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North America Immersion Cooling for EV Batteries Market Forecast to 2030
North America 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
Growing Demand for Electric Vehicles Drive North America 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. Several US states are taking initiatives by providing financial incentives, including rebates, tax credits, and registration fee reductions, thereby promoting EV adoption in the country. For instance, in 2021, the government of Colorado offered a tax credit of US$ 4,000 on the purchase of a light-duty EV. Similarly, the government of Connecticut accepts a reduced biyearly vehicle registration fee of US$ 38 for EVs. Such government initiatives are increasing the demand for EVs, which has led to an increase in EV sales worldwide. 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. 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 North America immersion cooling for EV batteries market.
North America Immersion Cooling for EV Batteries Market Overview
The North America immersion cooling for EV batteries market is segmented into the US, Canada, and Mexico. The expected rise in the adoption of immersion cooling for EV batteries in this region can be credited to the growing EV sales and production in the region. According to the report by Cox Automotive, ~300,000 new full battery-electric vehicles were sold in the US in Q2 2023, which was an increase of 48.4% compared to Q2 2022. Tesla was the largest seller of EVs in the US, selling more than 175,000 EVs, which was an increase of 34.8% in Q2 2023 from Q1 2023. Also, as per NADA, fully electric vehicles accounted for ~7% of North America’s total car production in December 2022, which increased from 4.7% in December 2021. This increase in EV sales and production is raising the demand for EV battery manufacturing in the region. For this, various automotive manufacturers are also continuously investing in the manufacturing of batteries and EVs. In October 2022, Energy Storage Firm ONE announced the investment of US$ 1.6 billion in EV battery manufacturing in Michigan, US. This new factory, ONE Circle is expected to be operational by the end of 2027. In addition, it is also expected that, by 2028, the factory will achieve a 45% reduction in carbon emissions through a circular manufacturing approach. Such continuous focus on producing EVs and EV batteries is expected to create opportunities for companies to develop more efficient immersion cooling batteries.
The region also has the presence of most of the world’s largest automotive OEMs, who have their established manufacturing plants in North America. Most of these OEMs have undertaken various electrification initiatives. For instance, in July 2021, Stellantis planned to invest ~US$ 35.5 billion in vehicle electrification and new software/technologies by 2025. Furthermore, Stellantis joined automakers such as General Motors, Volkswagen, and Ford Motor in announcing investments of tens of billions of dollars in EVs. Moreover, the government of the North American countries are taking various initiatives to increase EV production in the region. California, one of the largest automotive manufacturing hubs in the world, started providing incentives and mandates to the automotive OEMs for zero-emission vehicles. For instance, in August 2022, the California Air Resources Board approved the trailblazing Advanced Clean Cars II regulation to accelerate 100% new zero-emission vehicle sales by 2035. Such initiatives are strengthening the sales and production of EVs in the region, raising the demand for high-capacity batteries. This, in turn, will increase the need for an efficient thermal management system for batteries, propelling the growth of the North America immersion cooling for EV batteries market.
North America Immersion Cooling for EV Batteries Market Revenue and Forecast to 2030 (US$ Million)
North America Immersion Cooling for EV Batteries Market Segmentation
The North America immersion cooling for EV batteries market is segmented based on type,
cooling fluid type, and country.
Based on type, the North America 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 North America 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 North America immersion cooling for EV batteries market is bifurcated into the US and the Rest of North America. The US dominated the North America immersion cooling for EV batteries market in 2026.
Cargill Inc, Engineered Fluids Inc, M&I Materials Ltd, Mahle GmbH, Ricardo Plc, SAE International, and The Lubrizol Corp are some of the leading companies operating in the North America immersion cooling for EV batteries market.
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According to the Research Team’ research, the North America immersion cooling for EV batteries market was valued at US$ 4.70 million in 2026 and is expected to reach US$ 61.10 million by 2030, registering a CAGR of 89.9% from 2026 to 2030. Increase in demand for high-capacity batteries to extend EV driving range and growing demand for electric vehicles are among the critical factors attributed to the North America immersion cooling for EV batteries market expansion.
With the surging adoption of electric vehicles (EVs), the demand for high-capacity EV batteries is increasing worldwide. To cater to this demand, the original equipment manufacturers (OEMs) are continually working on the improvement of EV batteries, with an aim to achieve high energy density and rapid charging rates. For instance, in November 2021, General Motors (GM) announced that they are moving from lithium-ion to the new lithium-metal technology as its next-generation battery pack. The company partnered with SolidEnergy Systems (SES) to develop a new battery platform. This new lithium-metal chemistry offered greater energy density, providing smaller and lighter battery packs and significantly greater range. The predicted range on a single charge is expected to be from 500 to 600 miles, i.e., an 80% charge, which will take less than 15 minutes. However, the development of high-capacity batteries for EVs can cause thermal runaway, which can result in extremely high temperatures; ejection of harmful gaseous, liquid, or solid products; and smoke and fire explosion. Such overheating of the batteries can lead to their degradation, further limiting power availability and reducing usable capacity. To cater to the above problems, the need for immersion cooling is increasing in the market, where highly specialized dielectric heat transfer fluid is used to submerge the entire battery pack. The fluid can help in effectively managing the increased heat from high-speed charging while also preventing the propagation of thermal runaway. Also, the immersion cooling technique can help enhance heat transfer and offer a more uniform cooling effect across the entire battery pack, further expanding the capacity of the battery. Thus, the growing demand for high-capacity batteries to increase EV driving range is fueling the growth of the North America immersion cooling for EV batteries market.
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 two-phase immersion cooling. The single-phase immersion cooling segment held 96.2% share of the North America immersion cooling for EV batteries market in 2026, amassing US$ 4.52 million. It is projected to garner US$ 59.33 million by 2030 to expand at 90.3% CAGR during 2026-2030.
By cooling fluid type, the North America immersion cooling for EV batteries market is segmented into mineral oil, synthetic oil, and others. The synthetic oil segment held 58.3% share of the North America immersion cooling for EV batteries market in 2026, amassing US$ 2.74 million. It is projected to garner US$ 37.65 million by 2030 to expand at 92.5% CAGR during 2026-2030.
Based on country, the North America immersion cooling for EV batteries market is bifurcated into the US and the Rest of North America. The US held 88.5% share of North America immersion cooling for EV batteries market in 2026, amassing US$ 4.16 million. It is projected to garner US$ 53.89 million by 2030 to expand at 89.7% CAGR during 2026-2030.
Key players operating in the North America immersion cooling for EV batteries market are Cargill Inc, Engineered Fluids Inc, M&I Materials Ltd, Mahle GmbH, Ricardo Plc, SAE International, and The Lubrizol Corp, among others.
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 North America 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 North America 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. North America Immersion Cooling for EV Batteries Market Landscape
4.1 Overview
4.2 North America PEST Analysis
4.3 Ecosystem Analysis
4.3.1 List of Vendors in Value Chain:
5. North America 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 – North America Market Analysis
6.1 North America Immersion Cooling for EV Batteries Market Overview
6.2 North America Immersion Cooling for EV Batteries Market Revenue (US$ Million), 2022 – 2030
6.3 North America Immersion Cooling for EV Batteries Market Forecast and Analysis
7. North America 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. North America 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. North America Immersion Cooling for EV Batteries Market – Country Analysis
9.1 Overview
9.1.1 North America Immersion Cooling for EV Batteries Market Revenue and Forecasts and Analysis – By Countries
9.1.1.1 US: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.1.1 US: North America Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.1.2 US: North America Immersion Cooling for EV Batteries Market Breakdown by Cooling Fluid Type
9.1.1.2 Rest of North America: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Mn)
9.1.1.2.1 Rest of North America: North America Immersion Cooling for EV Batteries Market Breakdown by Type
9.1.1.2.2 Rest of North America: North America 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 The Lubrizol Corp
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 SAE International
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 Cargill Inc
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 Engineered Fluids 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 M&I Materials Ltd
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
13. Appendix
13.1 Word Index
LIST OF TABLES
Table 1. North America Immersion Cooling for EV Batteries Market Segmentation
Table 2. North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Million)
Table 3. North America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Million) – Type
Table 4. North America Immersion Cooling for EV Batteries Market Revenue and Forecasts to 2030 (US$ Million) – Cooling Fluid Type
Table 5. North America Immersion Cooling for EV Batteries Market, by Country – Revenue and Forecast to 2030 (USD Million)
Table 6. US: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 7. US: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 8. Rest of North America: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Type
Table 9. Rest of North America: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn) – By Cooling Fluid Type
Table 10. Company Positioning & Concentration
Table 11. List of Abbreviation
LIST OF FIGURES
Figure 1. North America Immersion Cooling for EV Batteries Market Segmentation, By Country
Figure 2. North America- PEST Analysis
Figure 3. Ecosystem: North America Immersion Cooling for EV Batteries Market
Figure 4. North America Immersion Cooling for EV Batteries Market – Key Industry Dynamics
Figure 5. North America Immersion Cooling for EV Batteries Market: Impact Analysis of Drivers and Restraints
Figure 6. North America Immersion Cooling for EV Batteries Market Revenue (US$ Million), 2022 & 2030
Figure 7. North America Immersion Cooling for EV Batteries Market Share (%) – Type, 2022 and 2030
Figure 8. Single-Phase Immersion Cooling Market Revenue and Forecasts To 2030 (US$ Million)
Figure 9. Two-Phase Immersion Cooling Market Revenue and Forecasts To 2030 (US$ Million)
Figure 10. North America Immersion Cooling for EV Batteries Market Share (%) – Cooling Fluid Type, 2022 and 2030
Figure 11. Mineral Oil Market Revenue and Forecasts To 2030 (US$ Million)
Figure 12. Synthetic Oil Market Revenue and Forecasts To 2030 (US$ Million)
Figure 13. Others Market Revenue and Forecasts To 2030 (US$ Million)
Figure 14. North America Immersion Cooling for EV Batteries Market by Key Countries – Revenue (2022) (US$ Million)
Figure 15. North America Immersion Cooling for EV Batteries Market Breakdown by Key Countries, 2022 and 2030 (%)
Figure 16. US: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 17. Rest of North America: North America Immersion Cooling for EV Batteries Market Revenue and Forecasts To 2030 (US$ Mn)
Figure 18. Heat Map Analysis By Key Players
The List of Companies – North America 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
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