Global EV Battery Cooling Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Cooling Type (Air Cooling, Liquid Cooling, Fan Cooling), By Battery Type (Lead Acid, Lithium Ion, Others), By Vehicle Type (Battery Electric Vehicles, Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicle), And By Geography - Forecasts From 2023 To 2028

  • Published : Jun 2023
  • Report Code : KSI061615224
  • Pages : 148

The EV battery cooling market was valued at US$1,353.08 million in 2021.

Electric vehicle (EV) battery cooling is an important aspect of electric vehicle design and operation, as it is necessary to maintain a suitable temperature range for the battery cells to ensure optimal performance, longevity, and safety. The three main types of EV battery cooling systems for lead-acid and lithium-ion batteries include air cooling, liquid cooling, and fan cooling. EV battery cooling is used in different vehicle types, such as battery electric vehicles, hybrid electric vehicles, and plug-in hybrid electric vehicles. The growth of EV battery cooling systems will be due to the increasing demand for electric vehicles, rising concerns over battery safety and performance, and the need to comply with government emissions and fuel efficiency regulations.

The increasing electric vehicle production will boost the growth of the global EV battery colling market.

Batteries generate heat during operation, and excessive heat can damage battery cells, reduce capacity, and shorten the battery's lifespan. Therefore, battery cooling systems are necessary to regulate the temperature and prevent overheating. EV battery cooling systems help prevent thermal runaways and reduce the risk of battery-related accidents, making electric vehicles safer. Colder batteries charge faster, while hotter batteries charge slower, and battery cooling systems help regulate the temperature and ensure consistent charging times. EV battery cooling is essential for maintaining optimal battery performance, safety, and reliability, making it a critical aspect of electric vehicle design and operation. Several countries' governments are implementing regulations on EV battery cooling to ensure the safety and performance of electric vehicles, promote their adoption, and reduce their environmental impact. The demand for EV battery cooling increases with the growing demand for electric vehicles, battery efficiency and safety, government regulations, and technological advancements. According to the International Council on Clean Transportation (ICCT), global electric vehicle production increased by 40% in 2022, reaching 8.2 million vehicles, with an increase of 2.3 million vehicles compared to 2021. According to the Korea Automobile Manufacturers Association (KAMA), in 2020, 11 incidents of electric vehicle battery fires took place in Korea. In 2021, the Chinese government introduced new safety standards for EVs that set battery safety and thermal management requirements to ensure the safety and reliability of EVs in China and promote the adoption of electric vehicles. This demonstrates that global EV battery cooling holds a great demand in the future.

The Asia Pacific region is expected to constitute a dominant market share. 

The Asia Pacific region is home to the world's largest and fastest-growing electric vehicle markets, including China, Japan, India, and South Korea, due to the demand for electric vehicles in the region, increasing urbanization, growing concerns about air pollution, and climate change. In 2021, the Chinese government launched the "New Energy Vehicle Industry Development Plan" to promote the growth of the electric vehicle market, which includes subsidies for electric vehicle purchases, tax incentives for electric vehicle manufacturers, investments in research and development of electric vehicle technologies, and development of charging infrastructure and battery cooling systems. In 2021, the Ministry of Road Transport and Highways of India mandated that electric vehicles must have a battery cooling system that meets certain standards to maintain the battery temperature within a certain range and be able to detect and respond to any temperature changes. In 2020, the Japanese government announced the "Green New Deal" initiative, which aims to achieve carbon neutrality by 2050, and the government plans to promote the adoption of electric vehicles and expand the charging infrastructure for EVs, which will further increase the demand for EV battery cooling. These factors all add to the EV battery cooling growth in Asia Pacific.

Market Developments:

  • October 2022: Using a brand-new, extremely high-performance dielectric fluid, TotalEnergies and Valeo announce signing a contract to create a novel method of cooling electric vehicle batteries.
  • April 2022: Matter, an EV technology startup, launched India's first active liquid-cooled EV battery pack for electric bikes and scooters for the thermal management system.
  • September 2021: BorgWarner announced a new liquid-cooled battery pack for electric vehicles, which has a high-efficiency cooling system that helps to maintain the battery's temperature and improve its overall performance.

Global EV Battery Cooling Market Scope:


Report Metric Details
Market Size Value in 2021
US$1,353.08 million
Growth Rate CAGR during the forecast period
Base Year 2021
Forecast Period 2023 – 2028
Forecast Unit (Value) USD Million
Segments Covered Cooling Type, Battery Type, Vehicle Type, and Geography
Regions Covered North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies Covered 3M, Boyd, Hanon Systems, MAHLE GmbH, Modine Manufacturing Company, Robert Bosch GmbH LLC, Tata AutoComp System Ltd., Valeo, Vikas Group
Customization Scope Free report customization with purchase


Market Segmentation:

  • By Cooling Type
    • Air Cooling
    • Liquid Cooling
    • Fan Cooling
  • By Battery Type
    • Lead Acid
    • Lithium Ion
    • Others
  • By Vehicle Type
    • Battery Electric Vehicles
    • Hybrid Electric Vehicles
    • Plug-In Hybrid Electric Vehicle
  • By Geography
    • North America
      • USA
      • Canada
      • Mexico
    • South America
      • Brazil
      • Argentina
      • Others
    • Europe
      • UK
      • Germany
      • France
      • Spain
      • Others
    • Middle East and Africa
      • Saudi Arabia
      • UAE
      • Others
    • Asia Pacific
      • China
      • Japan
      • India
      • South Korea
      • Australia
      • Other

Frequently Asked Questions (FAQs)

EV Battery Cooling Market was valued at US$1,353.08 million in 2021.
Prominent key market players in the EV battery cooling market include 3M, Boyd, Hanon Systems, MAHLE GmbH, and Modine Manufacturing Company, among others.
The EV battery cooling market has been segmented by cooling type, battery type, vehicle type, and geography.
The increasing electric vehicle production will boost the EV battery cooling market growth.
The Asia Pacific region is expected to hold a significant share of the EV battery cooling market.


1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base, and Forecast Years Timeline


2.1. Research Data

2.2. Research Process


3.1. Research Highlights


4.1. Market Drivers

4.2. Market Restraints

4.3. Market Opportunities

4.4. Porter’s Five Force Analysis

4.4.1. Bargaining Power of Suppliers

4.4.2. Bargaining Power of Buyers

4.4.3. Threat of New Entrants

4.4.4. Threat of Substitutes

4.4.5. Competitive Rivalry in the Industry

4.5. Industry Value Chain Analysis


5.1. Introduction

5.2. Air Cooling

5.3. Liquid Cooling

5.4. Fan Cooling


6.1. Introduction

6.2. Lead Acid

6.3. Lithium Ion

6.4. Others


7.1. Introduction

7.2. Battery Electric Vehicles

7.3. Hybrid Electric Vehicles

7.4. Plug-In Hybrid Electric Vehicle


8.1. Introduction

8.2. North America

8.2.1. USA

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1.  Brazil

8.3.2. Argentina

8.3.3. Others

8.4. Europe

8.4.1. Germany

8.4.2. UK

8.4.3. France

8.4.4. Spain

8.4.5. Others

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. UAE

8.5.3. Others

8.6. Asia Pacific

8.6.1. China

8.6.2. Japan

8.6.3. South Korea

8.6.4. India

8.6.5. Australia

8.6.6. Others


9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix


10.1. 3M

10.2. Boyd

10.3. Hanon Systems

10.4. MAHLE GmbH

10.5. Modine Manufacturing Company

10.6. Robert Bosch GmbH LLC

10.7. Tata AutoComp System Ltd.

10.8. Valeo

10.9. Vikas Group



Hanon Systems


Modine Manufacturing Company

Robert Bosch GmbH LLC

Tata AutoComp System Ltd.


Vikas Group