EV Battery Cooling Plates Market Set to Reach US$ 3.2 Billion by 2031, Reports Stratview Research

Stratview Research, a leading global market research firm, forecasts that the global EV battery cooling plates market will grow at an annual rate of 11.7%, reaching US$ 3.2 billion by 2031. The report provides a detailed outlook on regional and global markets, emerging trends, segment analysis, competitive landscape, and key market drivers.

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Key Report Highlights:
• Market Size by 2031: US$ 3.2 billion
• Growth Rate (CAGR): 11.7% (2024-2031)
• Forecast Period: 2024-2031
• Trend Period: 2018-2022
• Base Year: 2023
• Segments Covered: 5
• Number of Tables & Graphs: 100+

The report serves as a comprehensive decision-making tool for key stakeholders such as CXOs, business strategists, and investors, offering:
• Strategic Clarity: Insights into market trends, growth opportunities, and emerging challenges to streamline business strategies.
• Competitive Intelligence: Analysis of top players, their market positioning, and innovative strategies driving their success.
Future Readiness: A detailed outlook on evolving market dynamics, technological advancements, and industry disruptions.

Segment Insights on the EV Battery Cooling Plates Market:
The report dives deep into the segmentation of the EV battery cooling plates market based on critical parameters:

• By Propulsion Type: The EV battery cooling plates market is segmented into BEV and HEV. Battery Electric Vehicles (BEVs) are seeing faster global adoption as governments prioritize full electrification over hybrid alternatives. BEVs depend solely on high-capacity battery packs, which generate significantly more heat during charging and discharging than those in hybrid vehicles. In contrast, hybrids use smaller batteries with lower thermal demands. As a result, BEVs require larger and more advanced cooling plates to effectively manage heat and ensure consistent battery performance, safety, and longevity. The rise in fast-charging infrastructure, increasing vehicle range expectations, and the adoption of high-energy-density battery chemistries further amplify the need for efficient cooling solutions.

• By Vehicle Type: The market is segmented into LV and M&HCV. LV (light vehicle), which includes passenger cars and light commercial vehicles (LCVs), holds a dominant share in the market due to the rising motorization rate and growing production volumes. The light vehicle (LV) uses high-energy-density lithium-ion batteries, which require efficient thermal management to prevent overheating and enhance performance. Cooling plates (serpentine or rectangular designs) are the preferred solution for uniform temperature regulation.

• By Plate Type: The market is segmented into rectangular plates and serpentine plates. Rectangular battery cooling plates are expected to dominate the EV battery cooling plates market, driven by their widespread adoption in existing electric vehicle architectures. These plates offer a larger surface area for efficient heat dissipation, making them ideal for passenger cars, commercial EVs, and high-capacity battery packs. Their proven reliability, ease of manufacturing, and compatibility with modular battery pack designs enhance their appeal, further solidifying their dominant market position. Additionally, major OEMs and battery manufacturers have already integrated rectangular cooling plates into their EV platforms, ensuring continued demand.

• By Supply Chain Type: The market is segmented into OEMs and battery manufacturers. OEMs are anticipated to hold a larger share; also, it will be the faster-growing category due to their direct involvement in vehicle manufacturing, strong supplier collaborations, and focus on advanced thermal management solutions.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?

Asia-Pacific region is expected to dominate the EV battery cooling plates market due to the high concentration of EV production, strong presence of battery manufacturers, and government initiatives supporting electrification. Countries like China, Japan, and South Korea are home to leading EV manufacturers (BYD, NIO Inc., XPeng Inc., Toyota Motor Corporation, and Hyundai Motor Company) and major battery suppliers such as CATL, LG Energy Solution, and Panasonic, driving the demand for advanced battery cooling solutions. Additionally, the region benefits from cost-effective manufacturing, a well-established supply chain, and government subsidies, making it the largest market for EV components, including cooling plates.
In addition, North America is projected to be the fastest-growing region, fueled by rapid EV adoption and increasing investments in domestic battery production.

EV Battery Cooling Plates Market Drivers:
The growth of the EV battery cooling plates market is driven by a combination of macroeconomic factors, evolving industry needs, and technological innovation. Companies are recognizing the need to adapt to shifting market dynamics and are increasingly investing in research, product development, and strategic alliances to maintain their market edge.

Some of the key factors producing measurable change in the market dynamics are as follows:
• Rising adoption of electric vehicles (EVs)
• Advancements in battery technologies
• Increasing demand for efficient thermal management systems.

Top Companies in the EV Battery Cooling Plates Market:
The report profiles prominent companies operating in the EV battery cooling plates market, providing detailed insights into their market positioning, key strategies, and competitive advantages. Listed below are some of the key players.
• Valeo
• Mahle GmbH
• Dana Incorporated
• Sogefi S.p.A.
• Borg Warner Inc.
• BYD
• Marelli

What Unique Insights Does This Report Offer?
This comprehensive report also answers the following critical questions:
• What is the projected market size and growth potential?
• Which regions and segments are most lucrative for investment?
• Who are the major players, and what are their strategies?
• What challenges and opportunities exist in the market?
• What key trends are shaping the market's future?

For Customization or Any Other Queries, get in Touch with Our Industry Experts at: sales@stratviewresearch.com

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