Immersion Cooling for EV Batteries Market Size and Forecast 2021-2031, Global and Regional Share, Trend, and Growth Opportunity Analysis Report Coverage: By Type, Cooling Fluid Type, Vehicle Type, and Geography

List of Tables

The Immersion Cooling for EV Batteries market size is expected to reach US$ 278.45 million by 2031 from 2.1 million in 2023 in 2023, at an estimated CAGR of 88.3% from 2026 to 2031.

By Geography the Immersion Cooling for EV Batteries market is segmented into North America, Europe, Asia Pacific, and rest of world. In 2023, the North America regions held a significant market share. The North America immersion cooling for EV batteries market is segmented into the US and the Rest of North America. The expected rise in the adoption of immersion cooling for EV batteries in this region can be credited to the growing EV sales and production in the region. According to the report by Cox Automotive in October 2024, an estimated 3,463,091 EVs were sold in Q3 2024, representing a 5% increase over Q2. The EV share of sales in Q3 reached 8.9%, the highest ever recorded and up from 7.8% in Q3 2023. Tesla is one of the largest seller of EVs in the US, selling more than 16,000 Cybertrucks. Also, as per Alliance for Automotive Innovation, EV sales increased from about 300,000 in Q1 2023 to 375,000 in Q3 2023. This increase in EV sales and production is raising the demand for EV battery manufacturing in the region. For this, various automotive manufacturers are also continuously investing in the manufacturing of batteries and EVs. In October 2022, Energy Storage Firm ONE announced the investment of US$ 1.6 billion in EV battery manufacturing in Michigan, US. This new factory, ONE Circle is expected to be operational by the end of 2027. It is expected that the factory will achieve a 45% reduction in carbon emissions by 2028 through a circular manufacturing approach. Such continuous focus on producing EVs and EV batteries is expected to create opportunities for companies to develop more efficient immersion cooling batteries.

The Immersion Cooling for EV Batteries market analysis has been carried out by considering the following segments: type, cooling fluid type, and vehicle type.

Based on cooling fluid type, the market is segmented into cooling fluid type into mineral oil, synthetic oil, fluorocarbon-based fluid, and others. Synthetic oil is typically ester oil that has been chemically synthesized. Synthetic oil has a lower evaporation tendency with excellent dielectric characteristics and offers excellent thermal stability in EV batteries, increasing product adoption among manufacturers. Furthermore, they have electrical insulation properties that reduce battery noise and protect against short circuits in EV battery systems. Moreover, major players such as 3M and Cargill Inc manufacture synthetic oil specifically for cooling purposes. The availability of synthetic oil that offers good low-temperature and high-performance EV batteries is driving the market for synthetic oil.

Moreover, factor such as Increase in demand for high-capacity batteries to extend EV driving range and growing demand for electric vehicles propel the Immersion Cooling for EV Batteries market growth. Also, growing incorporation of immersion-cooled battery into road-going vehicles is expected to bring new Immersion Cooling for EV Batteries market trends in the coming years.

By vehicle type, the market is categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Immersion cooling is becoming more popular in passenger cars, especially electric vehicles (EVs). The growing demand for high-performance batteries and effective thermal management systems in EVs has prompted the adoption of the immersion cooling technique. In passenger EVs, immersion cooling is most commonly used for controlling the temperature of high-capacity lithium-ion batteries. These batteries produce a lot of heat when charging and discharging. This heat can shorten their lifespan and impair performance, which increases the demand for immersion cooling for controlling excess heat in batteries. Battery cells or modules are immersed in a dielectric fluid that efficiently absorbs and distributes heat in order to achieve immersion cooling. Similarly, the technique is also used for cooling power electronics integrated into passenger vehicles. For instance, various power electronics such as motors, power inverters, and other vital power electronics produce heat during operation. These power electronics are kept within ideal temperature ranges by immersion cooling, which guarantees effective operation and avoids overheating. Additionally, significant benefits offered by immersion cooling to passenger vehicles, such as improved battery life, energy efficiency, and noise reduction by enhancing vehicle performance, are boosting the market for passenger vehicles..

Ricardo Plc, Mahle GmbH, Exoes SAS, Xing Mobility Inc, The Lubrizol Corp, Rimac Technology Ltd, Cargill Inc, Engineered Fluids Inc, GS Caltex Corporation, and Shell Plc. are among the key players profiled in the Immersion Cooling for EV Batteries market report.

The Immersion Cooling for EV Batteries market forecast is estimated on the basis of various secondary and primary research findings such as key company publications, association data, and databases. Exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the Immersion Cooling for EV Batteries market growth. The process also helps obtain an overview and forecast of the market with respect to all the market segments. Also, multiple primary interviews have been conducted with industry participants to validate the data and gain analytical insights. This process includes industry experts such as VPs, business development managers, market intelligence managers, and national sales managers, along with external consultants such as valuation experts, research analysts, and key opinion leaders, specializing in the Immersion Cooling for EV Batteries market.

Product Code: TIPRE00030054

1. Introduction

1.1 The Insight Partners Research Report Guidance
1.2 Market Segmentation

2. Executive Summary

2.1 Key Insights
2.2 Market Attractiveness

3. Research Methodology

3.1 Secondary Research
3.2 Primary Research
- 3.2.1 Hypothesis formulation:
- 3.2.2 Macro-economic factor analysis:
- 3.2.3 Developing base number:
- 3.2.4 Data Triangulation:
- 3.2.5 Country level data:

4. Immersion Cooling for EV batteries market Landscape

4.1 Overview
4.2 PEST Analysis
4.3 Ecosystem Analysis
- 4.3.1 List of Vendors in Value Chain:

5. Immersion Cooling for EV batteries market - Key Market Dynamics

5.1 Immersion Cooling for EV batteries market - Key Market Dynamics
5.2 Market Drivers
- 5.2.1 Increase in Demand for High-Capacity Batteries to Extend EV Driving Range
- 5.2.2 Growing Demand for Electric Vehicles
5.3 Market Restraints
- 5.3.1 Challenges Associated with Immersion Cooling
5.4 Market Opportunities
- 5.4.1 Advantages of Immersion Cooling
5.5 Future Trends
- 5.5.1 Growing Incorporation of Immersion-Cooled Battery into Road-Going Vehicles
5.6 Impact of Drivers and Restraints:

6. Immersion Cooling for EV batteries market - Global Market Analysis

6.1 Immersion Cooling for EV Batteries Market Overview
6.2 Immersion Cooling for EV batteries market Revenue (US$ Thousand), 2021-2031
6.3 Immersion Cooling for EV batteries market Forecast Analysis

7. Immersion Cooling for EV batteries market Analysis - by Type

7.1 Single-Phase Immersion Cooling
- 7.1.1 Overview
- 7.1.2 Single-Phase Immersion Cooling: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
7.2 Double-Phase Immersion Cooling
- 7.2.1 Overview
- 7.2.2 Double-Phase Immersion Cooling: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)

8. Immersion Cooling for EV batteries market Analysis - by Cooling Fluid Type

8.1 Mineral Oil
- 8.1.1 Overview
- 8.1.2 Mineral Oil: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
8.2 Synthetic Oil
- 8.2.1 Overview
- 8.2.2 Synthetic Oil: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
8.3 Fluorocarbon-Based Fluid
- 8.3.1 Overview
- 8.3.2 Fluorocarbon-Based Fluid: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
8.4 Others
- 8.4.1 Overview
- 8.4.2 Others: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)

9. Immersion Cooling for EV batteries market Analysis - by Vehicle Type

9.1 Passenger Vehicles
- 9.1.1 Overview
- 9.1.2 Passenger Vehicles: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
9.2 Light Commercial Vehicles
- 9.2.1 Overview
- 9.2.2 Light Commercial Vehicles: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
9.3 Heavy Commercial Vehicles
- 9.3.1 Overview
- 9.3.2 Heavy Commercial Vehicles: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)

10. Immersion Cooling for EV batteries market - Geographical Analysis

10.1 Overview
10.2 North America
- 10.2.1 North America Immersion Cooling for EV batteries market Overview
- 10.2.2 North America: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
- 10.2.3 North America: Immersion Cooling for EV batteries market Breakdown, by Type
  - 10.2.3.1 North America: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Type
- 10.2.4 North America: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
  - 10.2.4.1 North America: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Cooling Fluid Type
- 10.2.5 North America: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.2.5.1 North America: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Vehicle Type
- 10.2.6 North America: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.2.6.1 North America: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.2.6.2 United States: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.2.6.2.1 United States: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.2.6.2.2 United States: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.2.6.2.3 United States: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.2.6.3 Rest of North America: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.2.6.3.1 Rest of North America: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.2.6.3.2 Rest of North America: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.2.6.3.3 Rest of North America: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
10.3 Europe
- 10.3.1 Europe Immersion Cooling for EV batteries market Overview
- 10.3.2 Europe: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
- 10.3.3 Europe: Immersion Cooling for EV batteries market Breakdown, by Type
  - 10.3.3.1 Europe: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Type
- 10.3.4 Europe: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
  - 10.3.4.1 Europe: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Cooling Fluid Type
- 10.3.5 Europe: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.3.5.1 Europe: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Vehicle Type
- 10.3.6 Europe: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.3.6.1 Europe: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.3.6.2 Germany: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.3.6.2.1 Germany: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.3.6.2.2 Germany: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.3.6.2.3 Germany: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.3.6.3 Italy: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.3.6.3.1 Italy: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.3.6.3.2 Italy: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.3.6.3.3 Italy: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.3.6.4 France: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.3.6.4.1 France: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.3.6.4.2 France: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.3.6.4.3 France: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.3.6.5 United Kingdom: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.3.6.5.1 United Kingdom: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.3.6.5.2 United Kingdom: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.3.6.5.3 United Kingdom: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.3.6.6 Russia: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.3.6.6.1 Russia: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.3.6.6.2 Russia: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.3.6.6.3 Russia: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.3.6.7 Rest of Europe: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.3.6.7.1 Rest of Europe: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.3.6.7.2 Rest of Europe: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.3.6.7.3 Rest of Europe: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
10.4 Asia Pacific
- 10.4.1 Asia Pacific Immersion Cooling for EV batteries market Overview
- 10.4.2 Asia Pacific: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
- 10.4.3 Asia Pacific: Immersion Cooling for EV batteries market Breakdown, by Type
  - 10.4.3.1 Asia Pacific: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Type
- 10.4.4 Asia Pacific: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
  - 10.4.4.1 Asia Pacific: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Cooling Fluid Type
- 10.4.5 Asia Pacific: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.4.5.1 Asia Pacific: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Vehicle Type
- 10.4.6 Asia Pacific: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.4.6.1 Asia Pacific: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.4.6.2 China: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.4.6.2.1 China: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.4.6.2.2 China: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.4.6.2.3 China: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.4.6.3 Japan: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.4.6.3.1 Japan: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.4.6.3.2 Japan: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.4.6.3.3 Japan: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.4.6.4 South Korea: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.4.6.4.1 South Korea: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.4.6.4.2 South Korea: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.4.6.4.3 South Korea: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.4.6.5 India: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.4.6.5.1 India: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.4.6.5.2 India: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.4.6.5.3 India: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.4.6.6 Australia: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.4.6.6.1 Australia: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.4.6.6.2 Australia: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.4.6.6.3 Australia: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.4.6.7 Rest of APAC: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.4.6.7.1 Rest of APAC: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.4.6.7.2 Rest of APAC: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.4.6.7.3 Rest of APAC: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
10.5 Rest of World. Error! Bookmark not defined.
- 10.5.1 Rest of World Immersion Cooling for EV batteries market Overview
- 10.5.2 Rest of World: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
- 10.5.3 Rest of World: Immersion Cooling for EV batteries market Breakdown, by Type
  - 10.5.3.1 Rest of World: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Type
- 10.5.4 Rest of World: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
  - 10.5.4.1 Rest of World: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Cooling Fluid Type
- 10.5.5 Rest of World: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.5.5.1 Rest of World: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Vehicle Type
- 10.5.6 Rest of World: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.5.6.1 Rest of World: Immersion Cooling for EV batteries market - Revenue and Forecast Analysis - by Country
  - 10.5.6.2 Middle East and Africa: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.5.6.2.1 Middle East and Africa: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.5.6.2.2 Middle East and Africa: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.5.6.2.3 Middle East and Africa: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type
  - 10.5.6.3 South and Central America: Immersion Cooling for EV batteries market - Revenue and Forecast to 2031 (US$ Thousand)
    - 10.5.6.3.1 South and Central America: Immersion Cooling for EV batteries market Breakdown, by Type
    - 10.5.6.3.2 South and Central America: Immersion Cooling for EV batteries market Breakdown, by Cooling Fluid Type
    - 10.5.6.3.3 South and Central America: Immersion Cooling for EV batteries market Breakdown, by Vehicle Type

11. Competitive Landscape

11.1 Heat Map Analysis by Key Players
11.2 Company Positioning & Concentration

12. Industry Landscape

12.1 Overview
12.2 Market Initiative
12.3 Product Development
12.4 Mergers & Acquisitions

13. Company Profiles

13.1 Ricardo Plc
- 13.1.1 Key Facts
- 13.1.2 Business Description
- 13.1.3 Products and Services
- 13.1.4 Financial Overview
- 13.1.5 SWOT Analysis
- 13.1.6 Key Developments
13.2 Mahle GmbH
- 13.2.1 Key Facts
- 13.2.2 Business Description
- 13.2.3 Products and Services
- 13.2.4 Financial Overview
- 13.2.5 SWOT Analysis
- 13.2.6 Key Developments
13.3 EXOES SAS
- 13.3.1 Key Facts
- 13.3.2 Business Description
- 13.3.3 Products and Services
- 13.3.4 Financial Overview
- 13.3.5 SWOT Analysis
- 13.3.6 Key Developments
13.4 XING Mobility Inc
- 13.4.1 Key Facts
- 13.4.2 Business Description
- 13.4.3 Products and Services
- 13.4.4 Financial Overview
- 13.4.5 SWOT Analysis
- 13.4.6 Key Developments
13.5 The Lubrizol Corp
- 13.5.1 Key Facts
- 13.5.2 Business Description
- 13.5.3 Products and Services
- 13.5.4 Financial Overview
- 13.5.5 SWOT Analysis
- 13.5.6 Key Developments
13.6 Rimac Technology Ltd
- 13.6.1 Key Facts
- 13.6.2 Business Description
- 13.6.3 Products and Services
- 13.6.4 Financial Overview
- 13.6.5 SWOT Analysis
- 13.6.6 Key Developments
13.7 Cargill, Incorporated
- 13.7.1 Key Facts
- 13.7.2 Business Description
- 13.7.3 Products and Services
- 13.7.4 Financial Overview
- 13.7.5 SWOT Analysis
- 13.7.6 Key Developments
13.8 Engineered Fluids Inc
- 13.8.1 Key Facts
- 13.8.2 Business Description
- 13.8.3 Financial Overview
- 13.8.4 SWOT Analysis
- 13.8.5 Key Developments
13.9 GS Caltex Corporation
- 13.9.1 Key Facts
- 13.9.2 Business Description
- 13.9.3 Products and Services
- 13.9.4 Financial Overview
- 13.9.5 SWOT Analysis
- 13.9.6 Key Developments
13.10 Shell Plc
- 13.10.1 Key Facts
- 13.10.2 Business Description
- 13.10.3 Products and Services
- 13.10.4 Financial Overview
- 13.10.5 SWOT Analysis
- 13.10.6 Key Developments

14. Appendix

14.1 About The Insight Partners
14.2 Word Index