Stamped plates are the most common type of liquid cooling plate, representing 71 percent of a market projected to reach $5.7 billion by 2031, according to Valuates Reports.
BANGALORE, India—As the adoption of electric vehicles (EVs) accelerates across the globe, the need for battery liquid cooling plates in EVs is expanding rapidly. Automakers and suppliers are increasingly integrating these cold-plate systems into various EV models—from compact cars to heavy-duty commercial vehicles—to meet safety standards and performance expectations, according to a report by the market research firm Valuates Reports.
Supported by advancements in manufacturing—including stamping—and growing regulatory pressure to reduce emissions, the market for battery liquid cooling plates is poised for continued robust growth across regions and applications. According to Valuates Reports, the market was valued at USD 926 million in the year 2024 and is projected to reach USD 5.672 billion by 2031, growing at a compound annual growth rate (CAGR) of 30.0 percent during the forecast period.
What’s Spurring the Market Growth?
In a release highlighting the findings of its report, Valuates Reports stated that efficient thermal management has become critical to ensuring battery safety, longevity, and optimal performance, especially with the rise of fast-charging systems and high-energy-density batteries. Liquid cooling plates offer superior heat dissipation compared to air-cooled methods, enabling EVs to function reliably under demanding conditions, the company said.
Due to their lightweight structure and high thermal efficiency, harmonica tube cooling plates are significantly influencing the market growth of battery liquid cooling plates for EVs. Their design allows for optimal heat dissipation across a larger surface area, a critical factor in maintaining battery temperature during rapid charging and prolonged operation, according to Valuates Reports.
“These plates are often fabricated using aluminum, contributing to reduced vehicle weight and enhanced energy efficiency,” the company said in the release. “Their modular structure supports design flexibility, making them compatible with various EV battery pack layouts. As automakers strive to enhance battery performance and lifespan, harmonica tube designs offer scalable and cost-effective thermal management solutions. Their increasing adoption, especially in high-performance and commercial EVs, continues to fuel market expansion globally.”
Stamped liquid cooling plates are also propelling market growth by offering mass-producible, structurally robust solutions that are described as “ideal for automotive-scale battery packs.” Stampings constitute the largest segment of liquid cooling plates, representing a share of 71 percent, according to the release.
“Using precise metal stamping techniques, these plates achieve uniform thickness, ensuring consistent coolant flow and efficient thermal regulation,” the company said. “Their flat design promotes close contact with battery modules, improving heat exchange and enabling compact EV battery system designs. Manufacturers favor this method due to its cost efficiency and scalability, which are critical as EV demand rises globally.”
The stamping process also facilitates integration with advanced heat sink structures, further enhancing thermal performance. The adoption of stamping-type plates is especially strong among original equipment manufacturers (OEMs) in Asia and North America, where cost-effectiveness and high-volume production are driving innovation in EV battery technology, the release stated.
Battery Electric Vehicles Are Key Demand Drivers
According to the release, battery electric vehicles (BEVs) are key demand drivers in the liquid cooling plate market due to their dependence on effective thermal management systems. They represent a share of about 68 percent of applications for liquid cooling plates, according to the release.
“Unlike hybrids, BEVs rely entirely on batteries for propulsion, making temperature control crucial for performance, safety, and battery longevity,” the release stated. “With increasing range requirements and fast-charging capabilities, efficient cooling solutions are necessary to prevent overheating and energy losses.”
Sophisticated Cooling Plate Designs
Liquid cooling plates maintain optimal cell temperatures during high discharge and charging cycles, reducing thermal stress and enhancing vehicle reliability. The global push for zero-emission mobility and government incentives for EV adoption further amplify BEV production, especially in China, Europe, and the United States. This surge in BEV manufacturing creates a parallel demand for innovative cooling plate technologies, accelerating market growth, the company said.
Global electric vehicle production is experiencing exponential growth, driven by decarbonization goals and government subsidies. As EV adoption increases, the need for efficient battery cooling systems grows in parallel. Today, liquid cooling plates are integral in maintaining battery performance and preventing overheating.
“Automakers are deploying sophisticated cooling plate designs in BEVs and plug-in hybrids to ensure thermal uniformity,” the release stated. “These solutions are essential for meeting safety standards and improving vehicle range. With countries mandating EV targets and phasing out internal combustion engine vehicles, the production of battery liquid cooling plates is surging. This direct correlation between EV manufacturing volume and cooling system demand is a primary force behind the market’s continued expansion.”
Thermal management plays a vital role in ensuring battery safety, particularly in high-density lithium-ion battery systems. Excessive heat can lead to degradation, reduced cycle life, or even thermal runaway. Liquid cooling plates provide superior heat control compared to air-cooled systems, ensuring uniform temperature distribution. The increasing focus on battery efficiency and risk mitigation has led automakers to adopt liquid-cooled solutions across all EV segments, the company said.
“As safety regulations become more stringent and consumers demand longer battery life, manufacturers are prioritizing advanced cooling architectures,” the release stated. “This focus on safety and performance is accelerating the integration of liquid cooling plates into all new electric vehicle models, thereby driving market growth.”
Fast Charging Systems Require Advanced Battery Cooling
According to Valuates Reports, the global expansion of fast-charging stations demands advanced battery cooling systems to prevent thermal overload during rapid energy transfer. Fast charging generates considerable heat, which can damage battery cells without efficient thermal control. Liquid cooling plates effectively dissipate this heat, maintaining safe and optimal operating conditions.
“EV manufacturers are increasingly integrating robust cooling plates to support faster charging protocols without compromising battery health,” the company said in the release. “This need is particularly acute in commercial fleets and high-performance electric vehicles, which require rapid turnaround times. As the fast-charging infrastructure evolves and becomes more widespread, so does the need for cutting-edge thermal management systems, propelling demand for liquid cooling plates in the EV ecosystem.”
To meet consumer expectations for longer driving ranges, battery energy density is being pushed to new limits. However, higher energy density results in greater heat generation, especially under heavy load or rapid charging conditions. Liquid cooling plates are essential for dissipating this excess heat and maintaining cell integrity. They help regulate core temperatures, prevent hotspots, and ensure uniform heat spread across the battery module, the company said.
This allows manufacturers to build denser battery packs without compromising safety or efficiency. As energy-dense solid-state and next-generation lithium-ion batteries become mainstream, advanced liquid cooling solutions will remain central to enabling safe and high-performance EV operations, according to Valuates Reports.
Electric Mobility Expands Beyond Passenger Vehicles
Electric mobility is expanding beyond passenger vehicles into commercial trucks, buses, two-wheelers, and construction equipment. These applications often involve high load cycles, extended operation hours, and exposure to extreme environmental conditions—necessitating more robust battery cooling systems. Liquid cooling plates offer reliable thermal performance and adaptability for a wide range of vehicle platforms.
“They are becoming a default solution in heavy-duty EV segments where battery performance and longevity are critical,” the company said. “The electrification of diverse mobility sectors is thus broadening the scope of the cooling plate market, driving demand across both urban and industrial transportation segments.”
Globally, key players in the EV market for battery liquid cooling plates are reported to include Modine Manufacturing, Boyd Corporation, Valeo, Dana, MAHLE, Nippon Light Metal, and ESTRA Automotive, among others.
“Regional adoption of battery liquid cooling plates varies significantly, with Asia-Pacific leading the market due to its large EV production base, particularly in China, South Korea, and Japan,” the release stated. “These countries have established EV supply chains and strong domestic demand, fostering innovation in thermal management systems.”
Europe follows closely, driven by emission-reduction policies, subsidies, and EV mandates. Germany, France, and the Netherlands are leading adopters of advanced cooling systems, according to Valuates Reports.
“North America, led by the U.S., is witnessing rapid growth fueled by Tesla’s innovations and increasing EV adoption,” the company said in its April release.