At 84.6% CAGR, North America Immersion Cooling for EV Batteries Market is Projected to be WWorth US$ 85,901.71 Thousand by 2031 says Business Market Insights

According to Business Market Insights’ research, the North America immersion cooling for EV batteries market was valued at US$ 762.75 Thousand in 2023 and is expected to reach US$ 85,901.71 Thousand by 2031, registering a CAGR of 84.6% from 2026 to 2031. Growing incorporation of immersion-cooled battery into road-going vehicles and advantages of immersion cooling are among the critical factors attributed to drive the North America immersion cooling for EV batteries market.

Immersion cooling technology offers superior thermal management to EV batteries with the help of dielectric fluid to quickly help cool the battery. In May 2023, WattAlps announced the development of a new immersion cooling technology certified to two leading industry safety standards. This new innovative immersion cooling system by WattAlps has secured IEC 62619 and ISO 26262 certification, becoming the first company to meet both industry standards with an immersion cooling battery. Such developments by the key players are encouraging the companies to incorporate the technology in EVs. In February 2023, RIMAC announced the development of the Koenigsegg Regera, a Hybrid Hypercar, which is a commercial vehicle with an immersion-cooled battery. This battery can deliver a power of ~500 kW. Similarly, in July 2023, TotalEnergies announced that it incorporated an immersion-cooled battery into a road-going vehicle. The company has replaced the battery cooling system with an immersion alternative in a Volvo XC90 plug-in hybrid. This incorporation led to better cooling, faster charging, enhanced safety, and lower cost without modifying the battery or vehicle design. In October 2024, CATL launched Freevoy Super Hybrid Battery, the world's first hybrid vehicle battery to achieve a pure electric range of over 400 kilometers and 4C superfast charging, heralding a new era for high-capacity EREV and PHEV batteries. Thus, the growing development of immersion cooling batteries and their incorporation in EVs is expected to fuel the growth of the immersion cooling for EV batteries market during the forecast period.

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

Based on type, the North America 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$ 762.75 Thousand. It is projected to garner US$ 84,818.82 Thousand by 2031 to register 84.5% CAGR during 2026–2031.

By cooling fluid type, the North America immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, fluorocarbon-based fluid, and others. The synthetic oil segment held 53.8% share of North America immersion cooling for EV batteries market in 2023, amassing US$ 410.48 Thousand. It is projected to garner US$ 56,330.33 Thousand by 2031 to expand at 89.2% CAGR from 2026 to 2031.

In terms of vehicle type, the North America immersion cooling for EV batteries market is categorized into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. The passenger vehicles segment held 93.8% share of North America immersion cooling for EV batteries market in 2023, amassing US$ 715.67 Thousand. It is projected to garner US$ 81,926.05 Thousand by 2031 to expand at 84.9% CAGR from 2026 to 2031.

Based on country, the North America immersion cooling for EV batteries market is categorized into the US, and the Rest of North America. Our regional analysis states that the US captured 88.8% share of North America immersion cooling for EV batteries market in 2023. It was assessed at US$ 677.25 Thousand in 2023 and is likely to hit US$ 74,968.27 Thousand by 2031, registering a CAGR of 84.1% 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.

Contact Us
Phone: +16467917070
Email Id: sales@businessmarketinsights.com