The EV power electronics cooling plates market is set to witness notable growth during 2025–2031 as electric vehicle adoption accelerates globally. Cooling plates play a critical role in managing thermal loads within EV power electronics, including inverters, onboard chargers, DC-DC converters, and battery management systems. Their ability to maintain optimal temperature ensures performance stability, efficiency, and component longevity—making them indispensable in modern EV architectures.
As per Stratview Research, the annual demand for EV power electronics cooling plates market was USD 1.2 billion in 2024 and is expected to reach USD 1.4 billion in 2025, up 23.5% than the value in 2024.
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Applications
Cooling plates are widely integrated into electric passenger cars, commercial EVs, and off-highway electric machinery. They support cooling of silicon-based and wide-bandgap semiconductor devices, which operate at high frequencies and generate significant heat. The technology is also essential in high-power charging infrastructure, electric buses, and heavy EV platforms where thermal demands are more intense. As EV designs shift toward compact, high-density power modules, cooling plates become even more central to vehicle safety and reliability.
Key Drivers
A major driver of market expansion is the rapid growth of EV manufacturing worldwide, supported by policy incentives and stringent emission norms. Advancements in power electronics design—especially the rise of SiC and GaN components—necessitate more efficient thermal management systems, directly boosting cooling plate demand. Growing focus on lightweighting, improved thermodynamic efficiency, and enhanced vehicle range also fuels innovation. OEMs and Tier-1 suppliers are increasingly adopting aluminum and composite cooling plates due to their superior conductivity and compatibility with EV platforms.
Future Opportunities
Between 2025 and 2031, opportunities will emerge in 3D-structured cooling plates, integrated micro-channel designs, and additive-manufactured thermal components that offer improved heat dissipation. The expansion of fast-charging networks will further increase the need for high-capacity cooling solutions. Additionally, electrification of commercial fleets, construction equipment, and maritime transport creates new revenue channels. As EV architectures evolve, the demand for advanced cooling plates is expected to remain strong, shaping the next generation of efficient, high-performance electric vehicles.
