Battery Cooling Plates Market Size, Share, & COVID-19 Impact Analysis, By Product (Direct Cooling and Indirect Cooling), By Application (BEV and PHEV), and Regional Forecast, 2024-2032

Battery cooling plates are components used to stabilize the battery's temperature and provide optimal temperature uniformity, particularly in high-power applications such as electric vehicles (EVs) and hybrid electric vehicles (HEVs). It extracts heat from the lithium-ion battery cells and enables fast charging. They are built from lightweight aluminum or copper as these materials have high thermal conductivity allowing them to transfer heat away from the battery cells efficiently.  

• For instance, the Tesla Thermal Management System battery cooling plates are implemented on electric vehicles to ensure optimal performance and safety. It was announced in 2021 that it had made changes by adding a heat pump and heated steering wheel by changing batteries in some countries.

Electric vehicle manufacturers adopt different cooling methods to address thermal management challenges, including corrosion, leaks, clogging, and others. Therefore, the battery cooling plate is expected to grow during the forecast period to address such challenges. Moreover, the increase in the adoption of electric vehicles is another important factor that will drive market growth. As the demands for EVs rise, there is a need for effective thermal management systems, including battery cooling plates, to ensure reliability and optimal battery performance.

The cost of implementing the battery cooling systems, including the cost of cooling plates, can restrain the market growth. High-performance cooling systems may increase the overall cost of batteries impacting the affordability and market penetration of electric vehicles and energy storage. Moreover, technical challenges such as designing the plates to handle high power densities, optimizing heat transfer mechanisms, ensuring uniform temperature distribution, and addressing packaging constraints are likely major market restraints.

IMPACT OF COVID- 19 ON THE BATTERY COOLING PLATES MARKET

Due to the COVID-19 pandemic, significant companies in the market suffered losses as the demand for battery cooling plates reduced. The reduced production of electric vehicles and a slowdown in industrial growth during the pandemic were the primary reasons for loss-making for battery cooling plate manufacturers. This industry relies on the global supply chain for raw materials and manufacturing equipment. The supply chain was disrupted due to factory shutdowns, transportation restrictions, and a reduced workforce. It led to a delay in production, a shortage of critical components, and increased prices for specific materials.

SEGMENTATION

KEY INSIGHTS

 The report will cover the following key insights:

• Recent advancements in the battery cooling plates market


• Key industry trends


• Regulatory landscape for the battery cooling plates market


• Key industry developments


• Impact of COVID–19 on the market

ANALYSIS BY PRODUCT

Based on product, the market is bifurcated into direct and indirect cooling. Indirect cooling is projected to register the highest growth during the forecast period as it is widely used in electric vehicles and is economical. It circulates a liquid coolant through metal pipes with the lowest temperature rise. BMW and Tesla use this cooling method in their manufactured cars, and it is expected to drive market growth. Direct cooling is when the battery cells are in direct contact with the coolant liquid. 

ANALYSIS BY APPLICATION

The battery cooling plates market is bifurcated based on application into battery electric vehicles (BEV) and plug-in hybrid electric vehicles (PHEV). The demand for battery cooling plates in BEVs is rising due to the rising adoption of electric vehicles that operate solely on batteries and is expected to dominate the market. The investments toward BEV production are growing due to the increasing demand and are anticipated to contribute toward the market's growth. PHEVs are also expected to grow fast as the battery cooling plates optimize battery life and extend the driving range by enhancing the battery's thermal management system. BMW and Volkswagen are expected to drive the market for PHEVs in the future.  

REGIONAL ANALYSIS

The global battery cooling plates market is divided into North America, Europe, Asia Pacific, Latin America, the Middle East and Africa. North America is expected to lead the battery cooling plates market owing to the presence of established electric vehicle manufacturers and supporting infrastructure. A significant rise in EV adoption led by government initiatives to achieve net zero emission targets is contributing to the growth of the battery cooling plate market. Among the growing countries in the battery cooling plates market, India, Japan, and South Korea are emerging in Asia Pacific, primarily due to the increasing demand for electric vehicles and the government's focus and initiatives on promoting green energy. In Europe, Germany, the U.K., and France are expected to remain the dominant players in the market in the coming years, owing to the presence of established automotive manufacturers and high investment in research and development.

KEY PLAYERS COVERED

The report includes profiles of key players, such as Sanhua Holding Group Co., Ltd., SONGZ AUTOMOBILE AIR CONDITIONING CO., LTD., Cotran, Yinlun TDI, LLC., Dana Incorporated, ESTRA Automotive, KOHSAN, Nippon Light Metal, PRIATHERM, Sanhua Automotive, among others.

KEY INDUSTRY DEVELOPMENTS:

• February 2023 - BorgWarner announced it would supply a German manufacturer with innovative battery cooling plates for electric vehicles. It would provide cooling capacity in a more compact package with reduced cost and weight.  


• August 2022 - Michigan Economic Development Corporation (MEDC) approved EV battery and parts manufacturing incentives, including battery cooling plates for global automakers.


• April 2022 - Tesla opened a new giga-factory in Texas with an investment of USD 1 billion and is expected to produce 500,000 vehicles every year by 2023. It also intends to construct additional facilities for battery testing, including battery cooling plates and drive unit manufacturing facilities.


• September 2021 - Ford Motor announced its investment of USD 11 billion in its Tennessee and Kentucky plants to produce lithium-ion batteries and electric vehicles by 2025, increasing the adoption of battery cooling plates.