Dublin, March 10, 2023 (GLOBE NEWSWIRE) — The report “Immersion Cooling Fluids for Electric Vehicles: A Global and Regional Analysis: Focus on Product, Application and Country Level Analysis – analysis and forecast, 2022-2032″ added to ResearchAndMarkets.com’s offers
The global electric vehicle immersion coolant market is projected to reach USD 3,837.0 million by 2032 from USD 205.8 million in 2021, growing at a CAGR of 30.78% during the period of forecast 2022-2032.
The growth of the global electric vehicle immersion cooling fluid market is expected to be driven by increasing sales of electric vehicles equipped with immersion cooling systems worldwide.
Market life cycle stage
Immersion coolants used in electric vehicles are advancing technologically and are expected to grow at the fastest rate over the forecast period. The key market development activities are expected to be driven by the ongoing research and development activities in the manufacturing of high performance immersion cooling fluids.
The global immersion cooling fluid market for electric vehicles is still in the growth phase. A growing fleet of electric vehicles is driving the sales of immersion cooling fluids in the market. As a result, the global immersion cooling fluid market for electric vehicles is expected to flourish during the forecast period.
impact
The federal government and agencies are investing heavily in grants and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions. These investments are driving the growth of immersion cooling fluids.
In 2021, the German government doubled its share of the environmental bonus as a new premium, which increased subsidies for the purchase of new electric vehicles. Promoting green mobility, the German government announced the enhanced subsidy scheme, meaning BEV and PHEV buyers would get a subsidy of up to around $9,713 (€9,000) and around $7,285 (€6,750), respectively.
Demand: drivers and constraints
The following are the demand drivers for electric vehicle immersion cooling fluids market:
- Growing acceptance of electric vehicles
- Need to increase the driving range of electric vehicles
- Thermal management in electric vehicles
- Growing need for improved electrification components
- Immersion cooling for electric vehicle batteries
The market is expected to face some constraints due to the following challenges:
- Higher cost of immersion cooling fluids for electric vehicles
- Development of environmentally friendly electric vehicle fluids
- Complex battery chemistry and amount of immersion cooling fluid required
- Changes need to be made in the construction of electric vehicle batteries
- Lack of knowledge about the advantages of immersion cooling
How can this report add value to an organization?
- Product Strategy/Innovation: The product segment helps the reader to understand the different types of electric vehicle immersion cooling fluid products available by propulsion type (Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV) and plug-in hybrid electric vehicles (PHEVs). ), vehicle type (passenger vehicles, light commercial vehicles and heavy commercial vehicles), application (EV batteries, EV motors and power electronics), product type (single-phase refrigerant and two-phase refrigerant ) and chemistry (mineral). oils and synthetic oils and esters). Increasing demand for electric vehicles worldwide is driving the sales of immersion cooling fluids. Therefore, the immersion cooling fluid business is a high investment and high revenue generating model.
- Growth/Marketing Strategy: The global electric vehicle immersion cooling fluid market is growing exponentially, with huge opportunities for market players. Some strategies covered in this segment are product launches, partnerships and collaborations, business expansions and investments. The preferred strategy of companies has been product launches, partnerships and collaborations to strengthen their positions in the global electric vehicle immersion cooling fluid market.
- Competitive Strategy: The key players in the global electric vehicle immersion cooling fluid market analyzed and profiled in the study include immersion cooling fluid based product manufacturers and immersion cooling system manufacturers. Furthermore, a detailed competitive comparison of the players operating in the global electric vehicle immersion cooling fluid market has been done to help the reader understand how the players stack up against each other, presenting a clear market landscape . Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will help the reader understand untapped revenue pockets in the market.
Synopsis of key market players and competition
The companies profiled have been selected based on input gathered from leading experts and by analyzing coverage, product portfolio and market penetration.
Profile of key companies
Company Type 1: Manufacturers of immersion cooling fluids
- FUCHS
- The Lubrizol Corporation
- 3M
- Castrol Limited
- M&I Materials Ltd.
- Engineering fluids
- Shell plc
- TotalEnergies SE
- Cargill, Incorporated
- well
- LANDING
Company Type 2: Suppliers of immersion cooling systems
- XING Mobility
- MAHLE GmbH
- Electric turn
- E-MERSIVA
Business Type 3: Customer Perspective of Electric Vehicle Manufacturers
- Tesla Inc.
- Volkswagen AG
- SAIC Motors
- BYD Co. Ltd.
- Stellantis NV
- General Motors
- Ford Motor Company
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Group Renault
- Toyota Motor Corporation
- Bavarian Motor Works AG
Market segmentation:
Segmentation 1: by Type of Propulsion
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
Based on the propulsion type segment, the global electric vehicle immersion cooling fluid market is expected to be dominated by the battery electric vehicle segment during the forecast period.
Segmentation 2: by Vehicle Type
- Passenger vehicles
- Light commercial vehicles
- Heavy commercial vehicles
In terms of vehicle type, passenger vehicles will dominate the global electric vehicle immersion cooling fluid market due to the expected growth in the fleet of these vehicles during the forecast period.
Segmentation 3: By Application
- EV batteries
- EV motors
- Power electronics
The EV battery segment is expected to lead the market during the forecast period under the application segment as more than four-fifths of the total immersion coolant goes to EV batteries.
Segmentation 4: by product type
- Single-phase coolant
- Biphasic refrigerant
The single-phase coolant segment is expected to dominate the electric vehicle immersion cooling fluid market as it is one of the most efficient and safe methods of controlling heat rejection for electric vehicle batteries, EV motors and electronics of power
Segmentation 5: by Chemistry
- Mineral oils
- Synthetic oils and esters
By 2021, the synthetic oils and esters segment dominated the global electric vehicle immersion cooling fluid market and is also expected to be the predominant segment throughout the forecast period.
Segmentation 6: by Region
- North America
- Asia-Pacific and Japan
- china
- europe
- UK
- The rest of the world
Europe is home to a number of manufacturers of immersion cooling fluids. The region is expected to dominate the immersion cooling fluid market for electric vehicles during the forecast period.
Recent Developments in the Electric Vehicle Immersion Cooling Fluid Market
- In June 2022, FUCHS acquired the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, and will integrate it into its subsidiary FUCHS LUBRICANTS SWEDEN AB from 1 July 2021 to strengthen its specialty business.
- In November 2021, Williams Advanced Engineering (WAE) and Castrol Limited entered into a five-year technical partnership to jointly develop high-performance electric vehicle (EV) fluids.
- In January 2021, MIVOLT and Faraday Future (FF), which is a global shared smart mobility ecosystem company, entered into a partnership to develop a fully submerged battery cooling system for its vehicle luxury electric FF 91.
- In October 2022, Shell plc expanded its portfolio of globally available specialty fluids by introducing Shell E-Fluids to support battery electric (BEV) and fuel cell electric (FCEV) powertrains for commercial vehicles light, medium and heavy.
- In July 2021, TotalEnergies SE launched a dedicated hybrid transmission fluid for Great Wall Motors. Great Wall Motors, China’s leading car manufacturer, is a key player in the development of electric vehicles.
Business dynamics
Business drivers
- Growing acceptance of electric vehicles
- Need to increase the driving range of electric vehicles
- Thermal management in electric vehicles
- Growing need for improved electrification components
- Immersion cooling for electric vehicle batteries
Business restrictions
- Higher cost of immersion cooling fluids for electric vehicles
- Development of environmentally friendly electric vehicle fluids
- Complex battery chemistry and amount of immersion coolant required
- Changes need to be made in the construction of electric vehicle batteries
- Lack of knowledge about the advantages of immersion cooling
Key Attributes:
| Report attribute | Details |
| Number of pages | 325 |
| Forecast period | 2021-2032 |
| Estimated market value (USD) in 2021 | 206.9 million dollars |
| Projected market value (USD) for 2032 | 3837 million dollars |
| Compound annual growth rate | 30.8% |
| Regions covered | global |
Key topics covered:
1 Markets
2 Application
3 Products
4 regions
5 markets – Competitive benchmarking and company profiles
6 Research methodology
Companies mentioned
- FUCHS
- The Lubrizol Corporation
- 3M
- Castrol Limited
- M&I Materials Ltd.
- Engineering fluids
- Shell plc
- TotalEnergies SE
- Cargill, Incorporated
- well
- LANDING
- XING Mobility
- MAHLE GmbH
- Electric turn
- E-MERSIVA
- Tesla Inc.
- Volkswagen AG
- SAIC Motors
- BYD Co. Ltd.
- Stellantis NV
- General Motors
- Ford Motor Company
- Hyundai Motor Company
- Honda Motor Co., Ltd.
- Group Renault
- Toyota Motor Corporation
- Bavarian Motor Works AG
For more information on this report, visit https://www.researchandmarkets.com/r/4b6k3p
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Global Immersion Cooling Fluids Market for Electric Vehicles
