Battery Cooling Plate Market Growth & Trends
The global battery cooling plate market size is expected to reach USD 5.01 billion by 2030, according to a new report by Grand View Research, Inc., expanding at a CAGR of 35.7% during the forecast period. Increasing demand for electric vehicles (EVs) because of the ongoing decarbonization efforts and green energy initiatives is anticipated to be the key driver for the growth of the battery cooling plate market during the forecast period.
Battery electric vehicles (BEV) are anticipated to drive volume demand for the market. This type of EV uses a battery pack to store electrical energy to power its motor. Since heat dissipation is extremely important for safety and optimum performance, battery cooling plates are widely utilized. These are mainly used in liquid cooling, a widely used battery thermal management system technology.
An increase in the production of EVs is fueling market growth. For instance, in May 2022, Hyundai Motor announced to invest USD 5.54 billion in building its first EV and battery-producing facility in Georgia, U.S. The operations for this plant are anticipated to commence in 2025 having an expected annual production capacity of 300,000 vehicles. The investment is a step by the company to achieve its target of selling 3.23 million EVs in a year globally by 2030.
Indirect cooling accounted for the highest revenue share of the market in 2021 and this is likely to continue during the forecast period. Like traditional internal combustion engines, the liquid coolant circulates through a system of pipes that are embedded into a battery cooling plate. It is the most widely used commercial technology and is readily being utilized by EVs. There is ongoing R&D to develop more efficient cooling methods.
The Asia Pacific accounted for the highest revenue share of the market in 2021 due to the highest volumes sold. Charging infrastructure is being developed at a rapid pace. Various tax incentives are being provided to buyers to encourage purchase. For instance, China is considering extending the 10% purchase tax exemption on EVs, to boost sales, post the COVID-19 situation. This is anticipated to boost EV production and would positively impact the demand for battery cooling plate.
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Battery Cooling Plate Market Report Highlights
Based on product, indirect cooling is anticipated to register a CAGR of 35.9%, in terms of revenue, from 2022 to 2030. This cooling type is widely used in EVs, because of its established technology, widely available coolant liquid, and economical cost
Based on application, BEV is anticipated to register the highest CAGR of 40.3% in terms of revenue during the forecast period. These are purely battery-operated vehicles, which have zero carbon emission and attract tax incentives for their production and purchase
Based on region, Asia Pacific is expected to register the highest CAGR of 37.6%, in terms of revenue, in the forecast period. Various government initiatives are propelling growth. For instance, the region is part of the Electric Vehicles Initiative (EVI), a forum that is aimed at accelerating the introduction and adoption of EVs worldwide
In September 2021, MAHLE GmbH developed a new system for cooling batteries. The immersion cooling technology helps in reducing charging time for EVs; thus, batteries can be smaller, resulting in more resource-efficient and low-cost EVs
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