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Global Electric Vehicle Immersion Cooling Fluids Markets, 2022-2023 & 2032: Opportunities, Current & Future Trends, On-going Programs, Corporate Strategies, Regulatory Hurdles

DUBLIN, March 22, 2023 -- The "Immersion Cooling Fluids Market for EVs - A Global and Regional Analysis- Focus on Product, Application, and Country-Level Analysis - Analysis and Forecast, 2022-2032" report has been added to's offering.

The global immersion cooling fluids market for EVs is projected to reach $3,837.0 million by 2032 from $205.8 million in 2021, growing at a CAGR of 30.78% during the forecast period 2022-2032.

The growth in the global immersion cooling fluids market for EVs is expected to be driven by increasing sales of immersion cooling system-fitted electric vehicles worldwide.

Immersion cooling fluids used in electric vehicles are advancing technologically and are expected to grow faster in the forecast period. Key market development activities are expected to be boosted by ongoing research and development activities in manufacturing high-performance immersion cooling fluids.

The global immersion cooling fluids market for EVs is still in the growth phase. An increasing fleet of electric vehicles is propelling the sales of immersion cooling fluids in the market. As a result, the global immersion cooling fluids market for EVs is expected to flourish in the forecast period.

Industry Impacts

The federal government and agencies are investing heavily in subsidies and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions. These investments are propelling the growth of immersion cooling fluids.

In 2021, the German government doubled its share of the environmental bonus as a new premium, which increased the subsidies for purchasing new EVs. Promoting green mobility, the German government announced the upgraded subsidy scheme, i.e., buyers of BEV and PHEV would get a subsidy of up to around $9,713 (9,000 euros) and around $7,285 (6,750 euros), respectively.

Analyst View

The immersion cooling fluids market for EVs is in the early stage and is expected to grow substantially in the forecast period. The rapid ongoing research and development activities are pushing the market growth significantly.

Immersion cooling fluids producers are partnering with immersion cooling system manufacturers to enhance the performance of electric vehicle battery systems by optimizing fluid and hardware. A surge in battery electric vehicle sales growth is anticipated to boost the immersion cooling fluids market for EVs growth in the forecast period.

How can this report add value to an organization?

Growth/Marketing Strategy:

The global immersion cooling fluids market for EVs is exponentially growing, with enormous opportunities for the market players.

Some strategies covered in this segment are product launches, partnerships and collaborations, business expansions, and investments. The companies' preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global immersion cooling fluids market for EVs.

Competitive Strategy:

Key players in the global immersion cooling fluids market for EVs analyzed and profiled in the study involve immersion cooling fluids-based product manufacturers and immersion cooling system manufacturers.

Moreover, a detailed competitive benchmarking of the players operating in the global immersion cooling fluids market for EVs has been done to help the reader understand how players stack against each other, presenting a clear market landscape.

Additionally, comprehensive competitive strategies such as partnerships, agreements, and collaborations will aid the reader in understanding the untapped revenue pockets in the market.

Market Segmentation:

Based on the propulsion type segment, the global immersion cooling fluids market for EVs is expected to be dominated by the battery electric vehicles segment during the forecast period.

In terms of vehicle type, passenger vehicles will dominate the global immersion cooling fluids market for EVs due to the expected growth in the fleet of these vehicles during the forecast period.

The EV batteries segment is expected to lead the market in the forecast period under the application segment, as more than four-fifths of the total immersion cooling fluid goes into EV batteries.

The single-phase coolant segment is expected to dominate the immersion cooling fluids market for EVs as it is one of the most efficient and safe methods of controlling heat rejection for EV batteries, EV motors, and power electronics.

For the year 2021, the synthetic oils and esters segment dominated the global immersion cooling fluids market for EVs and is also expected to be the predominant segment throughout the forecast period.

Europe is home to a number of immersion cooling fluids manufacturers. The region is expected to dominate the immersion cooling fluids market for EVs during the forecast period.

Recent Developments in the Immersion Cooling Fluids Market for EVs

  • 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 as of July 1, 2021, to strengthen its specialty business.
  • In October 2022, Shell plc extended its globally available specialized fluids portfolio by introducing Shell E-Fluids to support battery electric (BEV) as well as fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy goods vehicles.

Business Dynamics

Business Drivers

  • Rising Acceptance of Electric Vehicles
  • Need to Increase the Driving Range of Electric Vehicles
  • Thermal Management in Electric Vehicles
  • Growing Need for Enhanced Electrification Components
  • Immersion Cooling for Electric Vehicle Batteries

Business Opportunities

  • Coolants for EV Electronics and Charging Port Cables
  • Stringent Regulations by Government Bodies for Promoting Sustainable EV Environment
  • Growing Trend for the Development of Autonomous Vehicles

Business Restraints

  • Higher Cost of Immersion Cooling Fluids for EVs
  • Developing Environment-Friendly Electric Vehicle Fluids
  • Complex Battery Chemistry and Amount of Immersion Cooling Fluid Needed
  • Changes Required to be Made in the Construction of EV Batteries
  • Lack of Knowledge About the Advantages of Immersion Cooling

Business Strategies

  • Product Development
  • Market Development

Corporate Strategies

  • Mergers and Acquisitions
  • Partnerships, Joint Ventures, Collaborations, and Alliances

Industry Outlook

Immersion Cooling Fluids: Overview

  • History of EV Battery Thermal Management
  • Immersion Cooling: The Way Forward for Electric Vehicle Battery Thermal Management

Overview of Regulatory Hurdles

  • Battery Issues
  • Fire-Related Regulations
  • China EV Fire-Related Regulations
  • Canada EV Fire-Related Regulations
  • U.S. EV Fire-Related Regulations
  • France EV Fire-Related Regulations
  • South Korea EV Fire-Related Regulations
  • India EV Fire-Related Regulations

Trends: Current and Future

  • Supply Chain Network
  • Comparative Analysis: Liquid Cooling Vs. Immersion Cooling
  • Case Study: Solving EV Range Anxiety
  • Additives for Fluids in Electric Vehicle Batteries
  • Analyst View on Additives for Fluids in EV Batteries

Ecosystem/Ongoing Programs

  • Consortiums, Associations, and Regulatory Bodies
  • Government Initiatives
  • Programs by Research Institutions and Universities
  • Key Patent Mapping
  • Past Vs. Future of Research and Development Activities in the Immersion Cooling Fluids Market for EVs
  • Overview of EV Fluid Cost Estimation

Key Market Players and Competition Synopsis

Immersion Cooling Fluids Manufacturers

  • The Lubrizol Corporation
  • 3M
  • Castrol Limited
  • M&I Materials Ltd.
  • Engineered Fluids
  • Shell plc
  • TotalEnergies SE
  • Cargill, Incorporated
  • Dober

Immersion Cooling System Providers

  • XING Mobility
  • MAHLE GmbH
  • Kreisel Electric

Electric Vehicle Manufacturers Customer Outlook

  • Tesla Inc.
  • Volkswagen AG
  • SAIC Motors
  • BYD Co. Ltd.
  • Stellantis N.V.
  • General Motors
  • Ford Motor Company
  • Hyundai Motor Company
  • Honda Motor Co., Ltd.
  • Groupe Renault
  • Toyota Motor Corporation
  • Bayerische Motoren Werke AG

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