At 93.8% CAGR, Asia Pacific Immersion Cooling for EV Batteries Market is Projected to be Worth US$ 77,631.12 Thousand by 2031 says Business Market Insights

According to Business Market Insights’ research, the Asia Pacific immersion cooling for EV batteries market was valued at US$ 472.43 thousand in 2023 and is expected to reach US$ 77,631.12 thousand by 2031, registering a CAGR of 93.8% from 2026 to 2031. Growing demand for electric vehicles and increase in demand for high-capacity batteries to extend EV driving range are among the critical factors attributed to drive the Asia Pacific immersion cooling for EV batteries market.

Electric vehicle sales are proliferating due to concerns regarding environmental protection and government policies favoring the adoption of low-emission or zero-emission vehicles. Also, governments of different countries are offering subsidies and tax rebates to citizens to increase the adoption of EVs. The government authorities are taking various initiatives to promote EVs globally. In August 2023, the Indian government reduced the electric Vehicle (EV) subsidy per unit to 15% of the ex-factory price from 40% for e-2Ws under the FAME India Scheme Phase-II to increase the penetration of the EV market. Such government initiatives are propelling the demand for EVs, which has led to an increase in EV sales worldwide. According to IEA’s annual Global Electric Vehicle Outlook in 2024, almost 14 thousand new electric cars were registered globally in 2023. Electric vehicle sales in 2023 were 3.5 thousand higher than in 2022, representing a 35% year-on-year increase. This is more than six times higher than in 2018. Electric vehicles accounted for approximately 18% of all cars sold in 2023, up from 14% in 2022. In China, the number of new electric car registrations touched 8.1 thousand in 2023, increasing by 35% relative to 2022. Thus, the growing sales of EVs are boosting the need for batteries that remain cool to function at peak performance throughout the vehicle's life. This factor is driving the growth of the immersion cooling for EV batteries market.

On the contrary, challenges associated with immersion cooling hampers the growth of Asia Pacific immersion cooling for EV batteries market.

Based on type, the Asia Pacific immersion cooling for EV batteries market is bifurcated into single-phase immersion cooling, and double-phase immersion cooling. The single-phase immersion cooling segment held 100% market share in 2023, amassing US$ 472.43 thousand. It is projected to garner US$ 76,375.11 thousand by 2031 to register 93.7% CAGR during 2026–2031.

By cooling fluid type, the Asia Pacific immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, fluorocarbon-based fluid, and others. The synthetic oil segment held 53.9% share of Asia Pacific immersion cooling for EV batteries market in 2023, amassing US$ 254.60 thousand. It is projected to garner US$ 50,946.23 thousand by 2031 to expand at 98.6% CAGR from 2026 to 2031.

In terms of vehicle type, the Asia Pacific immersion cooling for EV batteries market is categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment held 93.6% share of Asia Pacific immersion cooling for EV batteries market in 2023, amassing US$ 441.96 thousand. It is projected to garner US$ 73,344.22 thousand by 2031 to expand at 94.0% CAGR from 2026 to 2031.

Based on country, the Asia Pacific immersion cooling for EV batteries market is categorized into Australia, China, Japan, South Korea, India and the Rest of Asia Pacific. Our regional analysis states that China captured 61.5% share of Asia Pacific immersion cooling for EV batteries market in 2023. It was assessed at US$ 290.45 thousand in 2023 and is likely to hit US$ 50,022.09 thousand by 2031, registering a CAGR of 94.8% during 2026 to 2031.

Key players operating in the immersion cooling for EV batteries market are Shell Plc; GS Caltex Corporation; Engineered Fluids Inc; Cargill, Incorporated; Rimac Technology Ltd; The Lubrizol Corp; XING Mobility Inc; EXOES SAS; Mahle GmbH; and Ricardo Plc, among others.

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