Dublin, Nov. 15, 2024 (GLOBE NEWSWIRE) -- The "EV Battery Cooling Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The global EV battery cooling market is anticipated to expand at a CAGR of 19.54% to attain US$5.64 billion by 2029 from US$2.31 billion in 2024.
The global EV battery cooling systems market is growing with the increasing demand for electric vehicles. With the increasing demand, the production volume of these vehicles is set to rise, leading to the global battery cooling market's expansion. Furthermore, with the boost in the global EV battery technology research & development and the introduction of a new battery thermal management system, the market will also observe growth. An efficient battery cooling system ensures increased battery performance, increasing the vehicles' driving range and maintaining the optimum battery health.
Global EV Battery Cooling Market Drivers:
The increasing electric vehicle production and demand.
One of the major driving factors estimated to propel the global EV battery cooling market is the increasing global production of electric vehicles. With the demand for EVs across the world, the industry observed an increasing production of electric vehicles in the past few years. The global market for electric vehicles witnessed a surge, majorly due to the increasing concern of consumers with the risk of air pollution and improvement in EV technologies. Furthermore, various countries, like the USA, France, Spain, and India, among others, have introduced multiple policies and subsidy schemes to meet the demand for EVs.
Global EV sales grew massively, mainly with the introduction of new and improved technologies in this sector. The International Energy Agency, in its global electric vehicle report, stated that the sales of EVs witnessed a massive increase, especially in Europe and the USA. The agency stated that in 2021, 2.3 million units of EVs were sold in Europe, which increased to about 2.7 million in 2022 and 3.2 million in 2023. Similarly, in the USA, the total EV sales in 2021 were recorded at about 0.6 million, which increased to 1 million in 2022. In 2023, a total of about 1.4 million units of electric vehicles were sold in the nation.
Global EV Battery Cooling Market Geographical Outlook
Asia Pacific is forecasted to hold a major share of the Global EV Battery Cooling Market.
The Asian Pacific region is estimated to attain a greater market share in the global EV battery cooling market, as it is among the fastest-growing regions in the EV sector and the technological leader in the global EV landscape. Asian Pacific countries like China, Japan, and Taiwan are among the biggest producers of EVs and EV-related technologies. Furthermore, the Asian Pacific region has also witnessed increasing governmental and private investments from across the globe, especially in countries like India, China, and Vietnam, to develop EV and its technology.
The Asia Pacific region is also among the biggest producers of electric vehicles, especially China. The International Energy Agency, in its report, stated that in 2021, the total stock of BEV in China was recorded at about 6.2 million units, which increased to about 10.7 million in 2022. The total stock of BEVs in China was recorded at about 16.1 million units in 2023, nearly half of the global stock. Similarly, the nation's EV sales also witnessed a massive increase, from about 3.3 million units sold in 2021 to about 6 million in 2022. In 2023, the total units of EVs sold in China was recorded at about 8.1 million.
The demand for electric vehicles also increases in other nations of the Asian Pacific region, like India. The India Brand Equity Foundation, in its report, stated that in 2021, a total of 3.31 million EVs were registered in the nation, which increased to about 10.2 million in 2022. In 2023, this figure was recorded at about 15.29 million, observing a growth greater than five times compared to 2021.
Reasons for buying this report::
- Insightful Analysis: Gain detailed market insights covering major as well as emerging geographical regions, focusing on customer segments, government policies and socio-economic factors, consumer preferences, industry verticals, other sub- segments.
- Competitive Landscape: Understand the strategic maneuvers employed by key players globally to understand possible market penetration with the correct strategy.
- Market Drivers & Future Trends: Explore the dynamic factors and pivotal market trends and how they will shape up future market developments.
- Actionable Recommendations: Utilize the insights to exercise strategic decision to uncover new business streams and revenues in a dynamic environment.
- Caters to a Wide Audience: Beneficial and cost-effective for startups, research institutions, consultants, SMEs, and large enterprises.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 148 |
| Forecast Period | 2024 - 2029 |
| Estimated Market Value (USD) in 2024 | $2.31 Billion |
| Forecasted Market Value (USD) by 2029 | $5.64 Billion |
| Compound Annual Growth Rate | 19.5% |
| Regions Covered | Global |
Report Coverage:
- Historical data & forecasts from 2022 to 2029
- Growth Opportunities, Challenges, Supply Chain Outlook, Regulatory Framework, Customer Behaviour, and Trend Analysis
- Competitive Positioning, Strategies, and Market Share Analysis
- Revenue Growth and Forecast Assessment of segments and regions including countries
Company Profiling (Strategies, Products, Financial Information, and Key Developments)
- 3M
- Boyd
- Hanon Systems
- MAHLE GmbH
- Modine Manufacturing Company
- Robert Bosch GmbH LLC
- Tata AutoComp System Ltd.
- Valeo
- Vikas Group
- Sogefi SpA
- Dana Incorporated
- Miba AG
The Global EV Battery Cooling Market is segmented and analyzed as follows:
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
For more information about this report visit https://www.researchandmarkets.com/r/pv2ldy
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