Detroit, July 14, 2025 (GLOBE NEWSWIRE) -- The global EV battery cooling plates market size was valued at US$ 1.4 billion in 2024 and is projected to reach US$ 3.2 billion by 2031, witnessing a market growth CAGR of 11.7% from 2024 to 2031, according to an analysis by Stratview Research.
Stratview Research, a global market research firm, has launched a report on the global EV battery cooling plates 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 in 2024 | US$ 1.4 billion |
| Market Size in 2031 | US$ 3.2 billion |
| Growth (CAGR) | 11.7% during 2024-2031 |
| Cumulative Sales Opportunity 2024 to 2031 | US$ 19.1 billion |
| Leading Propulsion Type | BEV |
| Leading Vehicle Type | LV |
| Leading Plate Type | Rectangular Plates |
| Leading Supply Chain Type | OEMs |
| Leading Region | Asia-Pacific |
| Forecast Period | 2024-2031 |
| Trend Period | 2018-2022 |
| Base Year | 2023 |
| Number of Segments Covered | 5 |
| Number of Tables & Graphs | 100+ |
| Country-Level Market Assessment | 20 |
Segment Insights & Market Share Analysis of the EV Battery Cooling Plates Market:
The global EV battery cooling plates market is segmented based on propulsion type, vehicle type, plate type, supply chain type, and region.
Based on propulsion type –
- The EV battery cooling plates market is segmented into BEV and HEV.
- BEV is expected to remain the dominant and fastest-growing propulsion of the market in the coming years.
- 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.
Based on 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.
- As production scales up and manufacturing costs decrease, electric passenger cars and LCVs are becoming more affordable, making them accessible to a broader consumer base, thereby increasing demand for thermal management technologies.
Based on 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.
Based on 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 fastest-growing category due to their direct involvement in vehicle manufacturing, strong supplier collaborations, and focus on advanced thermal management solutions.
- OEMs leverage their partnerships with leading battery manufacturers like CATL, LG Energy Solution, Panasonic, and Samsung SDI, as well as thermal management system providers such as Valeo, Mahle GmbH, Dana Incorporated, Modine Manufacturing Company, and Marelli, to co-develop advanced cooling technologies. This allows for the seamless integration of cooling plates that are specifically engineered for high-performance battery systems, making them more efficient and reliable.
To know the most attractive segments, click here for a free sample of the report:
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Which region shows the most promising growth forecast and opportunity?
The analysis suggests that Asia-Pacific is expected to be the dominant region. This growth outlook is mainly attributed to the following:
- Driven by 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.
Likewise, 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:
Some of the key drivers listed in the report are given below.
- Rising adoption of electric vehicles (EVs).
- Advancements in battery technologies.
- Increasing demand for efficient thermal management systems.
Competitive Landscape: Top Companies in the EV Battery Cooling Plates Market:
The market is moderately fragmented, with over 60 players. Most of the major players compete in some of the governing factors, including price, service offerings, regional presence, etc. Stratview Research has identified the following companies as the top market players:
- Valeo
- Mahle GmbH
- Dana Incorporated
- Sogefi S.p.A.
- Borg Warner Inc.
- BYD
- Marelli
What Deliverables Will You Get in This Report?
| Key questions this report answers | Relevant contents in the report |
| How big is the sales opportunity? | In-depth analysis of the EV Battery Cooling Plates Market |
| How lucrative is the future? | Market forecast and trend data and emerging trends |
| Which regions offer the best sales opportunities? | Global, regional, and country-level historical data and forecasts |
| Which are the most attractive market segments? | Market segment analysis and forecast |
| Who are the top players and their market positioning? | Competitive landscape analysis, Market share analysis |
| How complex is the business environment? | Porter’s five forces analysis, PEST analysis, Life cycle analysis |
| What are the factors affecting the market? | Drivers & challenges |
| Will I get the information on my specific requirements? | 10% free customization |
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