EV Liquid Cooling Plates Market is Forecasted to Reach US$5.9 Billion in 2031, Says Stratview Research

Detroit, Sept. 02, 2025 (GLOBE NEWSWIRE) -- The global EV Liquid Cooling Plates Market size was valued at US$2.6 billion in 2024, and is projected to reach US$5.9 billion by 2031, witnessing a market growth CAGR of 11.2% 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 Liquid 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

Segment Insights & Market Share Analysis of the EV Liquid Cooling Plates Market:

The global EV Liquid Cooling Plates Market is segmented based on Propulsion type, Vehicle type, Cooling Plate type, Battery Cooling Plate type, Battery Cooling Plate Supply Chain type, Power Electronics Cooling Plate Application type, Power Electronics Cooling Plate Integration type, Material type, and region.

Based on Propulsion Type

• The 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 witnessing faster global adoption as governments push for full electrification over hybrid alternatives.
• Unlike hybrids, which use smaller batteries with lower thermal demands, BEVs rely solely on high-capacity battery packs that generate substantial heat during charging and discharging.
• This necessitates the use of larger and more advanced liquid cooling plates to maintain optimal battery performance, safety, and longevity.
• The growing deployment of fast-charging infrastructure, rising expectations for vehicle range, and the shift toward high-energy-density battery chemistries further drive the demand for efficient and reliable thermal management solutions in BEVs.

Based on Vehicle Type

• The market is segmented into LV and M&HCV.
• LV is anticipated to contribute a larger share of the EV liquid cooling plates market.
• Passenger cars make up the largest segment of the automotive industry, significantly amplifying the impact of electrification within the light vehicle (LV) category.
• The rapid growth in electric passenger cars, supported by government incentives, emission regulations, and expanding charging infrastructure, drives large-scale adoption of thermal management components.
• These vehicles often utilize compact, high-density battery packs and integrated power electronics, which generate significant heat and require efficient, space-saving liquid cooling solutions to ensure safety, performance, and component longevity.
• As production scales up and manufacturing costs decline, electric passenger cars and light commercial vehicles (LCVs) are becoming more affordable and accessible to a wider consumer base, driving increased demand for advanced thermal management technologies like liquid cooling plates.

Based on Material Type

• The market is segmented into copper and aluminium.
• Aluminium holds a larger market share, and it is also expected to be the fastest-growing material in the market during the forecast period.
• Aluminium’s dominance, driven by its excellent thermal conductivity, lightweight nature, cost-effectiveness, and ease of manufacturing.
• These properties make aluminium especially well-suited for electric vehicle applications, where efficient heat dissipation, weight reduction, and scalability are critical for performance, energy efficiency, and mass production.

Based on Plate Type

• The market is segmented into battery cooling plates and power electronics cooling plates.
• Battery cooling plate holds the larger share and is also expected to experience the fastest growth in the EV liquid cooling plate market during the forecast period.
• Battery cooling plates dominate, driven by their critical role in maintaining optimal battery temperatures, enabling fast charging, extending battery life, and ensuring vehicle safety and performance across all EV segments.
• As battery sizes and energy densities increase, the need for efficient thermal management becomes even more crucial.
• Battery cooling plates are widely adopted across passenger cars, commercial vehicles, and high-performance EVs, making them the largest and most essential segment.
• Additionally, regulatory pressure to improve battery safety and the push for higher vehicle range further accelerate their demand.

Based on Battery Cooling 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.
• The serpentine cooling plate is anticipated to grow at a faster rate, fueled by the rising adoption of high-performance EVs, the development of next-generation battery technologies, and advancements in fast charging.
• These plates' efficient design and ability to optimize heat dissipation in compact spaces make them increasingly popular in advanced EV applications.
• Additionally, their widespread use by Tesla in major models further contributes to the growth of this segment, solidifying their role in modern electric vehicle thermal management systems.

Based on Battery Cooling Plates 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.

Based on Power Electronics Cooling Plates Application Type

• The market is segmented into inverter, converter, and on-board charger.
• Inverter is expected to remain the widely used application type in the market during the forecast period.
• Inverters play a central role in EVs by converting DC from the battery into AC for the motor—a process that generates significant heat. As every electric vehicle depends on this conversion, inverters consistently require cooling plates to ensure performance, efficiency, and system reliability.
• The converter is anticipated to remain the second-largest application type in the market during the forecast period, driven by the increasing complexity of EV electrical architectures, growing adoption of multi-voltage systems, and rising demand for efficient thermal management in high-power charging and DC-DC conversion applications.

Based on Power Electronics Cooling Plates Integration Type

• The market is segmented into standalone and integrated.
• Integrated cooling plates are expected to gain a larger share of the EV power electronics cooling plates market, as they combine thermal management for multiple components, such as inverters, converters, and on-board chargers, into a single compact unit.
• This integration reduces space, weight, and system complexity while enhancing thermal efficiency and cutting manufacturing and assembly costs, all of which are critical in EV design.

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 the Asia-Pacific is expected to register the fastest growth rate in the forecasted period. This growth outlook is majorly attributed to the following–

• Asia Pacific is the largest region in the market, driven by the high volume of electric vehicle production in countries like China, Japan, and South Korea.
• China, in particular, leads global EV adoption and manufacturing, supported by strong government incentives, robust supply chains, and extensive charging infrastructure.
• Additionally, the presence of major battery and power electronics manufacturers in the region fuels the demand for efficient thermal management solutions like liquid cooling plates to support high-performance and fast-charging EV systems.

On the other hand, North America is projected to be the fastest-growing region in the EV liquid cooling plates market, driven by accelerating EV adoption, supportive government policies, and rising consumer demand for electric mobility. The region’s focus on developing fast-charging infrastructure and high-performance EVs further strengthens the need for efficient and reliable liquid cooling plate systems.

EV Liquid Cooling Plates Market Drivers:

Some of the key drivers listed in the report are given below.

• Rapid Growth in Electric Vehicle Adoption: With the surge in global EV sales (BEVs, PHEVs, and commercial EVs), the need for efficient battery thermal management systems is increasing. Governments are offering incentives and enforcing emission regulations, accelerating EV production, and thereby driving demand for liquid cooling plates.
• Rising Battery Energy Density and Fast-Charging Requirements: Modern EV batteries operate at higher voltages and energy densities, which generate more heat. Fast-charging technologies (250kW+) significantly raise battery temperatures, making liquid cooling a preferred solution over air cooling to ensure safety and longevity.

Competitive Landscape: Top Companies in the EV Liquid Cooling Plates Market:

Stratview Research has identified the following companies as the top market players:

• Valeo
• Mahle GmbH
• BYD Auto Co., Ltd.
• Dana Incorporated
• Borg Warner Inc.
• BOYD Corporation

What Deliverables Will You Get in this Report?

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Related Reports:

• EV Battery Cooling Plates Market 

• EV Power Electronics Cooling Plates Market

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