Electric Vehicle Battery Coolant Market Size
|Fastest Growing Market:||Europe|
*Disclaimer: Major Players sorted in no particular order
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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).
|Battery Electric Vehicles|
|Hybrid Electric Vehicles|
|Plug-in Hybrid Electric Vehicles|
|Lead Acid Battery|
Electric Vehicle Battery Coolant Market Trends
This section covers the major market trends shaping the Electric Vehicle Battery Coolant Market according to our research experts:
Rise in demand for Electric Vehicles
E-mobility has sparked interest among several countries for a variety of reasons. Traffic congestion and pollution have become synonymous, which has prompted large cities in the countries to implement green and sustainable policies, including the usage of electric vehicles. Moreover, government subsidies and phasing out of IC vehicles have been the key growth propeller during the medium-term demand forecast.
Increasing carbon emissions and climate change have posed challenges for several states in India. The transportation sector contributes significantly to greenhouse effects, accounting for around 7% of total Co2 emissions. To minimize the carbon emission from the transportation sector, technologies of low or zero-carbon emission are required to deploy at a vast scale.
The growing emphasis of prominent automobile manufacturers and rising demand for electric vehicles in the wake of supporting government policies and improved electric vehicle battery technology are several significant factors responsible for driving this market.
A lithium-ion battery is a type of rechargeable battery installed in electric vehicles and has a higher energy density when compared to nickel-cadmium and lead-acid rechargeable batteries. These features of lithium-ion batteries will enable the manufacturers to save space by reducing the overall battery pack size. It is one of the lightest metals. Although lithium-ion batteries do not contain any lithium metal, they contain ions.
Several battery manufacturers are expanding their manufacturing facilities across the major countries, which is likely to witness major growth for the market during the forecast period. For instance,
- October 2022: Gotion, a Chinese battery manufacturer, invested USD 2.36 billion to build a battery component facility in Michigan.
Several electric vehicle manufacturers are launching new vehicle models across the major countries, which in turn is likely to witness major growth for the market during the forecast period. For instance, In August 2022, India’s largest automaker Maruti Suzuki confirmed that it shall soon introduce the first electric vehicle latest by 2025 end.
With the above-mentioned developments, the market is witnessing major growth for the market during the forecast period.
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Asia-Pacific is dominating the market
Asia-Pacific held a leading share of the global electric vehicle battery coolant market due to the higher volume of electric vehicles produced in major countries, including India, China, and Japan, and lower manufacturing and labor costs across the region.
Increased demand for fuel-efficient, high-performance, and low-emission vehicles, as well as increasingly strict laws and regulations on vehicle emissions, as well as lowering battery costs, and rising fuel costs, all contribute to the increased demand for the electric passenger vehicle market's growth.
The government of India has announced its plans to robust the charging infrastructure in the country amid the electrification missions of the government. The Ministry of Power has recognized the Bureau of Energy Efficiency (BEE) as the Central Nodal Agency (CNA) for implementing EV public charging infrastructure across the nation. The other important organization concerned with implementing public charges is the Department of Heavy Industry. This is responsible for overseeing the FAME-II program, which provides financial aid for public EV charging infrastructure.
The Production Linked Incentive for Advanced Chemistry Cell Battery Storage (PLI-ACC) program established by the government has also aimed to improve India's battery infrastructure. According to the Union Budget, the overall cost of the program, which is US$ 2.45 billion, will be distributed to beneficiaries over five years following the establishment of the manufacturing plant, which in turn is likely to witness major growth for the electric vehicle battery coolant market during the forecast period.
The increasing domestic production of coolants may significantly help coolant manufacturers cater to the rising demand for electric vehicle battery coolants across the region. This is projected to fuel the electric vehicle battery coolant market in the region over the next few years.
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Electric Vehicle Battery Coolant Industry Overview
Electric Vehicle Battery Coolant Market is dominated by several key players such as BASF SE, Valvoline Inc., Exxon Mobil Corporation, Shell Group, GS Caltex, and others. Major key players are expanding their presence across the globe to enhance the manufacturing facilities and their product portfolio, which in turn is likely to witness significant growth for the market during the forecast period. For instance,
- October 2022: BASF SE opened a new Glycol plant with an annual production capacity of 80,000 metric tons at its new Zhanjiang Verbund site in China.
Electric Vehicle Battery Coolant Market Leaders
Exxon Mobil Corporation
*Disclaimer: Major Players sorted in no particular order
Electric Vehicle Battery Coolant Market News
- November 2022: BASF's Glysantin has launched a newly developed battery coolant into the Chinese automotive aftermarket, specifically designed for indirectly cooled systems and higher reliability and safety. The ready-to-use coolant, marketed as ® G22 E+TM, offers low electrical conductivity and maintains low and stable currents when exposed to a voltage source, in addition to well-known protection.
- August 2022: Valvoline Cummins introduced the glycol-based full-antifreeze coolant, Valvoline Advanced Coolant, with OAT Technology. The technology helps to enhance the life of coolants.
- August 2022: Shell Group launched a coolant for electric motors suitable for climatic and geographic conditions in India.
Electric Vehicle Battery Coolant Market Report - Table of Contents
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Drivers
4.2 Market Restraints
4.3 Porters 5 Force Analysis
4.3.1 Threat of New Entrants
4.3.2 Bargaining Power of Buyers/Consumers
4.3.3 Bargaining Power of Suppliers
4.3.4 Threat of Substitute Products
4.3.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD billion)
5.1 Vehicle Type
5.1.1 Battery Electric Vehicles
5.1.2 Hybrid Electric Vehicles
5.1.3 Plug-in Hybrid Electric Vehicles
5.2 Battery Type
5.2.1 Lead Acid Battery
5.2.2 Lithium-Ion Battery
5.3 Coolant Type
5.3.1 Glycol Based
5.3.2 Water Based
5.4.1 North America
18.104.22.168 United States Of America
22.214.171.124 Rest of North America
126.96.36.199 United Kingdom
188.8.131.52 Rest of Europe
184.108.40.206 South Korea
220.127.116.11 Rest of Asia-Pacific
5.4.4 Rest of the World
18.104.22.168 Saudi Arabia
22.214.171.124 United Arab Emirates
126.96.36.199 South Africa
6. COMPETITIVE LANDSCAPE
6.1 Vendor Market Share
6.2 Company Profiles*
6.2.1 Valvoline Inc.
6.2.2 BASF SE
6.2.3 Exxon Mobil Corporation
6.2.4 Shell group
6.2.5 GS Caltex
6.2.6 BP PLC (Castrol Limited)
6.2.8 Voltronic GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Electric Vehicle Battery Coolant Market Research FAQs
What is the study period of this market?
The Electric Vehicle Battery Coolant Market market is studied from 2018 - 2027.
What is the growth rate of Electric Vehicle Battery Coolant Market?
The Electric Vehicle Battery Coolant Market is growing at a CAGR of 4% over the next 5 years.
What is Electric Vehicle Battery Coolant Market size in 2018?
The Electric Vehicle Battery Coolant Market is valued at 2 Billion USD in 2018.
What is Electric Vehicle Battery Coolant Market size in 2027?
The Electric Vehicle Battery Coolant Market is valued at 3 Billion USD in 2027.
Which region has highest growth rate in Electric Vehicle Battery Coolant Market?
Europe is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Electric Vehicle Battery Coolant Market?
Asia-Pacific holds highest share in 2021.
Who are the key players in Electric Vehicle Battery Coolant Market?
BASF SE, Exxon Mobil Corporation, Shell group , GS Caltex, Valvoline Inc. are the major companies operating in Electric Vehicle Battery Coolant Market.
Electric Vehicle Battery Coolant Industry Report
Statistics for the 2023 Electric Vehicle Battery Coolant market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle Battery Coolant analysis includes a market forecast outlook to 2028 and historical overview. Get a sample of this industry analysis as a free report PDF download.