EV Power Electronics Cooling Plates Market Set to Reach 2.7 Billion by 2031, Reports Stratview Research

Stratview Research, a leading global market research firm, forecasts that the global EV power electronics cooling plates market will grow at an annual rate of 10.7%, reaching 2.7 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: 2.7 billion
• Growth Rate (CAGR): 10.7% (2024-2031)
• Forecast Period: 2024-2031
• Trend Period: 2018-2022
• Base Year: 2023
• Segments Covered: 6
• 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 Power Electronics Cooling Plates Market:
The report dives deep into the segmentation of the EV power electronics cooling plates market based on critical parameters:

Based on propulsion type - The EV power electronics cooling plates market is segmented into BEV and HEV. HEVs (Hybrid Electric Vehicles) currently represent the larger propulsion type, which demands thermal management for the internal combustion engine and electric components. Their widespread adoption, continuous operation of power electronics, and minimal dependence on charging infrastructure drive strong demand for reliable cooling solutions.

Based on the vehicle type - The market is segmented into LV and M&HCV. Passenger cars constitute the largest segment of the automotive industry, amplifying the impact of electrification within the LV (light vehicle) category. LVs have packed a dense array of power electronics in smaller spaces, making advanced cooling systems essential for safe and reliable operation. Efficient heat dissipation becomes critical in these vehicles to maintain performance without compromising space or energy efficiency.

Based on application type - The market is segmented into inverter, converter, and on-board charger. Inverters play a central role in EVs by converting DC from the battery into AC for the motor, generating significant heat. As every electric vehicle depends on this conversion, inverters consistently require cooling plates to ensure performance, efficiency, and system reliability. The converter is anticipated to remain the second-largest application type in the market during the forecast period, driven by the increasing complexity of EV electrical architectures, growing adoption of multi-voltage systems, and rising demand for efficient thermal management in high-power charging and DC-DC conversion applications.

Based on material type - The market is segmented into copper and aluminium. Aluminium holds a larger market share, and it is also expected to be the fastest-growing material of the market during the forecast period. Aluminium's dominance is driven by its excellent thermal conductivity, lightweight nature, cost-effectiveness, and ease of manufacturing. These properties make aluminium especially well-suited for electric vehicle applications, where efficient heat dissipation, weight reduction, and scalability are critical for performance, energy efficiency, and mass production.

Based on integration type - The market is segmented into standalone and integrated cooling plates. Integrated cooling plates are expected to gain a larger share of the EV power electronics cooling plates market, as they combine thermal management for multiple components, such as inverters, converters, and onboard chargers, into a single compact unit. This integration reduces space, weight, and system complexity while enhancing thermal efficiency and cutting manufacturing and assembly costs, all of which are critical in EV design.

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Which Region Shows the Most Promising Growth Forecast and Opportunity?
Asia-Pacific is expected to dominate the market due to the high concentration of EV production and government initiatives supporting electrification. Countries like China, Japan, and South Korea are home to leading EV manufacturers (BYD, Nio, XPeng, Toyota, Hyundai), driving the demand for advanced power electronics 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.

Likewise, North America is witnessing the fastest growth in the market due to robust EV expansion and increasing demand for efficient thermal solutions. This growth is further fueled by strong government incentives for electrification, rising investments in EV infrastructure, and the presence of major automotive and power electronics manufacturers.

EV Power Electronics Cooling Plates Market Drivers:
The growth of the EV power electronics 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)
• The rising integration of high-performance power electronics such as inverters, converters, and onboard chargers
• The growing need for efficient thermal management solutions to ensure system reliability and efficiency

Top Companies in the EV Power Electronics Cooling Plates Market:
The report profiles prominent companies operating in the EV power electronics cooling plates market, providing detailed insights into their market positioning, key strategies, and competitive advantages. Listed below are some of the key players.
• BYD
• Mahle GmbH
• Valeo Group
• Dana Incorporated
• BorgWarner Inc.
• Robert Bosch GmbH

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?

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Related Reports:
- EV Battery Cooling Plates Market: https://www.stratviewresearch.com/4007/ev-battery-cooling-plates-market.html

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