Press release
Electric Vehicle Battery Coolant Market to Reach USD 2,891.37 Million by 2034, Expanding at a CAGR of 3.4%
The global electric vehicle battery coolant market is projected to expand from USD 2,071.50 million in 2024 to USD 2,891.37 million by 2034. It is projected to register a CAGR of 3.4% from 2025 to 2034.
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Market Introduction
Air cooling is a method to regulate the battery's temperature utilizing the air surrounding it. Passive air cooling utilizes organic air from the exterior or interior of the car to heat the battery. Air cooling systems are relatively simple to implement compared to more complex liquid cooling systems. They require fewer components, making them more affordable for both manufacturers and consumers. Since air cooling doesn't involve fluids or pumps, there's less wear and tear on components, reducing the changes of mechanical failures or leaks.
Market Growth Drivers
Growing Urbanization: Growing urbanization globally is propelling the electric vehicle battery coolant market forward. As per the United Nations, 68% of the global population is expected to reside in urban areas by 2050. Urban ambiances typically experience consistent stop-and-go traffic, which causes an escalated heat generation in EV batteries. Productive battery coolants are important for handling this heat and ensuring optimal performance under these conditions.
Technological Advancements: The growing development in technology is expected to push the market growth. Developments in battery technologies are enabling the advancements of bigger batteries with high energy storage potential. These bigger battery packets are frequently used in high performance EVs, and commercial EVs produce more heat in the course of usage.
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Leading Market Players
The firms are funding research and development to generate developed coolant solutions, particularly outlined for electric vehicle batteries, concentrating on enhanced battery thermal handling and improved battery life. Major electric vehicle battery coolant market companies are noted below:
BASF
Valvoline
Exxon Mobil Corporation
GS Caltex
Shell plc
Dober
VALEO
Veedol
Arteco
CASTROL LIMITED.
Electric Vehicle Battery Coolant Market Developments
January 2025 - UPS expanded its pharmaceutical cold chain infrastructure across Europe with the acquisition of Frigo-Trans and BPL, strengthening its temperature-controlled logistics capabilities which indirectly supports battery coolant logistics for electric vehicles.
November 2024 - Lineage, Inc. acquired Coldpoint, a Kansas City-based cold storage and transport solutions provider. The acquisition enhances Lineage's regional presence, incorporating Coldpoint's 621,000-square-foot facility and advanced intermodal capabilities-beneficial for the distribution of temperature-sensitive EV fluids.
April 2023 - Arteco introduced Freecor EV Multi 10, a multifunctional electric vehicle coolant engineered for the cooling of e-motors, power electronics, batteries, and other key EV components in both fully electric and hybrid vehicles.
May 2022 - Arteco launched Freecor EV Milli 10, a specially formulated coolant featuring reduced electrical conductivity, designed specifically for the indirect cooling systems used in battery electric vehicles (BEVs).
June 2021 - Castrol unveiled Castrol ON, a dedicated line of advanced e-fluids tailored for electric vehicles, supporting thermal management and efficiency for batteries and electric drivetrains.
Segmental Overview
By Battery Outlook (Volume, Kilotons; Revenue, USD Billion, 2020 - 2034)
Lead Acid Battery
Lithium Ion Battery
Other
By Coolant Outlook (Volume, Kilotons; Revenue, USD Billion, 2020 - 2034)
Glycol-based
Water-based
By Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2020 - 2034)
Battery Electric Vehicles
Hybrid Electric Vehicles
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Regional Analysis
Asia Pacific dominated the electric vehicle battery coolant market in 2024 owing to the swift acquisition of electric vehicles, especially in China. The nation's hostile enterprises encourage electric movement involving sizeable government stimulus and funding in charging configuration.
North America is expected to grow with a significant CAGR decreasing greenhouse gas discharge and improvement in fuel efficiency together with nations such as the US and Canada observing a rise in HEV adoption, reinforced by government initiatives and rising ecological consciousness among consumers, making it an attractive market for expansion.
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