Asia Pacific Immersion Cooling for EV Batteries Market Forecast to 2030

Asia Pacific Immersion Cooling for EV Batteries Market Forecast to 2030

Asia Pacific Immersion Cooling for EV Batteries Market Forecast to 2030 – Regional Analysis – By Type (Single-Phase Immersion Cooling and Two-Phase Immersion Cooling) and Cooling Fluid Type (Mineral Oil, Synthetic Oil, and Others)

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Description

The Asia Pacific immersion cooling for EV batteries market was valued at US$ 1.56 million in 2026 and is expected to reach US$ 22.89 million by 2030; it is estimated to grow at a CAGR of 95.6% from 2026 to 2030.

Growing Demand for Electric Vehicles Drive Asia Pacific Immersion Cooling for EV Batteries Market

Electric vehicle (EV) sales are proliferating due to concerns regarding environmental protection and government policies favoring the adoption of low-emission or zero-emission vehicles. Also, governments of different countries are offering subsidies and tax rebates to citizens to increase the adoption of EVs. The government authorities are taking various initiatives to promote EVs globally. According to IEA’s annual Global Electric Vehicle Outlook, in 2022, more than 10 million electric cars were sold worldwide, which is expected to grow by 35% in 2023 to reach 14 million units. This shows that the electric cars’ share of the overall car market has risen to 14% in 2022 from ~4% in 2020 and is projected to reach 18% in 2023. Overall, in 2022, 60% of global electric car sales occurred in China. Per the World Economic Forum, sales of new EVs increased by 82% in 2022 in China, from 3.39 million in 2021 to 6.18 million in 2022. Also, China is the world’s largest EV producer, producing 64% of global EV volume. Thus, the growing sales of EVs are boosting the need for batteries that remain cool to function at peak performance throughout the vehicle’s life. This factor is driving the growth of the Asia Pacific immersion cooling for EV batteries market.

Asia Pacific Immersion Cooling for EV Batteries Market Overview

The Asia Pacific immersion cooling for EV batteries market in APAC is segmented into China, India, Japan, Australia, South Korea, and the Rest of APAC. One of the key factors driving the Asia Pacific immersion cooling for EV batteries market is the rising adoption of EVs in the region. Increasing concerns regarding pollution and growing preference for environment-friendly modes of transport fuel the demand for EVs in APAC. Further, to raise the adoption of EVs, the governments of different countries are developing several policies. The Association of Southeast Asian Nations (ASEAN) developed a favorable policy to encourage EV adoption. According to the International Renewable Energy Agency (IRENA), approximately 20% of vehicles in Southeast Asia will be EVs by 2025, including 59 million two-wheelers and three-wheelers and 8.9 million cars. In addition, India, South Korea, Taiwan, Vietnam, and other APAC countries are constantly working on attracting several businesses that want to relocate their car manufacturing facilities to the above countries because of low labor costs. For this, the above countries are offering tax rebates, funds, and subsidies, attracting more manufacturing companies to set up their plants. In 2021, the government of India allocated US$ 450 million for the electrification of public and shared transportation, adopting 7,090 e-buses. Also, in April 2021, the Indonesian government announced its plan for EVs to make 20% of all domestic cars manufactured, equal to 400,000 e-cars, by 2025. In addition, in March 2023, Chinese EV manufacturer BYD announced that it had started the construction of its new EV manufacturing facility in Thailand, which will be producing 150,000 passenger cars per year from 2024. Thus, the increase in initiatives and supportive regulations by governments for the production of EVs is expected to surge the sale of EVs in the region, which will also raise the demand for immersion cooling batteries as they can help increase the driving range of EVs and keep the batteries safe from thermal runaway, propelling the Asia Pacific immersion cooling for EV batteries market growth.

Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecast to 2030 (US$ Million)

Asia Pacific Immersion Cooling for EV Batteries Market Segmentation

The Asia Pacific immersion cooling for EV batteries market is segmented based on type,

cooling fluid type, and country.

Based on type, the Asia Pacific immersion cooling for EV batteries market is bifurcated into single-phase immersion cooling and two-phase immersion cooling. The single-phase immersion cooling segment held a larger share in 2026.

By cooling fluid type, the Asia Pacific immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, and others. The synthetic oil segment held the largest share in 2026.

Based on country, the Asia Pacific immersion cooling for EV batteries market is segmented into China, India, Japan, South Korea, and the Rest of Asia Pacific. China dominated the Asia Pacific immersion cooling for EV batteries market in 2026.

Cargill Inc, Engineered Fluids Inc, M&I Materials Ltd, Mahle GmbH, Ricardo Plc, SAE International, The Lubrizol Corp, and XING Mobility Inc are some of the leading companies operating in the Asia Pacific immersion cooling for EV batteries market.

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At 95.6% CAGR, the Asia Pacific Immersion Cooling for EV Batteries Market is Speculated to be Worth US$ 22.89 Million by 2030, Says the Research Team

According to the Research Team’ research, the Asia Pacific immersion cooling for EV batteries market was valued at US$ 1.56 million in 2026 and is expected to reach US$ 22.89 million by 2030, registering a CAGR of 95.6% from 2026 to 2030. Growing incorporation of immersion-cooled battery into road-going vehicles and growing demand for electric vehicles are among the critical factors attributed to the Asia Pacific immersion cooling for EV batteries market expansion.

Immersion cooling technology offers superior thermal management to EV batteries as with the help of dielectric fluid, the technology can quickly help to cool the battery, which is increasing its adoption across the globe. Hence, various companies are developing advanced immersion cooling batteries. For instance, 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. Thus, the growing development of immersion cooling batteries and their incorporation in EVs is expected to fuel the growth of the Asia Pacific immersion cooling for EV batteries market during the forecast period.

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

Based on type, the Asia Pacific immersion cooling for EV batteries market is bifurcated into single-phase immersion cooling and two-phase immersion cooling. The single-phase immersion cooling segment held 96.0% share of the Asia Pacific immersion cooling for EV batteries market in 2026, amassing US$ 1.50 million. It is projected to garner US$ 22.17 million by 2030 to expand at 96.0% CAGR during 2026-2030.

By cooling fluid type, the Asia Pacific immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, and others. The synthetic oil segment held 58.5% share of the Asia Pacific immersion cooling for EV batteries market in 2026, amassing US$ 0.92 million. It is projected to garner US$ 14.18 million by 2030 to expand at 98.4% CAGR during 2026-2030.

Based on country, the Asia Pacific immersion cooling for EV batteries market is segmented into China, India, Japan, South Korea, and the Rest of Asia Pacific. China held 64.7% share of Asia Pacific immersion cooling for EV batteries market in 2026, amassing US$ 1.01 million. It is projected to garner US$ 15.07 million by 2030 to expand at 96.4% CAGR during 2026-2030.

Key players operating in the Asia Pacific immersion cooling for EV batteries market are Cargill Inc, Engineered Fluids Inc, M&I Materials Ltd, Mahle GmbH, Ricardo Plc, SAE International, The Lubrizol Corp, and XING Mobility Inc, among others.

o Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Asia Pacific immersion cooling for EV batteries market.
o Highlights key business priorities in order to assist companies to realign their business strategies.
o The key findings and recommendations highlight crucial progressive industry trends in Asia Pacific immersion cooling for EV batteries market, thereby allowing players across the value chain to develop effective long-term strategies.
o Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
o Scrutinize in-depth Asia Pacific market trends and outlook coupled with the factors driving the immersion cooling for EV batteries market, as well as those hindering it.
o Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution

TABLE OF CONTENTS

1. Introduction
1.1 the Research Team Research Report Guidance
1.2 Market Segmentation
2. Executive Summary
2.1 Key Insights
2.2 Market Attractiveness
3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research
4. Asia Pacific Immersion Cooling for EV Batteries Market Landscape
4.1 Overview
4.2 Ecosystem Analysis
4.2.1 List of Vendors in Value Chain:
5. Asia Pacific Immersion Cooling for EV Batteries Market – Key Industry Dynamics
5.1 Market Drivers
5.1.1 Increase in Demand for High-Capacity Batteries to Extend EV Driving Range
5.1.2 Growing Demand for Electric Vehicles
5.2 Market Restraints
5.2.1 Challenges Associated with Immersion Cooling
5.3 Market Opportunities
5.3.1 Advantages of Immersion Cooling
5.4 Future Trends
5.4.1 Growing Incorporation of Immersion-cooled Battery into Road-Going Vehicles
5.5 Impact Analysis of Drivers and Restraints
6. Immersion Cooling for EV Batteries Market – Asia Pacific Market Analysis
6.1 Asia Pacific Immersion Cooling for EV Batteries Market Overview
6.2 Asia Pacific Immersion Cooling for EV Batteries Market Revenue (US$ Million), 2022 – 2030
6.3 Asia Pacific Immersion Cooling for EV Batteries Market Forecast and Analysis
7. Asia Pacific Immersion Cooling for EV Batteries Market Analysis – Type
7.1 Single-Phase Immersion Cooling
7.1.1 Overview
7.1.2 Single-Phase Immersion Cooling Market Revenue and Forecasts to 2030 (US$ Million)
7.2 Two-Phase Immersion Cooling
7.2.1 Overview
7.2.2 Two-Phase Immersion Cooling Market Revenue and Forecasts to 2030 (US$ Million)
8. Asia Pacific Immersion Cooling for EV Batteries Market Analysis – Cooling Fluid Type
8.1 Mineral Oil
8.1.1 Overview
8.1.2 Mineral Oil Market Revenue and Forecasts to 2030 (US$ Million)
8.2 Synthetic Oil
8.2.1 Overview
8.2.2 Synthetic Oil Market Revenue and Forecasts to 2030 (US$ Million)
8.3 Others
8.3.1 Overview
8.3.2 Others Market Revenue and Forecasts to 2030 (US$ Million)
9. Asia Pacific Immersion Cooling for EV Batteries Market – Country Analysis
9.1 Overview
9.1.1 Asia Pacific Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Countries
9.1.1.1 China: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.1.1 China: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.1.2 China: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.1.1.2 India: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.2.1 India: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.2.2 India: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.1.1.3 Japan: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.3.1 Japan: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.3.2 Japan: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.1.1.4 South Korea: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.4.1 South Korea: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.4.2 South Korea: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.1.1.5 Rest of Asia Pacific: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.5.1 Rest of Asia Pacific: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.5.2 Rest of Asia Pacific: Asia Pacific Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
10. Competitive Landscape
10.1 Heat Map Analysis By Key Players
10.2 Company Positioning & Concentration
11. Industry Landscape
11.1 Market Initiative
11.2 New Development
12. Company Profiles
12.1 Ricardo Plc
12.1.1 Key Facts
12.1.2 Business Description
12.1.3 Contribution to Immersion Cooling Technology for EV Batteries
12.1.4 Financial Overview
12.1.5 SWOT Analysis
12.1.6 Key Developments
12.2 Mahle GmbH
12.2.1 Key Facts
12.2.2 Business Description
12.2.3 Contribution to Immersion Cooling Technology for EV Batteries
12.2.4 Financial Overview
12.2.5 SWOT Analysis
12.2.6 Key Developments
12.3 XING Mobility Inc
12.3.1 Key Facts
12.3.2 Business Description
12.3.3 Contribution to Immersion Cooling Technology for EV Batteries
12.3.4 Financial Overview
12.3.5 SWOT Analysis
12.3.6 Key Developments
12.4 The Lubrizol Corp
12.4.1 Key Facts
12.4.2 Business Description
12.4.3 Contribution to Immersion Cooling Technology for EV Batteries
12.4.4 Financial Overview
12.4.5 SWOT Analysis
12.4.6 Key Developments
12.5 SAE International
12.5.1 Key Facts
12.5.2 Business Description
12.5.3 Contribution to Immersion Cooling Technology for EV Batteries
12.5.4 Financial Overview
12.5.5 SWOT Analysis
12.5.6 Key Developments
12.6 Cargill Inc
12.6.1 Key Facts
12.6.2 Business Description
12.6.3 Contribution to Immersion Cooling Technology for EV Batteries
12.6.4 Financial Overview
12.6.5 SWOT Analysis
12.6.6 Key Developments
12.7 Engineered Fluids Inc
12.7.1 Key Facts
12.7.2 Business Description
12.7.3 Contribution to Immersion Cooling Technology for EV Batteries
12.7.4 Financial Overview
12.7.5 SWOT Analysis
12.7.6 Key Developments
12.8 M&I Materials Ltd
12.8.1 Key Facts
12.8.2 Business Description
12.8.3 Contribution to Immersion Cooling Technology for EV Batteries
12.8.4 Financial Overview
12.8.5 SWOT Analysis
12.8.6 Key Developments
13. Appendix
13.1 Word Index

LIST OF TABLES

Table 1. Asia Pacific Immersion Cooling for EV Batteries Market Segmentation
Table 2. Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Million)
Table 3. Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 4. Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Million) – Cooling Fluid Type
Table 5. Asia Pacific Asia Pacific Immersion Cooling for EV Batteries Market, by Country – Revenue and Forecast to 2030 (USD Million)
Table 6. China: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 7. China: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 8. India: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 9. India: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 10. Japan: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 11. Japan: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 12. South Korea: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 13. South Korea: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 14. Rest of Asia Pacific: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 15. Rest of Asia Pacific: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 16. Company Positioning & Concentration
Table 17. List of Abbreviation

LIST OF FIGURES

Figure 1. Asia Pacific Immersion Cooling for EV Batteries Market Segmentation, By Country
Figure 2. Ecosystem: Asia Pacific Immersion Cooling for EV Batteries Market
Figure 3. Asia Pacific Immersion Cooling for EV Batteries Market – Key Industry Dynamics
Figure 4. Asia Pacific Immersion Cooling for EV Batteries Market: Impact Analysis of Drivers and Restraints
Figure 5. Asia Pacific Immersion Cooling for EV Batteries Market Revenue (US$ Million), 2022 & 2030
Figure 6. Asia Pacific Immersion Cooling for EV Batteries Market Share (%) – Type, 2022 and 2030
Figure 7. Single-Phase Immersion Cooling Market Revenue and Forecasts to 2030 (US$ Million)
Figure 8. Two-Phase Immersion Cooling Market Revenue and Forecasts to 2030 (US$ Million)
Figure 9. Asia Pacific Immersion Cooling for EV Batteries Market Share (%) – Cooling Fluid Type, 2022 and 2030
Figure 10. Mineral Oil Market Revenue and Forecasts to 2030 (US$ Million)
Figure 11. Synthetic Oil Market Revenue and Forecasts to 2030 (US$ Million)
Figure 12. Others Market Revenue and Forecasts to 2030 (US$ Million)
Figure 13. Asia Pacific Immersion Cooling for EV Batteries Market by Key Countries – Revenue (2022) (US$ Million)
Figure 14. Asia Pacific Asia Pacific Immersion Cooling for EV Batteries Market Breakdown By Key Countries, 2022 And 2030 (%)
Figure 15. China: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 16. India: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 17. Japan: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 18. South Korea: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 19. Rest of Asia Pacific: Asia Pacific Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 20. Heat Map Analysis By Key Players

The List of Companies – Asia Pacific Immersion Cooling for EV Batteries Market

1. Cargill Inc
2. Engineered Fluids Inc
3. M&I Materials Ltd
4. Mahle GmbH
5. Ricardo Plc
6. SAE International
7. The Lubrizol Corp
8. XING Mobility Inc

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