InsightAce Analytic Pvt. Ltd. announces the release of a market assessment report on the “Global EV battery Pack Cooling System Market- (Vehicle Type (Passenger Vehicle, and Commercial Vehicle), By Propulsion Type (Battery Electric Vehicle, Hybrid Electric Vehicle and Plug-in Hybrid Electric Vehicle), By System Type (Air Cooling System and Liquid Cooling Systems)) Trends, Industry Competition Analysis, Revenue and Forecast To 2031.”
According to the latest research by InsightAce Analytic, the Global EV battery Pack Cooling System Market is valued at US$ 2.85 Bn in 2023, and it is expected to reach US$ 8.09 Bn by 2031, with a CAGR of 14.21% during the forecast period of 2024-2031.
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The electric vehicle battery pack cooling system market primarily focuses on developing, manufacturing, and distributing cooling systems designed for EV battery packs. These cooling systems are essential for maintaining the optimal operating temperature of electric car batteries, which is crucial for their performance, durability, and safety. The main factors propelling the market for EV battery pack cooling systems are the increasing demand for electric vehicles, improvements in battery technology, and the need for safer and more efficient thermal management solutions. Rising interest in renewable energy storage is another factor driving the growth of market. One factor propelling the market for EV battery pack cooling systems is their growing consumer awareness of global environmental issues, which is driving market expansion.
However, a major obstacle for EV battery pack cooling systems is the new cooling technology regulations can be lengthy and expensive; there is no standardization in the industry, which makes it difficult to create effective, universal cooling solutions, and the associated cost is expensive, which limits the market growth. There has been a significant uptick in the rising need for urban and rural areas. Moreover, the EV battery pack cooling system market is anticipated to witness substantial development potential due to technological advancements, rules encourage the use of electric vehicles and lessen their negative effects on the environment, which are being bolstered by influential industry players, driving up the demand for EV battery pack cooling systems.
List of Prominent Players in the EV Battery Pack Cooling System Market:
• Boyd Corporation
• Dana Limited
• E-MERSIV
• Hanon Systems
• Kreisel Electric
• MAHLE GmbH
• Miba AG
• Modine Manufacturing
• RIGID HVAC
• TotalEnergies
• Valeo
• Vikas Group
• VOSS Automotive, Inc.
• Webasto Group
• XING Mobility
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Market Dynamics:
Drivers-
Growth in the EV battery pack cooling system market is propelled by the fact that they are more efficient, produce fewer emissions, and have lower running costs than conventional gasoline-powered cars; electric vehicles (EVs) are growing in popularity. Increase in demand for EV battery pack cooling systems because they are necessary to keep the battery pack at a safe and ideal temperature. Furthermore, governments everywhere are enacting laws to lower car emissions and encourage the use of electric vehicles. Because they are required for EVs to comply with these rules, this also fuels the need for EV battery pack cooling systems. Moreover, EV battery cooling solutions are becoming less expensive, which lowers the cost barrier for consumers and automakers. As a result, automakers find it easier to equip their cars with EV battery pack cooling systems.
Challenges:
Several obstacles can slow the expansion of the EV battery pack cooling system industry. However, these EV batteries demand a hefty upfront cost due to the complicated manufacturing processes and high cost of materials; the development and implementation of EV battery pack cooling systems can be costly. This is especially true for liquid cooling systems. As a result, electric vehicles may become more expensive for more people, limiting their ability to afford them. In addition, substantial technological hurdles exist to overcome when developing and implementing efficient cooling systems compatible with different vehicle designs and battery architectures. Because of this intricacy, the acceptance and innovation of new cooling technology will slow the EV battery pack cooling system market growth during the next few years.
Regional Trends:
The North American EV battery pack cooling system market is expected to register a major market share in the revenue. It is projected to grow at a high CAGR in the near future. The region’s rapid uptake of EV batteries, with significant funding for EV battery pack cooling system initiatives from both the public and commercial sectors, led to the creation of EV battery pack cooling system systems that are both more sophisticated and efficient. Furthermore, the market is anticipated to grow significantly due to the government’s increased emphasis on encouraging the usage of electric vehicles throughout the region. Besides, Europe has a substantial share of the EV battery pack cooling system market. The government has increased supporting rules for producing EV battery pack cooling systems. Moreover, the regional market’s growth is boosted by technological innovations, an increasing focus on renewable energy sources, and the presence of important companies in the industry, driving this growth.
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Recent Developments:
• In January 2024, Hanon Systems reached a new manufacturing milestone at its automobile compressor plant in Palmela, Portugal. The facility has produced over 500,000 compressors designed to work with the eco-friendly refrigerant R744.
• In February 2024, Dana Incorporated, a frontrunner in electrification solutions for environmentally friendly commercial vehicle transportation, announced a new line of e-transmissions for medium-duty electric vehicles, adding to its already extensive lineup of Spicer ElectrifiedTM e-Powertrains.
• In January 2024, Wenea and TotalEnergies announced a partnership to create a network of high-power charging hubs throughout Spain and help the country become a leader in electric mobility.
Segmentation of EV Battery Pack Cooling System Market-
EV Battery Pack Cooling System Market-By Vehicle Type
• Passenger Vehicle
• Commercial Vehicle
EV Battery Pack Cooling System Market-By Propulsion Type
• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-in Hybrid Electric Vehicle
EV Battery Pack Cooling System Market-By System Type
• Air Cooling System
• Liquid Cooling Systems
EV Battery Pack Cooling System Market-By Region
North America-
• The US
• Canada
• Mexico
Europe-
• Germany
• The UK
• France
• Italy
• Spain
• Rest of Europe
Asia-Pacific-
• China
• Japan
• India
• South Korea
• Southeast Asia
• Rest of Asia Pacific
Latin America-
• Brazil
• Argentina
• Rest of Latin America
Middle East & Africa-
• GCC Countries
• South Africa
• Rest of Middle East and Africa
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About Us:
InsightAce Analytic is a market research and consulting firm that enables clients to make strategic decisions. Our qualitative and quantitative market intelligence solutions inform the need for market and competitive intelligence to expand businesses. We help clients gain competitive advantage by identifying untapped markets, exploring new and competing technologies, segmenting potential markets and repositioning products. Our expertise is in providing syndicated and custom market intelligence reports with an in-depth analysis with key market insights in a timely and cost-effective manner.
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This release was published on openPR.
