Market Size of Electric Vehicle Battery Coolant Industry
| Study Period | 2020 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 4.00 % |
| Fastest Growing Market | Europe |
| Largest Market | Asia-Pacific |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Electric Vehicle Battery Coolant Market Analysis
Currently, Electric Vehicle Battery Coolant Market was valued at 2.01 billion in the current year and is projected to grow to USD 3.0 Billion in the next five years, registering a CAGR of 4% in terms of revenue during the forecast period.
The automotive goods and supply chain market were drastically impacted by COVID-19. Also, travel restrictions and lockdowns resulted in a slowdown of electric vehicle sales, directly affecting vehicle parts demand. However, post-lockdown, the demand for electric vehicle batteries increased significantly. However, the automotive industry is now recovering from the losses and paving the way to introduce quality products to cater to the rising demand from consumers across the region. The automotive industry witnessed significant growth in terms of the production of electric vehicles in 2021, which is likely to increase the demand for electric vehicle battery coolant during the forecast period.
Over the medium term, the rising awareness about energy storage solutions in the renewable-based power sector is expected to drive the market during the forecast period. The government's growing focus on promoting the use of electric vehicles across the region is likely to witness significant growth in the market.
The automotive industry greatly emphasizes the increasing need for better ride quality and heat insulation for cabin comfort, leading to a much higher demand for battery coolant. Further, the ever-increasing number of electrical and electronic components inside vehicles also drives the need for better coolant systems due to heat dissipation, which in turn is likely to witness major growth for the market during the forecast period.
Electric Vehicle Battery Coolant Industry Segmentation
The Electric Vehicle Battery Coolant regulates the temperature of the battery pack. The cooling system uses cooling loops that contain liquid coolants such as ethylene glycol. An electric pump circulates the coolant through the batteries.
Electric Vehicle Battery Coolant Market is segmented into vehicle type, battery type, coolant type, and geography.
Based on the vehicle type, the market is segmented into Battery Electric Vehicles, Hybrid Electric Vehicles, and Plug-in Hybrid Electric Vehicles.
Based on the battery type, the market is segmented into Lead-Acid Batteries, Lithium-ion batteries, and Others.
Based on the Coolant Type, the market is segmented into Glycol Based and Water Based.
Based on Geography, the market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World.
For each segment, the market sizing and forecast have been done based on the value (USD Billion).
| Vehicle Type | |
| Battery Electric Vehicles | |
| Hybrid Electric Vehicles | |
| Plug-in Hybrid Electric Vehicles |
| Battery Type | |
| Lead Acid Battery | |
| Lithium-Ion Battery | |
| Others |
| Coolant Type | |
| Glycol Based | |
| Water Based |
| Geography | ||||||||
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Electric Vehicle Battery Coolant Market Size Summary
The electric vehicle battery coolant market is poised for significant growth over the forecast period, driven by the increasing production of electric vehicles and the rising demand for efficient thermal management solutions. The market is recovering from the impacts of the COVID-19 pandemic, which had previously slowed down vehicle sales and parts demand. As the automotive industry rebounds, there is a heightened focus on enhancing ride quality and heat insulation, which is propelling the demand for battery coolants. The growing number of electrical and electronic components in vehicles further necessitates advanced coolant systems to manage heat dissipation. Government initiatives promoting electric vehicle adoption and the phasing out of internal combustion vehicles are also contributing to the market's expansion.
The Asia-Pacific region leads the global electric vehicle battery coolant market, benefiting from high production volumes in countries like China, India, and Japan, along with favorable manufacturing costs. The region's market growth is supported by increased domestic production of coolants and government efforts to bolster charging infrastructure. Key players in the market, such as BASF SE, Valvoline Inc., and Exxon Mobil Corporation, are expanding their global presence and enhancing their product offerings to meet the rising demand. Innovations in battery technology, such as the development of lithium-ion batteries, are further driving market growth by enabling more compact and efficient energy storage solutions. These developments, coupled with supportive government policies and investments in battery infrastructure, are expected to sustain the market's upward trajectory.
Electric Vehicle Battery Coolant Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Drivers
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1.2 Market Restraints
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1.3 Porters 5 Force Analysis
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1.3.1 Threat of New Entrants
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1.3.2 Bargaining Power of Buyers/Consumers
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1.3.3 Bargaining Power of Suppliers
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1.3.4 Threat of Substitute Products
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1.3.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size by Value - USD billion)
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2.1 Vehicle Type
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2.1.1 Battery Electric Vehicles
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2.1.2 Hybrid Electric Vehicles
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2.1.3 Plug-in Hybrid Electric Vehicles
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2.2 Battery Type
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2.2.1 Lead Acid Battery
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2.2.2 Lithium-Ion Battery
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2.2.3 Others
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2.3 Coolant Type
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2.3.1 Glycol Based
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2.3.2 Water Based
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States Of America
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.1.4 Rest of North America
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 India
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2.4.3.2 China
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2.4.3.3 Japan
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2.4.3.4 South Korea
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2.4.3.5 Rest of Asia-Pacific
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2.4.4 Rest of the World
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2.4.4.1 Brazil
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2.4.4.2 Saudi Arabia
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2.4.4.3 United Arab Emirates
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2.4.4.4 South Africa
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Electric Vehicle Battery Coolant Market Size FAQs
What is the current Electric Vehicle Battery Coolant Market size?
The Electric Vehicle Battery Coolant Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Electric Vehicle Battery Coolant Market?
BASF SE, Exxon Mobil Corporation, Shell group , GS Caltex and Valvoline Inc. are the major companies operating in the Electric Vehicle Battery Coolant Market.
