Press release
EV Battery Cooling Plates Market to Reach US$ 3.2 Billion by 2031, Says Stratview Research
Stratview Research
Stratview Research, a global market research firm, has launched a report on the global market, which provides a comprehensive outlook of the global and regional industry forecast, current & emerging market trends, segment analysis, competitive landscape, & more.
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Market Statistics
• Market size (2024): USD 1.4 billion
• Forecast value (2031): USD 3.2 billion
• CAGR (2025-2031): 11.7%
• Forecast period: 2025-2031
• Base year: 2024
• Total number of segments: 5
• Tables & figures: 100+
• Country-level market assessment: 20
Market Segmentation
By Propulsion Type:
• BEV
• HEV
By Vehicle Type:
• LV (Light Vehicle)
• M&HCV (Medium & Heavy Commercial Vehicles)
By Plate Type:
• Rectangular plates
• Serpentine plates
By Supply Chain Type:
• OEMs
• Battery Manufacturers
By Region:
• Asia-Pacific
• North America
• Europe
• Rest of World
Segment Analysis
The BEV propulsion segment dominates the EV battery cooling plates market, owing to the rapid shift toward fully electric vehicles that rely exclusively on large battery packs requiring efficient thermal management throughout variable driving and charging cycles. This translates to sustained demand for advanced cooling plate solutions, prompting manufacturers and suppliers to prioritize BEV-focused product development and partnerships.
Within vehicle type, the LV (Light Vehicle) segment holds the largest share, supported by high production and sales volumes of electric passenger cars and light commercial vehicles. The prevalence of high-energy-density lithium-ion batteries in this category increases the need for cooling plates to prevent thermal degradation, making this segment a key focus area for component suppliers and automotive OEMs seeking to optimize EV performance and reliability.
In the plate type category, rectangular plates remain dominant due to their established integration in modular battery architectures and proven heat dissipation capabilities across diverse EV platforms. Meanwhile, serpentine plates are poised for faster growth as next-generation battery systems and high-performance EVs seek designs that optimize cooling efficiency in compact configurations, creating opportunities for innovative cooling solutions.
In terms of supply chain type, OEMs contribute a larger share of the market given their direct role in vehicle production and emphasis on integrating efficient thermal management into EV designs. Strong collaboration between OEMs and component suppliers enhances vertical supply stability and accelerates deployment of advanced cooling plates across new EV models.
Regional Insights
Asia-Pacific is the dominant region in the EV battery cooling plates market, benefiting from a high concentration of EV production, a dense ecosystem of battery manufacturers, and supportive electrification policies. Major automotive and battery hubs in this region drive substantial demand for thermal management components, making it a strategic priority for suppliers and investors looking to scale operations and capture growth.
North America is identified as the fastest-growing regional market over the forecast period, propelled by strong investments in domestic EV manufacturing, expansion of battery production capacity, and increasing adoption of electric vehicles across consumer and commercial segments. These dynamics are encouraging international and local suppliers to expand their footprint in North America's emerging EV supply chain.
Market Drivers
• Increasing global adoption of Battery Electric Vehicles (BEVs) requiring advanced thermal management solutions to support high-performance batteries and fast charging.
• Rapid expansion of EV production and electrification mandates across key automotive markets.
• Growth in high-energy-density battery chemistries that generate elevated thermal loads needing effective cooling.
• OEM focus on vehicle safety, battery longevity, and performance optimization.
• Strategic collaborations between OEMs and battery/component suppliers to co-develop advanced cooling technologies.
Competitive Landscape
Top Companies in the Market
• Valeo
• Mahle GmbH
• Dana Incorporated
• Sogefi S.p.A.
• Borg Warner Inc.
• BYD
• Marelli
FAQs
1. What will the EV battery cooling plates market size be in 2031?
The EV battery cooling plates market is forecasted to reach US$ 3.2 billion by 2031.
2. What is the expected CAGR for the EV battery cooling plates market?
The market is expected to grow at a CAGR of 11.7% from 2025 to 2031.
3. Which propulsion type segment leads the market?
Battery Electric Vehicles (BEVs) are the dominant propulsion type due to their greater thermal management needs compared to hybrid alternatives.
4. Why is the Asia-Pacific region significant for EV battery cooling plates?
Asia-Pacific holds the largest share thanks to strong EV production capacity, robust battery manufacturing, and supportive government electrification initiatives.
5. Who are the key companies competing in this market?
Leading companies include Valeo, Mahle GmbH, Dana Incorporated, Sogefi S.p.A., Borg Warner Inc., BYD, and Marelli.
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Stratview Research is a global market research firm that highly specializes in aerospace & defense, chemicals, and a few other industries.
It launches a limited number of reports annually on the above-mentioned specializations. Thorough analysis and accurate forecasts in this report enable the readers to take convincing business decisions.
Stratview Research has been helping companies meet their global and regional growth objectives by offering customized research services. These include market assessment, due diligence, opportunity screening, voice of customer analysis, market entry strategies, and more.
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