countries are developing several policies. The Association of Southeast Asian Nations (ASEAN) developed a favorable policy to encourage EV adoption. According to the International Renewable Energy Agency (IRENA), approximately 20% of vehicles in Southeast Asia will be EVs by 2025, including 59 million two-wheelers and three-wheelers and 8.9 million cars. In addition, India, South Korea, Taiwan, Vietnam, and other APAC countries are constantly working on attracting several businesses that want to relocate their car manufacturing facilities to the above countries because of low labor costs. For this, the above countries are offering tax rebates, funds, and subsidies, attracting more manufacturing companies to set up their plants. In 2021, the government of India allocated US$ 450 million for the electrification of public and shared transportation, adopting 7,090 e-buses. Also, in April 2021, the Indonesian government announced its plan for EVs to make 20% of all domestic cars manufactured, equal to 400,000 e-cars, by 2025. In addition, in March 2023, Chinese EV manufacturer BYD announced that it had started the construction of its new EV manufacturing facility in Thailand, which will be producing 150,000 passenger cars per year from 2024. Thus, the increase in initiatives and supportive regulations by governments for the production of EVs is expected to surge the sale of EVs in the region, which will also raise the demand for immersion cooling batteries as they can help increase the driving range of EVs and keep the batteries safe from thermal runaway, propelling the immersion cooling for EV batteries market growth in APAC.

The immersion cooling for EV batteries market is bifurcated on the basis of type and cooling fluid type. Based on type, the immersion cooling for EV batteries market is divided into single-phase immersion cooling and two-phase immersion cooling. The single-phase immersion cooling segment held the largest immersion cooling for EV batteries market share in 2022 and is anticipated to register the highest CAGR in the immersion cooling for EV batteries market during the forecast period. Based on cooling fluid type, the immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, and others. The synthetic oil segment held the largest immersion cooling for EV batteries market share in 2022 and is also anticipated to register the highest CAGR in the immersion cooling for EV batteries market during the forecast period. Geographically, the immersion cooling for EV batteries market is segmented into North America, Europe, Asia Pacific (APAC), and Rest of the World (RoW).

Key Findings of Study:
China is one of the largest EV manufacturers in the world. The country has a robust manufacturing base for EVs. The country has deployed more than 400,000 electric buses, which accounts for more than 80% of the global share. Also, Shenzhen, China's industrial city, has fully electrified its fleet. In addition, in the main manufacturing plant of BYD in China, an electric car is assembled every 90 seconds. Also, in February 2022, Volkswagen had planned to build 1 million EVs a year in China from 2023. Thus, such growing adoption and production of EVs is expected to raise the need for an efficient thermal management system to cool the EV batteries, as this helps in increasing the driving range of EVs.

Furthermore, the increase in the production of EV batteries in China is aiding the market dynamics. For instance, in June 2022, CATL, one of the leading battery manufacturers in China, planned to produce next-generation EV batteries in 2023. Thus, all the above factors are expected to fuel the growth of the immersion cooling for EV batteries market in China during the forecast period.

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The List of Companies - Immersion Cooling for EV Batteries Market
Ricardo Plc, Mahle GmbH, EXOES SAS, XING Mobility Inc. The Lubrizol Corp, SAE International, Rimac Technology Ltd, Cargill Inc, Engineered Fluids Inc and M&I Materials Ltd are the key market players expected to hold a major market share of immersion cooling for EV batteries market in 2022.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defense, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Chemicals and Materials.

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