Electric Vehicle Battery Coolant Market Size, Share and Growth Projections

Electric Vehicle Battery Coolant Market Size,Trends and Future Outlook

The electric vehicle battery coolant market is projected to reach USD 3.15 billion by 2034, expanding from USD 2.24 billion in 2025, at an annual growth rate of 3.85% during the forecast period from 2025 to 2034.

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Introduction

The electric vehicle battery coolant market is a prominent branch of the automotive materials industry. This industry deals in manufacturing and distribution of coolant for electric vehicles across the globe. The coolants are used for maintaining stable temperature and ensures optimal performance in EVs. It is designed for different types of vehicles containing battery electric vehicles and hybrid electric vehicles. These coolants finds application in various types of batteries comprising of lead acid battery and lithium ion battery. The growing demand for hybrid vehicles in different parts of the world has boosted the market growth. This market is expected is grow drastically with the rise of the electric vehicles industry around the world.

• According to the International Energy Agency, around 1 million hybrid vehicles were sold in China during 2020 that increased to 5.8 million units in 2023.

Highlights of the Electric Vehicle Battery Coolant Market

• Asia Pacific held the largest share of the electric vehicle battery coolant market due to the rising sales of EVs in this region.
• North America is expected to grow with the highest CAGR due to the government initiatives aimed at strengthening the EV sector in this region.
• The lithium-ion segment held a dominant share of the market due to its numerous benefits such as long cycle life and high energy density.
• The battery electric vehicle segment led the industry due to the growing focus on reducing emission in the environment.

Key Metrics and Overview

Electric Vehicle Battery Coolant: Stats and Figures

• According to the International Energy Agency, around 16.1 million battery electric vehicles were sold in China during 2023.
• According to the Our World in Data, around 24% of the vehicles sold in United Kingdom were electric vehicles.
• According to the International Council on Clean Transportation, around 375000 EVs were sold in 3rd quarter of 2023.
• According to the India Brand Equity Foundation, around 1.5 million EVs were sold in India during 2023.

Industry Leader Announcement

In June 2024, Sascha Koller, the Sales Manager at Technotrans SE, “From now on, we offer vehicle manufacturers even more flexibility: In addition to our established Plug &Play cooling solutions, they now have the option to individually arrange individual modules of a thermal management system on the vehicle using a modular principle. This is a decisive advantage, especially for the production of compact vehicles with limited installation space.”

Geographical Insights

Asia Pacific held the highest share of electric vehicle battery coolant market. The growing demand for hybrid vehicles along with presence of several EV brands in this region. Moreover, the government of numerous countries such as China, Japan, India and others are investing heavily for developing the EV infrastructure across this region. Furthermore, the rising emphasis on reducing emission in the environment coupled with increasing fuel prices in several countries has played a crucial role in shaping the industrial landscape.

Competitive Landscape

The electric vehicle battery coolant market is a highly competitive industry with the presence of several dominating players. Some of the crucial players in this industry consists of BASF SE, Valvoline Inc., Exxon Mobil Corporation, Shell Group and some others. These companies are constantly engaged in providing electric vehicle battery coolant and adopting numerous strategies to maintain their dominant position in this industry.

• According to the annual report of Exxon Mobil, the revenue of the company was US$ 334697 million in 2023 that increased to US$ 339247 million in 2024.

Market Segmentations

By Vehicle Type

• Battery Electric Vehicles
• Hybrid Electric Vehicles

By Battery Type

• Lead Acid Battery
• Lithium Ion Battery
• Others

By Region

• North America
• Asia Pacific
• Europe
• Latin America
• Middle East and Africa