Delray Beach – October 14, 2026 -- The battery thermal management system (BTMS) market will grow from USD 5.26 billion in 2026 to USD 10.97 billion by 2033, a compound annual growth rate of 11.1%, according to MarketsandMarkets.
Fast-charging and 800 V platforms push OEMs from air cooling to liquid-cooled architectures
Higher battery energy density, faster charging, greater power output and stricter safety requirements are raising the value and technology content of BTMS. OEMs are moving from conventional air cooling to liquid-cooled and integrated thermal architectures. The technology is also shifting toward AI-based thermal simulation, cell-level temperature monitoring, direct cell cooling and intelligent controls. 800 V platforms need higher coolant flow, faster preconditioning and integrated battery heating and cooling.
MAHLE targets 8,000 cooling plates per week by end-2026 at its Spanish plant
MAHLE began series production of battery cooling plates at its Montblanc plant in Spain in June 2026. Output is set to rise from about 1,000 units per week to 8,000 by the end of 2026, and the site can reach 15,000 units per week. MAHLE is adding about 10,000 m2 of production area. The plates keep battery operating temperatures below 40°C.
In December 2025, Webasto developed its Heated Chiller, which combines battery cooling, battery heating and cabin heating in one unit. The design cuts component count, and the technology is progressing toward production applications.
BEVs and cooling plates are projected to lead segment share
The report expects battery electric vehicles (BEVs) to hold the largest share of the BTMS market. BEVs account for more than 50% of the relevant vehicle base globally. NMC batteries in passenger BEVs need active thermal control as charging power increases heat generation. The Mercedes AMG GT 4 Door Coupe uses direct cooling of cylindrical NCMA cells, and Bosch supplies battery temperature control and diagnostics for BEVs.
Cooling plates are projected to hold the highest value share among components. Commercial EVs with larger packs and sustained high-power operation drive demand. Scania uses liquid cooling with plates or channels in its electric trucks. In January 2026, Volvo Group and SAE said they were working to optimize cooling plate design for heat transfer and coolant flow. Compact pack designs are pushing suppliers toward thinner plates with better thermal contact.
Europe's BEV share above 60% in 2025 drives hybrid thermal systems
BEVs accounted for more than 60% of Europe's relevant market in 2025. Growing BEV and plug-in hybrid (PHEV) use there is raising demand for hybrid BTMS that combine liquid cooling, refrigerant cooling and heating. MAHLE combines low-temperature and refrigerant circuits for battery and power electronics cooling.
Funding collapsed from USD 18.96 billion in 2024 to USD 0.007 billion through September 2026
Disclosed investment and funding in the BTMS ecosystem peaked in 2024 at about USD 18.96 billion, against USD 0.87 billion in 2023. It fell to USD 0.02 billion in 2025 and USD 0.007 billion through September 2026, with one recorded deal in each of those two years.
Revenue is moving from standalone components such as cold plates, pumps, heat exchangers, chillers, heaters and sensors toward integrated cooling, sensing and control systems. Opportunities are expanding in immersion cooling, advanced chillers, heat pump-based systems, thermoelectric cooling and predictive thermal control.
M&A activity centers on battery cooling systems, heat pumps, fluid management and integrated vehicle thermal systems. Transactions involve Hankook & Company Group, Hanon Systems and Mutares. The report lists Robert Bosch GmbH, Gentherm, Valeo, AUMOVIO and Denso among the top companies.