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.
