Europe Immersion Cooling for EV Batteries Market Report (2021-2031) by Scope, Segmentation, Dynamics, and Competitive Analysis

The Europe immersion cooling for EV batteries market size is expected to reach US$ 1,11,474.78 Thousand by 2031 from US$ 866.48 Thousand in 2023. The market is estimated to record a CAGR of 87.9% from 2026-2031.

Executive Summary and Europe Immersion Cooling for EV Batteries Market Analysis:

The Europe immersion cooling for EV batteries market is segmented into Germany, France, Spain, the UK, Italy, Russia, and the Rest of Europe. The expanding automotive sector is driving the market in this region. The region consists of various established car manufacturers continuously working on increasing the production and sales of electric vehicles, driving the EV market in Europe. According to the European Environment Agency (EEA), electric vehicles made up 22.7% of new car registrations and 7.7% of new van registrations. In total, 2.4 Thousand new electric vehicles were registered in 2023, an increase from 2 Thousand in 2022. Registrations of new battery-electric vehicles increased by 37%. In 2023, 91,000 new electric vans were registered, the majority of which were battery-electric. Governments of countries in the region are taking various initiatives for the adoption of EVs in the region. For instance, in September 2024, Minister for Industry and Decarbonization announced that US$ 111 Thousand (GBP 88 Thousand) of joint industry and government funding had been awarded to 46 innovative projects, including the development of electric trucks for the NHS and Royal Mail, e-motorcycles and wireless charging solutions. 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.

Europe Immersion Cooling for EV Batteries Market Strategic Insights

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Europe Immersion Cooling for EV Batteries Market Segmentation Analysis

Key segments that contributed to the derivation of the Immersion Cooling for EV Batteries Market analysis are type, cooling fluid type, and vehicle type.

• By type, the immersion cooling for EV batteries market is bifurcated into single-phase immersion cooling and double-phase immersion cooling. The single-phase immersion cooling held a larger share of the market in 2023.
• By cooling fluid type, the immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, fluorocarbon-based fluid, and others. The synthetic oil held the largest share of the market in 2023.
• By vehicle type, the immersion cooling for EV batteries market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles held the largest share of the market in 2023.

Europe Immersion Cooling for EV Batteries Market Outlook

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. European governments are promoting electric vehicles (EVs) through initiatives like the European Green Deal, aiming for climate neutrality by 2050. Stricter CO2 regulations under the "Fit for 55" package and financial incentives such as tax credits and grants support EV adoption. Expanding charging infrastructure is also a priority. Further, the European Battery Alliance emphasizes local battery production, while countries like Norway and Germany offer subsidies and set ambitious EV targets. Policies banning new internal combustion engine car sales by 2035 further solidify Europe's commitment to a sustainable electric future. 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.

Europe Immersion Cooling for EV Batteries Market Country Insights

Based on country, the Europe immersion cooling for EV batteries market comprises Germany, Italy, France, the UK, Russia, and the Rest of Europe. The Rest of Europe held the largest share in 2023.

The immersion cooling for EV batteries market in the Rest of Europe is segmented into the Netherlands, Spain, Poland, and Finland. Various global automakers are investing in the above countries to increase the production of EVs in the region. Spanish government's Strategic Project for Economic Recovery and Transformation (PERTE) aims to establish the necessary ecosystem in Spain to develop and manufacture electric and grid-connected vehicles, transforming the country into a European hub for electromobility. With investments to boost electric vehicles, the electric vehicle sector will increase its share of GDP by up to 15% by 2030. In addition, governments of the above countries are taking various initiatives to increase the adoption of electric vehicles in the region. For instance, the government of the Netherlands has mandated 100% sales of zero-emission vehicles in public transport buses by 2025 and 100% zero-emission vehicles fleet by 2030. Thus, all the above factors are creating lucrative opportunities for the growth of the immersion cooling for EV batteries market in the region.

Europe Immersion Cooling for EV Batteries Market Report Highlights

Europe Immersion Cooling for EV Batteries Market Company Profiles

Some of the key players operating in the market include 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. These players are adopting various strategies such as expansion, product innovation, and mergers and acquisitions to provide innovative products to their consumers and increase their market share.

Europe Immersion Cooling for EV Batteries Market Research Methodology :

The following methodology has been followed for the collection and analysis of data presented in this report:

• Secondary Research

The research process begins with comprehensive secondary research, utilizing both internal and external sources to gather qualitative and quantitative data for each market. Commonly referenced secondary research sources include, but are not limited to:

• Company websites, annual reports, financial statements, broker analyses, and investor presentations.
• Industry trade journals and other relevant publications.
• Government documents, statistical databases, and market reports.
• News articles, press releases, and webcasts specific to companies operating in the market.

Note: All financial data included in the Company Profiles section has been standardized to USD. For companies reporting in other currencies, figures have been converted to USD using the relevant exchange rates for the corresponding year.

• Primary Research

The Insight Partners’ conducts a significant number of primary interviews each year with industry stakeholders and experts to validate its data analysis, and gain valuable insights. These research interviews are designed to:

• Validate and refine findings from secondary research.
• Enhance the expertise and market understanding of the analysis team.
• Gain insights into market size, trends, growth patterns, competitive dynamics, and future prospects.

Primary research is conducted via email interactions and telephone interviews, encompassing various markets, categories, segments, and sub-segments across different regions. Participants typically include:

• Industry stakeholders: Vice Presidents, business development managers, market intelligence managers, and national sales managers
• External experts: Valuation specialists, research analysts, and key opinion leaders with industry-specific expertise

Europe Immersion Cooling for EV Batteries Market Country and Regional Insights