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Immersion Cooling for EV Batteries Market Size and Forecasts (2020 - 2030), Global and Regional Share, Trends, and Growth Opportunity Analysis Report Coverage: By Type (Single-Phase Immersion Cooling and Two-Phase Immersion Cooling) and Cooling Fluid Type (Mineral Oil, Synthetic Oil, and Others)

September 2023 | 116 pages | ID: I62254621EB6EN
The Insight Partners

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The immersion cooling for EV batteries market size was valued at US$ 1.23 million in 2022 and is expected to reach US$ 156.90 million by 2030; it is estimated to record a CAGR of 91.1% from 2026 to 2030.

The single-phase immersion cooling technique does not require a complex cooling infrastructure, which reduces the additional infrastructure cost by increasing their adoption among EV battery users. Single-phase immersion cooling can directly contact all device components for cooling technique without causing cell thermal runaway. The increasing adoption of electric vehicles among consumers across the globe increases the adoption of immersion cooling for EV batteries. Consumers are widely adopting electric cars, the increasing demand for high-performance batteries for the long run. To fulfill consumers' demand, manufacturers must increase battery density and range, which require quick changing and cooling systems. However, significant benefits provided by the single-phase immersion cooling technique among EV battery users include minimizing electronic failure or reduced risk of shocks fueling the market growth. Shifting users’ preference toward adopting single-phase immersion cooling is associated with its simplicity, affordability, less maintenance, and support for easier cooling operations. These factors are anticipated to increase the demand for single-phase immersion cooling among EV battery users during the forecast period.

The Europe immersion cooling for EV batteries market is segmented into Germany, France, Spain, the UK, Italy, and the Rest of Europe. The expanding automotive sector is driving the market in this region. It is one of Europe's largest sectors, representing over 7% of the region's GDP. The region consists of various established car manufacturers continuously working on increasing the production and sales of electric vehicles. According to the European Automobile Manufacturers Association (ACEA), in Q4 of 2022, the region witnessed an increase in the registrations of new battery electric cars by 31.6%, selling 406,890 total units. Out of this, Germany registered 198,293 units of BEVs. France registered 62,155 units, and Sweden registered 37,013 unit sales.

Governments of countries in the region are taking various initiatives for the adoption of EVs in the region. For instance, in 2020, the government of the UK awarded US$ 57.87 million for various low-carbon automotive projects, including electric vehicle manufacturing. Also, in July 2021, the European Commission proposed a revised Regulation (EU) 2019/631 to reduce carbon emissions by cars and vans to achieve its 2030 and 2050 climate objectives. Such supportive government policies for reducing carbon emissions are expected to increase the adoption of EVs in the region. This will further propel the demand for high-capacity EV batteries, thereby raising the need for efficient battery cooling solutions and bolstering the growth of the immersion cooling for EV batteries market in Europe. Further, to support these government initiatives, various companies in the market are working on increasing EV production in the region. In March 2022, Ford planned to introduce three new passenger EVs and four new commercial EVs in Europe by 2024. The company also announced its plans to sell more than 600,000 EVs in the region by 2026. Thus, the increase in initiatives from leading players regarding EV production and development is anticipated to drive the immersion cooling for EV batteries market in Europe in the coming years.

Ricardo Plc, Mahle GmbH, Exoes SAS, Xing Mobility Inc, The Lubrizol Corp, SAE International, Rimac Technology Ltd, Cargill Inc, Engineered Fluids Inc, and M&I Materials Ltd are among the key stakeholders operating in the immersion cooling for EV batteries market. Various other companies are introducing new product offerings to contribute to the immersion cooling for EV batteries market size proliferation. Several other major companies have been analyzed during this research study to get a holistic view of the immersion cooling for EV batteries market ecosystem. The immersion cooling for EV batteries market report provides detailed market insights, which helps the key players strategize their growth.
1. INTRODUCTION

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. EXECUTIVE SUMMARY

2.1 Key Insights
2.2 Market Attractiveness

3. RESEARCH METHODOLOGY

3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. IMMERSION COOLING FOR EV BATTERIES MARKET LANDSCAPE

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
  4.3.1 List of Vendors in Value Chain:

5. IMMERSION COOLING FOR EV BATTERIES MARKET - KEY INDUSTRY DYNAMICS

5.1 Market Drivers
  5.1.1 Increase in Demand for High-Capacity Batteries to Extend EV Driving Range
  5.1.2 Growing Demand for Electric Vehicles
5.2 Market Restraints
  5.2.1 Challenges Associated with Immersion Cooling
5.3 Market Opportunities
  5.3.1 Advantages of Immersion Cooling
5.4 Future Trends
  5.4.1 Growing Incorporation of Immersion-cooled Battery into Road-Going Vehicles
5.5 Impact Analysis of Drivers and Restraints

6. IMMERSION COOLING FOR EV BATTERIES MARKET - GLOBAL MARKET ANALYSIS

6.1 Immersion Cooling for EV Batteries Market Overview
6.2 Immersion Cooling for EV Batteries Market Revenue (US$ Million), 2022 – 2030
6.3 Immersion Cooling for EV Batteries Market Forecast and Analysis

7. IMMERSION COOLING FOR EV BATTERIES MARKET ANALYSIS - TYPE

7.1 Single-Phase Immersion Cooling
  7.1.1 Overview
  7.1.2 Single-Phase Immersion Cooling Market Revenue and Forecasts To 2030 (US$ Million)
7.2 Two-Phase Immersion Cooling
  7.2.1 Overview
  7.2.2 Two-Phase Immersion Cooling Market Revenue and Forecasts To 2030 (US$ Million)

8. IMMERSION COOLING FOR EV BATTERIES MARKET ANALYSIS - COOLING FLUID TYPE

8.1 Mineral Oil
  8.1.1 Overview
  8.1.2 Mineral Oil Market Revenue and Forecasts To 2030 (US$ Million)
8.2 Synthetic Oil
  8.2.1 Overview
  8.2.2 Synthetic Oil Market Revenue and Forecasts To 2030 (US$ Million)
8.3 Others
  8.3.1 Overview
  8.3.2 Others Market Revenue and Forecasts To 2030 (US$ Million)

9. IMMERSION COOLING FOR EV BATTERIES MARKET - GEOGRAPHICAL ANALYSIS

9.1 North America
  9.1.1 North America Immersion Cooling for EV Batteries Market Overview
  9.1.2 North America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
  9.1.3 North America Immersion Cooling for EV Batteries Market Breakdown by Type
    9.1.3.1 North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
  9.1.4 North America Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.1.4.1 North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
  9.1.5 North America Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Countries
    9.1.5.1 US Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.1.5.1.1 US Immersion Cooling for EV Batteries Market Breakdown by Type
      9.1.5.1.2 US Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.1.5.2 Rest of North America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.1.5.2.1 Rest of North America Immersion Cooling for EV Batteries Market Breakdown by Type
      9.1.5.2.2 Rest of North America Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.2 Europe
  9.2.1 Europe Immersion Cooling for EV Batteries Market Overview
  9.2.2 Europe Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
  9.2.3 Europe Immersion Cooling for EV Batteries Market Breakdown by Type
    9.2.3.1 Europe Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Type
  9.2.4 Europe Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.2.4.1 Europe Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Cooling Fluid Type
  9.2.5 Europe Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Countries
    9.2.5.1 Germany Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.2.5.1.1 Germany Immersion Cooling for EV Batteries Market Breakdown by Type
      9.2.5.1.2 Germany Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.2.5.2 France Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.2.5.2.1 France Immersion Cooling for EV Batteries Market Breakdown by Type
      9.2.5.2.2 France Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.2.5.3 Italy Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.2.5.3.1 Italy Immersion Cooling for EV Batteries Market Breakdown by Type
      9.2.5.3.2 Italy Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.2.5.4 UK Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.2.5.4.1 UK Immersion Cooling for EV Batteries Market Breakdown by Type
      9.2.5.4.2 UK Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.2.5.5 Rest of Europe Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.2.5.5.1 Rest of Europe Immersion Cooling for EV Batteries Market Breakdown by Type
      9.2.5.5.2 Rest of Europe Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.3 Asia Pacific Immersion Cooling for EV Batteries Market
  9.3.1 Overview
  9.3.2 Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Million)
  9.3.3 Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
    9.3.3.1 Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Type
  9.3.4 Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.3.4.1 Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Cooling Fluid Type
  9.3.5 Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Countries
    9.3.5.1 China Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.3.5.1.1 China Immersion Cooling for EV Batteries Market Breakdown by Type
      9.3.5.1.2 China Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.3.5.2 India Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.3.5.2.1 India Immersion Cooling for EV Batteries Market Breakdown by Type
      9.3.5.2.2 India Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.3.5.3 Japan Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.3.5.3.1 Japan Immersion Cooling for EV Batteries Market Breakdown by Type
      9.3.5.3.2 Japan Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.3.5.4 South Korea Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.3.5.4.1 South Korea Immersion Cooling for EV Batteries Market Breakdown by Type
      9.3.5.4.2 South Korea Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.3.5.5 Rest of Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.3.5.5.1 Rest of Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
      9.3.5.5.2 Rest of Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.4 Rest of the World
  9.4.1 Rest of the World Immersion Cooling for EV Batteries Market Overview
  9.4.2 Rest of the World Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Million)
  9.4.3 Rest of the World Immersion Cooling for EV Batteries Market Breakdown by Type
    9.4.3.1 Rest of the World Immersion Cooling for EV Batteries Market and Forecasts and Analysis - By Type
  9.4.4 Rest of the World Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.4.4.1 Rest of the World Immersion Cooling for EV Batteries Market and Forecasts and Analysis - By Cooling Fluid Type
  9.4.5 Rest of the World Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis - By Regions
    9.4.5.1 Middle East & Africa Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.4.5.1.1 Middle East & Africa Immersion Cooling for EV Batteries Market Breakdown by Type
      9.4.5.1.2 Middle East & Africa Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
    9.4.5.2 South America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
      9.4.5.2.1 South America Immersion Cooling for EV Batteries Market Breakdown by Type
      9.4.5.2.2 South America Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type

10. IMMERSION COOLING FOR EV BATTERIES MARKET – IMPACT OF COVID-19 PANDEMIC

10.1 Pre & Post Covid-19 Impact

11. COMPETITIVE LANDSCAPE

11.1 Heat Map Analysis By Key Players
11.2 Company Positioning & Concentration

12. INDUSTRY LANDSCAPE

12.1 Market Initiative
12.2 New Development

13. COMPANY PROFILES

13.1 Ricardo Plc
  13.1.1 Key Facts
  13.1.2 Business Description
  13.1.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.1.4 Financial Overview
  13.1.5 SWOT Analysis
  13.1.6 Key Developments
13.2 Mahle GmbH
  13.2.1 Key Facts
  13.2.2 Business Description
  13.2.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.2.4 Financial Overview
  13.2.5 SWOT Analysis
  13.2.6 Key Developments
13.3 EXOES SAS
  13.3.1 Key Facts
  13.3.2 Business Description
  13.3.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.3.4 Financial Overview
  13.3.5 SWOT Analysis
  13.3.6 Key Developments
13.4 XING Mobility Inc
  13.4.1 Key Facts
  13.4.2 Business Description
  13.4.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.4.4 Financial Overview
  13.4.5 SWOT Analysis
  13.4.6 Key Developments
13.5 The Lubrizol Corp
  13.5.1 Key Facts
  13.5.2 Business Description
  13.5.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.5.4 Financial Overview
  13.5.5 SWOT Analysis
  13.5.6 Key Developments
13.6 SAE International
  13.6.1 Key Facts
  13.6.2 Business Description
  13.6.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.6.4 Financial Overview
  13.6.5 SWOT Analysis
  13.6.6 Key Developments
13.7 Rimac Technology Ltd
  13.7.1 Key Facts
  13.7.2 Business Description
  13.7.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.7.4 Financial Overview
  13.7.5 SWOT Analysis
  13.7.6 Key Developments
13.8 Cargill Inc
  13.8.1 Key Facts
  13.8.2 Business Description
  13.8.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.8.4 Financial Overview
  13.8.5 SWOT Analysis
  13.8.6 Key Developments
13.9 Engineered Fluids Inc
  13.9.1 Key Facts
  13.9.2 Business Description
  13.9.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.9.4 Financial Overview
  13.9.5 SWOT Analysis
  13.9.6 Key Developments
13.10 M&I Materials Ltd
  13.10.1 Key Facts
  13.10.2 Business Description
  13.10.3 Contribution to Immersion Cooling Technology for EV Batteries
  13.10.4 Financial Overview
  13.10.5 SWOT Analysis
  13.10.6 Key Developments

14. APPENDIX

14.1 Word Index


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