Electric Vehicle Fluids Market, By Propulsion Type, By Product Type, By Vehicle Type, and By Region - Industry Analysis, Market Size, Market Share & Forecast from 2024-2032
Afton Chemical Corporation(NewMarket Corporation)(US)
ENEOS Corporation(Japan)
Repsol SA(Spain)
3 M(US)
PANOLIN AG(Switzerland)
Infineum International Limited.(UK)
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REPORT HIGHLIGHT
The market for Electric Vehicle Fluids was projected to reach USD 1,854.2 million in 2023 and expand at a CAGR of 32.20% between 2024 - 2032.
Electric vehicle fluids are specific fluids made for use in EVs, such as plug-in hybrid electric vehicles (PHEVs) and battery electric vehicles (BEVs). The great thermal stability, low viscosity for effective heat transmission, high flash point to reduce the chance of an unintentional explosion, and superior dielectric qualities of these fluids all work together to prevent electrical arcing. EV fluids prevent early failure by cooling components and maintaining them within an ideal temperature range, protecting additional against electrical arcs and moisture damage, and lubricating the moving parts of electric motors, reducing wear and extending battery life. The batteries, electric motors, and power electronics used in EVs are thereby shielded from damage by these fluids.
The rising interest in electric vehicles (EVs) is a result of environmental concerns. Gas-guzzlers are being replaced by cleaner technology as a result of stricter emission regulations. Complete electric vehicles (EVs) and hybrids are the way of the future for transportation, not an oddity. EV fluids, which are essential to these cars, are in high demand due to this expansion. Fluids in electric vehicles are just as important as those in conventional automobiles. For optimal efficiency, they maintain the electric motor's coolness. Extended range and less environmental impact are directly correlated with a cool motor. The initiative in California to promote clean mobility is best represented by the zero-emission vehicle (ZEV) program. These fluids add another level of sustainability by extending the life of the complete electric vehicle and preventing the motor from overheating. ExxonMobil introduced the Mobil EV ThermTM series in 2023 with the intention of promoting the environmental objectives of EV producers while guaranteeing effective thermal management. These developments are essential to controlling motor temperatures and increasing the total life of electric vehicles, which helps the greater global effort to achieve zero-emission transportation.
Electric Vehicle Fluids Market- Key Insights
According to our research analyst's analysis, the global market is projected to expand at a CAGR of approximately 32.20% during the forecast period of 2024-2032.
The hybrid electric vehicle (HEV) category was predicted to hold the biggest market share in 2023 based on propulsion type.
In 2023, the passenger vehicles category emerged as the top segment based on vehicle type.
Europe accounted for the largest revenue share by region in 2023.
Electric Vehicle Fluids Market- Segmentation Analysis:
The Global Electric Vehicle Fluids Market is segmented into Propulsion Type, Product Type, Vehicle Type, and Region.
On the basis of propulsion type, the market is segregated into Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Electric Vehicle (PHEV). In 2023, the market for electric vehicle fluids will be dominated by the hybrid electric vehicle (HEV) subsegment, with battery electric vehicles (BEVs) expected to see significant growth. BEVs completely do away with the gas engine, unlike hybrids, which means they don't require fuel or ongoing maintenance. Though not as much as hybrids, they do need some EV fluids. The overall demand for EV fluids is anticipated to increase during the projection period as BEV production ramps up and overtakes hybrid manufacturing. This is a result of the overwhelming number of BEVs on the road. Technological developments in batteries are driving down the cost of batteries, increasing the affordability of BEVs, and hastening their uptake. Therefore, even if BEVs use less fluid per vehicle, their population expansion will probably surpass the decrease in fluid usage per vehicle.
On the basis of product type, the market is segmented into engine oil, transmission fluids, coolant, greases, and other products. In 2023, the engine oil category accounted for the largest market share. This is due to the fact that engine oil is critical to the longevity and effectiveness of electric drivetrains. Despite lacking conventional internal combustion engines, electric vehicles do have electric motors, bearings, and other components. These parts require carefully designed engine oils to lubricate and dissipate heat. For an extended range and improved performance, EV engine oils are more thermally stable, lubricate more effectively to lower friction, and boost efficiency. Engine oils have become more popular as the number of electric vehicles (EVs) has increased.
Electric Vehicle Fluids Market- Geographical Insights
The Electric Vehicle Fluids market is widely distributed geographically in North America, Latin America, Europe, Asia Pacific, the Middle East and Africa. These areas are further separated based on the countries that provide business.
In 2023, the European region dominated the market for electric vehicle fluids. Two major factors contribute to this dominance: the high cost of hybrid vehicles and the high cost of engine oil used in them. Because hybrids require more EV fluid than battery EVs do, Europe continues to lead the industry in this regard. Furthermore, the growth is influenced by the growing number of official and unofficial programs that support the use of cleaner energy to reduce carbon emissions. The demand for batteries and other solid and liquid materials is rising dramatically as more people drive electric vehicles. According to the International Energy Agency's Global EV Vehicle Outlook (GRVO) Report 2023, battery propulsion systems account for about 40% of electric vehicles sold in Europe, 25% in the US, and 50% in China. In the upcoming years, it is anticipated that this trend will increase demand for electric vehicle fluids.
With a strong CAGR expected, the Asia Pacific region is expected to develop at the fastest rate in the projection period due to rising attempts to promote the electric vehicle sector, particularly in China and India. For instance, the Indian government announced in December 2023 that it would be introducing a production-linked incentives scheme for the automotive industry, with an expenditure of INR 25,938 in the coming five years, in an effort to promote the home manufacturing of electric vehicles. Furthermore, the Indian Ministry of Heavy Industries approved the Electric Mobility Promotion Scheme in April 2024 for 11 electric vehicle manufacturers, including Ola Electric, Bajaj Auto, Mahindra, and others. This scheme has an investment of INR 500 crore to fuel the production of electric vehicles. This will accelerate the development of reasonably priced electric vehicle production, increasing the need for electric vehicle fluids during the forecast period.
Electric Vehicle Fluids Market- Competitive Landscape:
The electric vehicle fluid market is characterized by a competitive landscape where major competitors are competing for market share and technological leadership. Royal Dutch Shell plc (Netherlands), Valvoline Inc. (US), ExxonMobil Corporation (US), BP plc. (UK), TotalEnergies SE (France) and FUCHS Petrolub AG (Germany), among others, are a few of the major companies in the market. The environment is defined by ongoing R&D projects that concentrate on creating specialized fluids to satisfy the changing need for electric vehicles. Additionally, businesses frequently employ partnerships, strategic collaborations, and product launches in an effort to stay ahead of this fast-paced industry. The competition is getting more fierce as electric vehicle technology develops, forcing manufacturers to set themselves apart with novel fluid solutions that improve the performance and efficiency of electric drivetrains, batteries, and cooling systems.
Recent Developments:
January 2023: With a range of Pentosin automotive fluids designed specifically for the many popular Tesla vehicles now on the road, CRP Automotive revealed its newest product line. Two Electrical Drive Fluid (EDF) variations designed exclusively for Tesla vehicles manufactured between 2009 and 2021 are included in this assortment.
November 2022: By launching its most recent EV Fluid series in India, which is designed for electric bikes, electric and hybrid cars, TotalEnergies Marketing India Private Limited (TEMIPL) achieved a noteworthy milestone.
August 2022: The introduction of heat transfer fluids made especially for electric vehicle (EV) engines in India was a noteworthy statement from Shell Lubricants. These fluids are designed to conform to the various climatic and geographical circumstances that are common throughout the nation.
SCOPE OF THE REPORT
The scope of this report covers the Electric Vehicle Fluids market by its major segments, which include as follows:
GLOBAL ELECTRIC VEHICLE FLUIDS MARKET KEY PLAYERS- DETAILED COMPETITIVE INSIGHTS
Royal Dutch Shell plc (Netherlands)
ExxonMobil Corporation (US)
TotalEnergies SE (France)
BP plc. (UK)
FUCHS Petrolub AG (Germany)
PTT (Thailand)
Valvoline Inc. (US)
Castrol (bp p.l.c.) (UK)
The Lubrizol Corporation (US)
Engineered Fluids. Inc. (US)
M&I Materials Ltd (UK)
Petronas (Malaysia)
Afton Chemical Corporation (NewMarket Corporation) (US)
ENEOS Corporation (Japan)
Repsol S.A. (Spain)
3M (US)
PANOLIN AG (Switzerland)
Infineum International Limited. (UK)
Others
GLOBAL ELECTRIC VEHICLE FLUIDS MARKET, BY PROPULSION TYPE- MARKET ANALYSIS, 2019 - 2032
Battery Electric Vehicle (BEV)
Hybrid Electric Vehicle (HEV)
Plug-in Hybrid Electric Vehicle (PHEV)
GLOBAL ELECTRIC VEHICLE FLUIDS MARKET, BY PRODUCT TYPE- MARKET ANALYSIS, 2019 - 2032
Engine oil
Transmission Fluids
Coolant
Greases
Others
GLOBAL ELECTRIC VEHICLE FLUIDS MARKET, BY VEHICLE TYPE- MARKET ANALYSIS, 2019 - 2032
Commercial Vehicles
Passenger Vehicles
GLOBAL ELECTRIC VEHICLE FLUIDS MARKET, BY REGION- MARKET ANALYSIS, 2019 - 2032
North America
The U.S.
Canada
Europe
Germany
France
Italy
Spain
United Kingdom
Russia
Netherlands
Sweden
Poland
Rest of Europe
Asia Pacific
India
China
South Korea
Japan
Australia
Thailand
Indonesia
Philippines
Rest of APAC
Latin America
Brazil
Mexico
Argentina
Colombia
Rest of LATAM
The Middle East and Africa
Saudi Arabia
United Arab Emirates
Israel
Turkey
Algeria
Egypt
Rest of MEA
Table of Contents
1. Electric Vehicle Fluids Market Overview
1.1. Study Scope
1.2. Market Estimation Years
2. Executive Summary
2.1. Market Snippet
2.1.1. Electric Vehicle Fluids Market Snippet by Propulsion Type
2.1.2. Electric Vehicle Fluids Market Snippet by Product Type
2.1.3. Electric Vehicle Fluids Market Snippet by Vehicle Type
2.1.4. Electric Vehicle Fluids Market Snippet by Country
2.1.5. Electric Vehicle Fluids Market Snippet by Region
2.2. Competitive Insights
3. Electric Vehicle Fluids Key Market Trends
3.1. Electric Vehicle Fluids Market Drivers
3.1.1. Impact Analysis of Market Drivers
3.2. Electric Vehicle Fluids Market Restraints
3.2.1. Impact Analysis of Market Restraints
3.3. Electric Vehicle Fluids Market Opportunities
3.4. Electric Vehicle Fluids Market Future Trends
4. Electric Vehicle Fluids Industry Study
4.1. PEST Analysis
4.2. Porter's Five Forces Analysis
4.3. Growth Prospect Mapping
4.4. Regulatory Framework Analysis
5. Electric Vehicle Fluids Market: COVID-19 Impact Analysis
5.1. Pre-COVID-19 Impact Analysis
5.2. Post-COVID-19 Impact Analysis
5.2.1. Top Performing Segments
5.2.2. Marginal Growth Segments
5.2.3. Top Looser Segments
5.2.4. Marginal Loss Segments
6. Electric Vehicle Fluids Market Landscape
6.1. Electric Vehicle Fluids Market Share Analysis, 2023
6.2. Breakdown Data, by Key Manufacturer
6.2.1. Established Players' Analysis
6.2.2. Emerging Players' Analysis
7. Electric Vehicle Fluids Market - By Propulsion Type