EV Battery Cooling Market Size & Share 2026-2035

EV Battery Cooling Market Size

The EV battery cooling market was valued at $10.3 billion in 2025 and is projected to reach $29.7 billion by 2035.

The market's expansion is tied to the increasing thermal content required in electrified powertrains rather than to electric-vehicle volumes alone. Global electric-car sales approached 14 million in 2023 and were expected to exceed 17 million in 2024, while battery demand rose more than 40% year over year to above 750 GWh in 2023. ^{[1]International Energy Agency, Global EV Outlook 2024: Trends in Electric Vehicle Batteries, 2024 - iea.org} Higher battery throughput during driving and charging increases the engineering requirement for cooling plates, pumps, heat exchangers, sensors, and electronic controls.

Thermal management governs battery durability, charge acceptance, and safety margins. Cell temperature and temperature uniformity affect resistance, aging, and available power; the challenge becomes more acute during high-power charging, hot-weather parking, and sustained heavy-duty duty cycles. Liquid systems have consequently become the principal architecture for high-content BEV and PHEV platforms, while direct refrigerant systems and integrated heat-pump arrangements are gaining relevance where rapid thermal response is required ^{[2]Springer, Battery Thermal Management System Review, 2025 - springer.com}. ^{[3]European Union, Regulation (EU) 2023/1542 Concerning Batteries and Waste Batteries, 2023 - eur-lex.europa.eu}

The chemistry mix also changes the cooling system specification. LFP accounted for more than 40% of global EV battery capacity in 2023, driven largely by China, while nickel-based chemistries retained an important position in long-range and premium applications. LFP reduces some thermal-runaway exposure but often requires larger pack geometries for comparable energy capacity; nickel-rich packs tend to require tighter thermal control under high load. Cooling suppliers therefore compete on their ability to tailor plate geometry, coolant distribution, controls, and heating capability to the pack architecture rather than selling a uniform thermal loop.

The addressable market is therefore widening in two directions. New vehicle programs raise content per vehicle through liquid cooling, advanced controls, and integrated refrigerant circuits, while the installed EV fleet creates a later service opportunity for pumps, sensors, coolant circuits, and diagnostic work. This dual demand structure explains why the aftermarket is projected to grow faster than the OEM channel from a much smaller base, even though OEM awards remain the primary route to scale.

Key Drivers

EV production and battery deployment raise baseline thermal-system demand

Battery cooling demand scales with the number of battery packs entering production, but the relationship is not linear. Battery-electric vehicles require independent management of battery temperature across driving, charging, and parking because they do not rely on engine waste heat for warming. The IEA reported that electric cars accounted for 95% of the 2023 increase in global battery demand, making passenger EV production the central volume driver for thermal hardware.

The growth effect is strongest where battery capacity and charging power increase together. Larger packs require more cooling-plate area, greater coolant-flow capacity, and more heat-exchanger capability. This is particularly relevant for electric SUVs, commercial vans, buses, and trucks, whose battery packs are substantially larger than those used in entry-level urban vehicles. Suppliers that can package these functions into compact modules can capture greater system content as OEMs seek to limit space and assembly complexity.

Fast charging raises the required thermal-performance threshold

Fast charging changes the operating case that cooling systems must withstand. The Alternative Fuels Infrastructure Regulation requires member states to deploy high-power public charging along key European corridors, including charging infrastructure designed for heavy-duty transport. ^{[4]European Union, Regulation (EU) 2023/1804 on the Deployment of Alternative Fuels Infrastructure, 2023 - eur-lex.europa.eu} Higher charging rates increase heat generation within cells and power electronics, creating a requirement for pre-conditioning before arrival, active heat rejection during charging, and controlled recovery afterward.

This requirement favors liquid cooling, refrigerant-assisted chillers, and integrated heat-pump architectures. Denso's energy-management approach uses a refrigerant chiller to cool the glycol circuit serving the battery, illustrating how the refrigerant and coolant loops can be coordinated to improve charge acceptance. ^{[5]DENSO, Energy Management - denso.com} The commercial implication is that the premium portion of the market is increasingly defined by system response and control precision rather than by the individual price of a pump or cooling plate.

Safety and durability rules increase the value of monitoring and control

The EU Battery Regulation establishes performance, durability, and information requirements for batteries placed on the European market. Its phased implementation increases the importance of battery-condition monitoring, traceability, and state-of-health management. Although a thermal-management system alone does not determine regulatory compliance, inadequate thermal control can accelerate degradation and undermine the durability outcomes expected from the battery system.

China has also established thermal-management standards covering general requirements and liquid-cooling systems for electric-vehicle traction batteries. ^{[6]Standard Information Public Service Platform, QC/T 1206.2-2024, 2024 - cnis.ac.cn} Such standards increase the qualification burden on suppliers because cooling performance, leak resistance, control response, and system durability must be validated at the component and vehicle levels. As a result, sensors and electronic controllers become more strategically important: they translate temperature, flow, and pressure information into control decisions that protect battery performance.

Commercial-vehicle electrification requires heavy-duty thermal systems

Commercial vehicles are projected to rise from $0.86 billion in 2024 to $5.94 billion by 2035, outpacing passenger-vehicle growth. Their operating profile explains the differential. Buses, delivery vehicles, and trucks face extended daily utilization, repeated high-load events, constrained charging windows, and limited tolerance for power derating. A thermal excursion that slows charging or reduces usable range can directly disrupt fleet economics.

Modine's EVantage systems are designed for medium- and heavy-duty electric applications, including transit and off-highway equipment. ^{[7]Modine Manufacturing Company, Modine Selected as Thermal Solutions Supplier for GILLIG Hybrid-Electric Bus Platform, 2024 - modine.com} In this segment, suppliers can compete on uptime, serviceability, and cooling capacity as much as on component efficiency. Fleet programs can also favor modular systems that permit replacement or adaptation without redesigning the entire vehicle thermal circuit.

Key Restraints

Cost and integration complexity limit adoption of premium architectures

A high-content liquid or refrigerant-based system requires cooling plates, pumps, valves, hoses, heat exchangers, sensors, controls, and often a connection to the vehicle refrigerant circuit. The resulting bill of materials and validation burden can be difficult to justify on price-sensitive vehicles with modest pack sizes. Air cooling and simplified liquid systems therefore retain a role in lower-duty applications despite their weaker ability to manage high heat loads.

This creates a split market. Premium and high-performance vehicles are more likely to specify integrated thermal modules, while lower-cost platforms seek simplified liquid layouts or lower-cost cooling arrangements. Suppliers must therefore manage two conflicting requirements: develop advanced systems for high-power platforms while retaining manufacturing efficiency for high-volume, cost-sensitive programs.

Supply-chain exposure affects cost, timing, and qualification

Battery cooling systems depend on aluminum heat-transfer structures, electronic controls, elastomers, thermal interface materials, and refrigerant-related components. The battery supply chain remains geographically concentrated, particularly in China, which accounted for a dominant share of battery-material and cell-manufacturing capacity in 2023. Thermal suppliers are indirectly exposed to this concentration because battery location, chemistry, and pack design influence the demand for associated cooling hardware.

The transition toward lower-impact refrigerants and more integrated refrigerant circuits introduces an additional qualification challenge. Changing fluid chemistry, seals, valves, or compressor specifications requires vehicle-level validation. This can delay the introduction of new cooling architectures, particularly for suppliers without established refrigerant-system expertise.

EV demand volatility can pressure capacity utilization

Battery cooling suppliers make capital commitments well before vehicle production begins. Tooling, brazing lines, testing facilities, and electronics validation must be funded during the development phase, while OEM volumes can change after a program award. Hanon Systems reported that EV demand weakness contributed to lower production volumes, restructuring costs, and impairment charges in 2024. ^{[8]Hanon Systems, FY2024 Results, 2025 - hanonsystems.com} BorgWarner also identified EV-market softness as a factor affecting its Battery & Charging Systems performance. ^{[9]BorgWarner, 2024 Annual Report, 2025 - sec.gov}

This volatility does not remove the long-term need for thermal management, but it changes the economics of participation. Suppliers with diversified end markets, flexible manufacturing, and long-term OEM relationships are better positioned to absorb delayed volume ramps. Smaller specialists may face pressure to partner with Tier 1 suppliers or focus on technically differentiated niches.

Cell-to-pack integration narrows the design window

Cell-to-pack and cell-to-chassis designs reduce packaging layers, but they require closer coordination between battery, structural, and cooling engineers. Cooling plates must cover larger surfaces, manage tighter flatness tolerances, and preserve pack volume for cells. Marelli's battery thermal plate uses a dimpled internal geometry intended to improve heat exchange within a thin structure. ^{[10]Marelli, Marelli Wins a Major Contract to Supply Battery Thermal Plates for Electric Vehicles, 2024 - marelli.com}

The design consequence is that thermal suppliers must participate earlier in battery-pack development. Component providers that enter after cell geometry and pack structure have been fixed may have limited ability to optimize contact pressure, coolant channels, or service access. This raises the importance of co-development capability and makes established OEM and battery-maker relationships more valuable.

Supplier risk is concentrated in the transition between those two tiers. Companies that depend on stand-alone components face pricing pressure when OEMs procure integrated modules. Conversely, suppliers that overinvest in advanced capacity before program volumes materialize may carry underutilized assets. Competitive advantage will increasingly depend on the ability to combine cooling hardware, electronic control, refrigerant management, and manufacturing scale in one qualified offering.

EV Battery Cooling Market Segment Analysis

Cooling Technology

Air Cooling

Air cooling is projected to rise from $1.86 billion in 2025 to $2.05 billion by 2035, growing at approximately 0.4% CAGR. Its cost and packaging advantages sustain demand in selected HEVs and entry-level EVs, but air has lower heat-transfer capability than liquid media and is less suitable for high-power charging or high-ambient conditions. The segment's limited growth reflects a structural migration toward liquid systems rather than a complete disappearance of air-cooled designs.

Liquid Cooling

Liquid cooling is the dominant technology, increasing from $7.43 billion in 2025 to $25.71 billion by 2035 at approximately 12.5% CAGR. Glycol-based loops transfer heat through cooling plates and reject it through radiators or chillers. Their central advantage is controllable heat removal and improved temperature uniformity compared with air cooling. MAHLE has developed a bionic cooling-plate concept designed to improve cooling performance while reducing pressure loss and material weight, reflecting the continuing optimization of liquid architectures rather than their technological maturity.

Refrigerant Cooling

Refrigerant cooling is projected to expand from $0.72 billion in 2025 to $1.57 billion by 2035. Direct or refrigerant-assisted battery cooling can provide faster thermal response than an indirect glycol loop because the refrigerant cycle can transfer heat through phase change. This capability is valuable for fast charging and integrated vehicle thermal-management systems, although the architecture adds compressor, valve, sealing, and control complexity.

Phase Change Material Cooling

Phase-change-material cooling is projected to increase from $0.31 billion in 2025 to $0.36 billion by 2035. PCM systems absorb heat during a phase transition and are best understood as thermal buffers rather than substitutes for active cooling in demanding EV applications. Their role is likely to remain concentrated in hybrid designs where temporary heat absorption can reduce peak load on the liquid circuit.

Component

Cooling Plates

Cooling plates are projected to rise from $2.48 billion in 2025 to $8.52 billion by 2035. They are the principal heat-transfer interface in liquid-cooled battery packs, making their design central to pack temperature uniformity, pressure loss, weight, and manufacturability. Marelli's 2024 global production award for approximately 5 million battery thermal plates demonstrates the scale at which plate design has become a strategic supply category.

Coolant Pumps

Coolant pumps are projected to increase from $1.34 billion in 2025 to $3.53 billion by 2035. Electrically controlled pumps enable variable coolant flow and support thermal pre-conditioning before charging. Continental's coolant-flow-control products illustrate the movement toward systems that distribute coolant across battery, cabin, and powertrain circuits rather than operating a battery loop in isolation.

Compressors

Compressors are projected to rise from $1.65 billion in 2025 to $3.80 billion by 2035. Their relevance increases as OEMs integrate the refrigerant loop with battery cooling and cabin conditioning. MAHLE's high-capacity electric compressor is designed to support both passenger-compartment and battery thermal functions, reducing the need for separate thermal hardware.

Heat Exchangers

Heat exchangers are projected to grow from $2.06 billion in 2025 to $6.50 billion by 2035. Chillers, condensers, and radiators determine the system's ability to transfer heat between coolant, refrigerant, and ambient air. Zhejiang Sanhua Automotive Components supplies thermal-management products including valves, pumps, heat exchangers, and integrated systems, illustrating the shift toward broad thermal portfolios in China's NEV supply chain.

Cooling Fans & Blowers

Cooling fans and blowers are projected to increase from $0.21 billion in 2025 to $0.24 billion by 2035. Their low projected growth reflects displacement in the principal battery-cooling function, but they remain necessary for airflow management and fuel-cell or commercial-vehicle cooling applications. BorgWarner's eFan portfolio addresses battery, motor, and fuel-cell cooling requirements across electrified powertrains.

Valves, Pipes & Hoses

Valves, pipes, and hoses are projected to grow from $0.52 billion in 2025 to $1.10 billion by 2035. Their value is increasingly linked to active flow management. Multi-port valves can direct coolant among the battery, power electronics, and cabin circuits as vehicle operating conditions change, turning fluid routing into a control function rather than a passive connection.

Sensors & Electronic Controllers

Sensors and electronic controllers are projected to rise from $1.24 billion in 2025 to $4.36 billion by 2035, the fastest component growth rate at approximately 12.8%. More complex thermal systems require distributed temperature, pressure, and flow measurements, as well as software that determines when to cool, heat, pre-condition, or isolate a circuit. Their growth reflects the increasing importance of thermal intelligence, particularly in systems designed around fast charging and regulatory durability requirements.

Thermal Interface Materials

Thermal interface materials are projected to grow from $0.83 billion in 2025 to $1.63 billion by 2035. Pads, gap fillers, and phase-change compounds reduce thermal resistance between cells and cooling plates while also accommodating manufacturing tolerances and cell expansion. The shift toward larger prismatic cells and cell-to-pack layouts increases the importance of consistent contact across a larger thermal interface.

Vehicle Type

Passenger Vehicles

Passenger vehicles accounted for $9.05 billion in 2025 and are projected to reach $23.75 billion by 2035. This segment remains the largest source of demand because of EV production scale. Its cooling-content trajectory is shaped by battery capacity, vehicle size, charging performance, and climate-control integration. BEV SUVs and premium long-range vehicles typically require more sophisticated thermal systems than smaller urban EVs because their packs and charging loads are larger.

Commercial Vehicles

Commercial vehicles are projected to increase from $1.27 billion in 2025 to $5.94 billion by 2035, at approximately 15.9% CAGR. Their thermal requirement is driven by utilization and uptime rather than passenger comfort alone. Heavy trucks, buses, and delivery fleets can require robust thermal recovery between charging events, while fleet operators value systems that can be diagnosed and serviced with minimal downtime.

Propulsion

Battery Electric Vehicles

BEVs are projected to increase from $6.60 billion in 2025 to $21.38 billion by 2035. Their thermal systems manage the full battery energy requirement without support from an internal-combustion engine. This makes cooling and heating performance central to range, charge acceptance, and usable power in cold weather.

Plug-in Hybrid Electric Vehicles

PHEVs are projected to grow from $2.06 billion in 2025 to $4.75 billion by 2035. Their battery packs are smaller than those of BEVs, but electrified range requirements and extended-range hybrid designs can increase pack capacity and thermal-management content. The segment remains relevant where consumers and fleets seek electric driving capability without complete dependence on public charging infrastructure.

Hybrid Electric Vehicles

HEVs are projected to increase from $1.55 billion in 2025 to $3.33 billion by 2035. Their smaller packs generally require less intensive cooling than BEVs or PHEVs, which limits content per vehicle. However, their large installed base and continued relevance in markets with slower charging deployment preserve demand for lower-complexity thermal systems.

Fuel Cell Electric Vehicles

FCEVs are projected to increase from $0.10 billion in 2025 to $0.24 billion by 2035. The category remains niche, but fuel-cell commercial vehicles require thermal management for the stack, traction battery, and power electronics. BorgWarner's electrified cooling products include applications for fuel-cell systems, demonstrating that thermal-management capability can transfer across electrified propulsion types.

Battery Chemistry

Lithium Iron Phosphate

LFP is projected to grow from $3.61 billion in 2025 to $11.99 billion by 2035. Its wider adoption is supported by cost, cycle life, and safety considerations, particularly in China. LFP does not eliminate the need for thermal management: larger pack dimensions can increase cooling-surface requirements, while low-temperature operation can create a need for battery heating and pre-conditioning.

Nickel Manganese Cobalt

NMC is the largest battery-chemistry segment by 2025 cooling revenue, at $4.33 billion, and is projected to reach $9.50 billion by 2035. Its higher energy-density characteristics support long-range and premium applications, where vehicle makers are also more likely to specify higher charging power and sophisticated thermal systems.

Nickel Cobalt Aluminum

NCA is projected to increase from $1.74 billion in 2025 to $3.38 billion by 2035. Its use in high-performance cylindrical-cell applications maintains a requirement for tightly controlled liquid-cooling layouts. The segment's growth rate is lower than that of LFP, reflecting broader chemistry diversification across the EV market.

Solid-State Batteries

Solid-state battery thermal-management content is projected to rise from $0.10 billion in 2025 to $3.21 billion by 2035. The projection reflects the potential commercial introduction of new cell formats rather than established volume production. Thermal requirements will depend on electrolyte chemistry, operating-temperature range, charging behavior, and pack structure. Suppliers seeking exposure to this segment must retain design flexibility rather than assume that existing liquid cooling plates will be directly transferable.

Others

Other chemistries are projected to grow from $0.53 billion in 2025 to $1.60 billion by 2035. This category includes emerging formulations that may diversify material supply and battery-cost structures. Its thermal-management relevance depends on cell geometry, energy density, and operating temperature rather than chemistry name alone.

Sales Channel

OEM

The OEM channel is projected to increase from $10.06 billion in 2025 to $25.03 billion by 2035. It remains the dominant route to market because battery thermal systems are specified during platform development and validated alongside the pack, vehicle controls, and refrigerant system. Long platform cycles and high qualification requirements favor suppliers that can support co-development, testing, production launch, and global service.

Aftermarket

The aftermarket is projected to increase from $0.26 billion in 2025 to $4.66 billion by 2035, at approximately 32.9% CAGR. Its expansion reflects the aging EV fleet and the eventual need to service cooling pumps, hoses, sensors, thermal interface materials, and control-related components. The opportunity will develop unevenly because many early-generation EV thermal systems remain closely integrated with OEM diagnostics and pack design. Suppliers that develop serviceable modules and diagnostic capability are better positioned than those offering replacement parts without vehicle-level support.

The apparent contrast between OEM and aftermarket growth is also consequential. OEM contracts will continue to set design standards and determine initial system content, but the aftermarket can become strategically important as first-generation EVs enter longer service cycles. Suppliers with both original-equipment relationships and repair-oriented product designs can participate in both value pools without depending exclusively on new-vehicle volumes.

EV Battery Cooling Market Regional Analysis

North America

North America is projected to increase from $1.42 billion in 2025 to $3.18 billion by 2035. The United States accounts for the majority of regional demand, increasing from $1.22 billion to $2.69 billion, while Canada is projected to rise from $0.20 billion to $0.49 billion. The U.S. market is supported by domestic battery and EV manufacturing investment encouraged by clean-energy and manufacturing incentives.

Thermal suppliers in the region benefit from the localization of battery-pack and vehicle programs, but they remain exposed to changes in EV policy, consumer demand, and domestic-content requirements. Dana's battery-cooling development activities in Canada illustrate the regional importance of engineering proximity to North American OEM programs.

Europe

Europe is projected to increase from $2.11 billion in 2025 to $5.94 billion by 2035. Germany is projected to rise from $0.49 billion to $1.17 billion and remains an important engineering center for automotive thermal-management suppliers. The region's demand is shaped by battery regulation, charging-infrastructure deployment, vehicle-emissions policy, and established Tier 1 design capability.

The European market rewards systems that can meet stringent durability, safety, and integration requirements. This supports established suppliers such as Valeo, MAHLE, Continental, Bosch, Hanon Systems, and Marelli, but it also raises development costs for smaller entrants. Europe's early EV adoption also provides an emerging service-market signal as older battery vehicles require maintenance.

Asia Pacific

Asia Pacific is the largest regional market, projected to increase from $6.09 billion in 2025 to $19.00 billion by 2035. China is projected to expand from $4.49 billion to $12.67 billion. China's large EV market, battery-manufacturing scale, LFP adoption, and domestic thermal-management supply base make it the principal center of gravity for battery cooling.

Chinese standards for electric-vehicle battery thermal management reinforce the market's emphasis on liquid cooling and validated performance. Domestic suppliers such as Zhejiang Sanhua Automotive Components and Shanghai Yinlun Automotive Climate Control Technology operate close to battery and vehicle manufacturers, while international Tier 1 suppliers compete for export-oriented and premium-platform programs.

Rest of Asia Pacific is projected to record the fastest regional growth, at approximately 14.1% CAGR. India's expanding EV market, Southeast Asia's emerging manufacturing base, Japan's battery technology programs, and South Korea's cell and thermal-system supply chains create several distinct demand centers. India recorded approximately 2 million EV sales in 2024 across vehicle categories, with continued growth in electric two-wheelers, three-wheelers, and passenger vehicles.

Latin America

Latin America is projected to increase from $0.34 billion in 2025 to $0.68 billion by 2035. Brazil is the largest market, projected to rise from $0.16 billion to $0.30 billion. Demand is tied to the development of local EV assembly and the gradual expansion of charging infrastructure. The region remains price-sensitive, which can favor simplified liquid systems before high-power charging becomes broadly available.

Marelli's battery thermal plate production footprint includes Mexico, linking the country to thermal-management supply for North American and global vehicle programs. This manufacturing position can be more important than local EV demand alone because thermal components can be exported into regional OEM production networks.

Middle East & Africa

The Middle East & Africa market is projected to increase from $0.35 billion in 2025 to $0.89 billion by 2035. The UAE is projected to grow from $0.04 billion to $0.15 billion, at approximately 14.2% CAGR. High ambient temperatures make thermal performance an especially visible vehicle requirement in Gulf markets, where prolonged parking heat and air-conditioning loads increase the need for effective battery conditioning.

The region's market is smaller than those of Asia Pacific, Europe, and North America, but it can serve as a demanding application environment for high-performance cooling systems. Suppliers able to demonstrate stable operation in hot climates may use those programs to validate technology for other high-temperature markets.

Europe and North America offer a different value proposition. Their markets are smaller in absolute terms than Asia Pacific but can support high-content systems because regulation, fast-charging deployment, localized manufacturing, and premium vehicle programs place a greater premium on qualification and integration. The UAE and other high-temperature markets are commercially smaller but technically important: they test whether a cooling system can maintain battery performance under severe ambient conditions rather than only under laboratory duty cycles.

EV Battery Cooling Market Share & Competitive Landscape

The market is moderately concentrated among global automotive thermal-management suppliers. Valeo is estimated to hold approximately 17.0% of the 2025 market, followed by Hanon Systems at approximately 11.0% and Denso at approximately 9.0%. Robert Bosch, BorgWarner, Continental, and Marelli account for additional estimated shares, while a substantial portion of the market remains distributed across regional suppliers, component specialists, and emerging technology companies.

Valeo

Valeo supplies thermal-management systems across air, liquid, and refrigerant cooling architectures. The company combined its Thermal Systems and Powertrain Systems activities in its POWER division in 2024, bringing battery thermal management into a broader electrification offering. Valeo's work with TotalEnergies on immersion cooling demonstrates its interest in next-generation thermal architectures.

Hanon Systems

Hanon Systems supplies electric compressors, heat pumps, battery chillers, coolant valves, and integrated thermal systems. The company reported approximately KRW 10 trillion in 2024 revenue, while EV-market weakness affected production volumes and profitability. Its scale in compressors and heat-pump systems gives it a strong position where battery cooling is integrated with cabin conditioning.

Denso

Denso's thermal-management portfolio includes refrigerant-based battery chillers and energy-management systems. Its chiller-based architecture integrates battery conditioning with the vehicle refrigerant loop. Denso's electrification investment and global OEM relationships support its role in high-content thermal systems.

Robert Bosch

Robert Bosch participates through electrification, powertrain, and thermal-management capabilities. Its cooperation with Modine on electrified off-highway systems illustrates a systems-integration approach that combines thermal equipment with broader electric-drive solutions.

BorgWarner

BorgWarner supplies electrified thermal components, including high-voltage coolant heaters and eFan systems. Its 2024 strategic agreement with FinDreams Battery supports the localization of LFP blade battery packs for commercial-vehicle applications in specified markets. This connection between battery-pack localization and thermal integration can strengthen BorgWarner's position in commercial EV programs.

Dana Incorporated

Dana develops battery and power-electronics cooling systems, including aluminum heat-exchanger technologies. Its engineering work in battery cooling supports OEM programs requiring coordinated thermal design across the battery, inverter, and electric-drive system.

MAHLE

MAHLE develops integrated thermal-management modules, cooling plates, electric compressors, and heat-pump-related systems. The company announced thermal-management module orders totaling approximately €1.5 billion in 2024, including its largest single order. Its bionic cooling plate and integrated-module strategy address the shift from individual components toward coordinated vehicle thermal systems.

Modine Manufacturing Company

Modine focuses on commercial-vehicle, bus, off-highway, and specialty thermal-management applications. Its EVantage systems are positioned as integrated solutions for battery and power-electronics cooling, while its work with GILLIG and Bosch Rexroth demonstrates penetration in bus and off-highway electrification.

Continental

Continental supplies electric coolant pumps, cooling lines, and multi-port flow-control valves. Its product strategy centers on coordinated coolant management across battery, drivetrain, and cabin systems. This component breadth supports participation in integrated thermal architectures without requiring the supplier to provide every subsystem.

FinDreams Battery

FinDreams Battery is BYD's externally focused battery business and is relevant to battery cooling through blade-cell architecture and commercial-vehicle pack localization. Its strategic relationship with BorgWarner covers LFP blade battery packs for commercial vehicles in Europe, the Americas, and selected Asia Pacific markets.

Marelli

Marelli supplies battery thermal plates and integrated thermal-management modules. Its 2024 battery thermal plate award covers approximately 5 million units across China, North America, and Europe. The company's thin plate geometry and combined refrigerant-coolant modules address the packaging constraints of cell-to-pack platforms.

Shanghai Yinlun Automotive Climate Control Technology

Shanghai Yinlun Automotive Climate Control Technology participates in China's NEV thermal-management supply chain, with heat-exchanger and climate-control capabilities positioned close to domestic vehicle manufacturers. Its relevance is tied to China's scale in EV production and liquid-cooled battery-pack deployment.

Tata AutoComp Systems

Tata AutoComp Systems serves India's automotive component market and is positioned to benefit from the expansion of localized EV manufacturing. Its opportunity is linked to the growing role of Tata Motors and other domestic OEMs in India's passenger EV market.

Zhejiang Sanhua Automotive Components

Zhejiang Sanhua Automotive Components supplies expansion valves, water pumps, heat exchangers, cooling plates, and integrated thermal-management systems. Its broad component range allows participation across refrigerant and coolant circuits rather than in one isolated product category.

Cadenza Innovation

Cadenza Innovation develops battery technologies for commercial and industrial applications, with safety and thermal-management design relevant to applications where battery life and reliability are prioritized over passenger-car volume.

Calogy Solutions

Calogy Solutions develops thermal-management technology using flat heat-pipe networks intended to improve temperature uniformity and reduce system mass. Its positioning is most relevant to applications seeking alternatives or supplements to conventional liquid cooling.

Recent Industry Developments

• *Valeo and TotalEnergies advanced immersion cooling in February 2025**

TotalEnergies announced the integration of its Cell-Shield immersion-fluid technology into a Renault Mégane E-Tech prototype, extending the Valeo collaboration from an earlier plug-in hybrid demonstration toward a full-BEV application.

• *MAHLE announced major thermal-management module orders in April 2024**

MAHLE secured thermal-management module orders totaling approximately €1.5 billion. The awards included the largest individual order in the company's history and reinforced demand for modules that combine battery, cabin, and powertrain thermal functions.