Electric Vehicle (EV) Fluids Market Size, Share, Opportunities, And Trends By Product Type (By Product Type (Engine Oil, Coolant, Transmission Fluids, Greases, Other Product Types), By Propulsion Type (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-in Hybrid Electric Vehicles (PHEVs)), By Vehicle Type (Passenger Vehicles, Commercial Vehicles, Other Vehicle Types), And By Geography - Forecasts From 2024 To 2029

The electric vehicle (EV) fluids market is expected to register a compound annual growth rate (CAGR) of 18.45% during the projected period (2024-2029).

The electric vehicle fluids market is one of the rising categories in the automotive industry because of their increasing usage in cars.

The market is mainly propelled by the need to adopt electric cars mainly due to the high fuel costs, increasing pollution, and reduction of the harmful emissions of cars. In the same regard, the rules and policies for green mobility and electric vehicle adoption are put in place by governments, which in turn foster the market even further.

The annual consumption of electric vehicle fluids is estimated to grow at an astonishing CAGR of over 22% in Asia-Pacific during the forecast period with nations such as China, India, and Japan likely to lead the market in the near future. This extremely high population density region and the rising awareness of the environmental impact are some of driving factors that will drive the EV market and therefore the specialized fluids market.

• The increasing sales of electric vehicles (EVs) across the world is the primary influencing factor in the growth of the electric vehicle fluids market. Some drivers include ever-increasing fuel costs, increasing awareness and consciousness of the effects of pollution on the natural environment, technological advancements and innovations, and manufacturers’ initiatives to meet regulatory measures that encourage the use of EVs. Since many more EVs are currently on the road, markets have emerged for specialized fluids that will keep these vehicles running their best and efficiently. EV fluids are to retain the capability of handling the issues of lubrication, heat dispersion, and electrical conductivity for the special parts of electrical cars. A number of manufactures are coming up with different models of electric vehicles and this is likely to further boost the demand for electric vehicle fluids in future.
•  It has been reported that there is currently constant research as well as development in an effort to design the fluids utilized in electric vehicles to meet the current demands of the market. Manufacturers of fluids are extending their efforts to generate new technologies that enhance thermal and electrical conductivity, wear resistance, and the ability to blend with new materials employed in EVs. These are the upcoming fluids that are able to improve the amount of energy needed to be utilized, boost the range of EVs, and increase the useful life of the powertrain assemblies. Since the development of EV technology still precedes, there is an increased likelihood that it will require more high-performance specialized fluids in the future.
• Governments around the world are imposing mandates to support eco-friendly transportation and encouraging EV adoption, which is further propelling the market for electric vehicle fluids. The adoption of such policies meant to decrease fuel consumption and emission is pushing the EV market and, at the same time, boosting the need for focused fluids to serve these automobiles. The increasing use of electric vehicles, which with the help of beneficial government policies, will be producing more, is also expected to boost the demand of the electric vehicle fluids market in coming years.

What Are the Electric Vehicle (EV) Fluids Market Growth Drivers?

• The engine oil segment by type is likely to be the fastest-growing segment during the forecast period.

The engine oil segment is expected to have a special influence on electric vehicle fluids market production and development. Electric vehicles require proper engine management and among the important types of fluids used to manage electric vehicles are engine oils.

However, as for engine oil, EVs do not have the type of engine that traditional internal combustion engine vehicles require. Nonetheless, the regular use of EVs is going to necessitate the use of specially formulated fluids for low friction, and protection of all the parts within an electric drivetrain that constitutes the electric motor, gear-box, and other attachment parts in motion. One aspect that has received attention in the production of hybrid and electric vehicles has been the specialty engine oils. These are special engine oils designed to meet the demands of electrified powertrains, which include electric vehicles, and are developed to offer enhanced lubrication, thermal stability, and compatibility with the various materials used in EVs.

With the increased use of EVs across the globe, there is significant growth in the consumption of these dedicated engine oils. Growth influencers like government incentives for electric cars, enhanced zero-emission standards for vehicles, and improved innovations to the EV segment are some of the factors that have made the use of electric vehicles to be on the rise hence influencing the engine oil segment in the electric vehicle fluids market.

In addition, it is also estimated that the electric vehicle fluids market will have the highest market share in the engine oil segment, considering its huge importance to the automobile industry, especially for electric vehicles. Current strategists have been put into a researching task of developing new formulations of engine oil that will go further in improving the battery range of EVs, their energy efficiency, and even their durability. Among the major segments of fluids for EVs, the engine oil segment is expected to be one of the most significant drivers of electric vehicle fluids market growth in the years to come as the electric vehicle market trends on the rise.

• The battery-electric vehicle segment is likely to be the fastest-growing segment during the forecast period.

Out of all these electric vehicle types, battery electric vehicles BEVs are some of the main contributors to the growth of the electric vehicle fluids market. The global adoption of BEVs was primarily driven by factors, which include zero emissions through the tailpipe, lower operating cost, and increased electric range compared to PHEVs. This concern is due to the fact that there are future projections of increased demand due to policies that place restrictions on emissions and the increased concern from the public on the environmental impacts of their purchases. The electric vehicle fluids market is being propelled by the BEV segment for cars because these vehicles come with various demanding specifications. BEVs need particular fluid as it is utilized for thermal management, lubrication, and control of electric compatibility concerning complicated parts. These are meant to reduce corrosion and formation of deposit on the walls of cooling system to enable it work at the best it can.

The rising popularity of BEVs is also contributing to the use of electric vehicle fluids,” as suggested by the authors. Due to the growth in the manufacture and use of BEVs, it became crucial to have fluids that would solely ensure the efficacy of these automobiles. Companies are making research and development efforts to improve the foundational fluid compositions in that they are optimizing their potential of BEV applications, range, efficiency, and battery lifespan.

In terms of segments, forecasts assume that the BEV segment’s growth will remain sustainable due to the development of battery technologies and the availability of charging stations. This shows that as new BEV technology grows, so will the market for electric vehicle fluids in automotive applications.

Asia Pacific region to dominate the electric vehicle (EV) fluids market during the forecast period.

The major economies like China, Japan, India, and South Korea dominate the Asia-Pacific region. Some of the fastest-growing emerging economies are from this region such as ASEAN countries. India and China have about 35.5% of the world's population.

The Asia Pacific region is expected to dominate the electric vehicle (EV) fluid market during the forecast period owing to the region being the home of several countries as mentioned above constituting significant production capacities that drive the demand for eco-friendly materials. 

Within the forecast period, the Asia-Pacific region is expected to dominate the electric vehicle (EV) fluids market. There are a number of reasons that could be held responsible for such a dominance of these currencies. Firstly, the APAC region is one of the leading global regions in the EV market with China, Japan, and India being prominent. Chin is projected to dominate the global EV fluid market due to the mounting market popularity of EVs, with the government intending 20% of new vehicle sales to be electric by 2025. Furthermore, there are key players in the automotive industry, namely the major electric vehicle manufacturers and the suppliers of electric fluids that enhance APAC’s position in the market.

Further, rising global concerns about carbon emissions through consuming fossil fuel and the drive by governments of various countries and incentives provided for the utilization of sustainable transits and EVs throughout Asia-Pacific have boosted the growth of the EV fluids market. As for the demand for specialized fluids, countries such as India and Thailand have already become Important markets for EVs and hybrid vehicles. Such a high pace of growth is explained by the higher involvement of electric vehicles, the requirement for an optimized fluid for handling the EV’s requirements, and the Asia Pacific’s focus on low-emission transportation.

Recent Developments in the Electric Vehicle (EV) Fluids Market:

• In November 2022: Total Energies Marketing India Private Limited, (TEMIPL), recently rolled out a new EV Fluid series for electric and hybrid cars and electric bikes.
• In August 2022: Shell Lubricants recently unveiled heat transfer fluids in India based on motors of electric cars, suitable for climatic and geographic conditions.
  

Electric Vehicle (EV) Fluids Market Scope:

Report Metric	Details
Growth Rate	CAGR of 18.45%
Study Period	2019 to 2029
Historical Data	2019 to 2022
Base Year	2024
Forecast Period	2024 – 2029
Forecast Unit (Value)	USD Billion
Segmentation	Product Type Propulsion Type Vehicle Type Geography
Geographical Segmentation	North America, South America, Europe, Middle East and Africa, Asia Pacific
List of Major Companies in Electric Vehicle (EV) Fluids Market	Exxon Mobil Corporation BP p.l.c. Shell plc FUCHS Total Energies
Customization Scope	Free report customization with purchase

 

The electric vehicle (EV) fluids market is segmented and analyzed as follows:

• By Product Type
  • Engine Oil
  • Coolant
  • Transmission Fluids
  • Greases
  • Other Product Types
• By Propulsion Type
  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)
  • Plug-in Hybrid Electric Vehicles (PHEVs)
• By Vehicle Type
  • Passenger Vehicles
  • Commercial Vehicles
  • Other Vehicle Types 
• By Geography
  • North America
    • USA
    • Canada
    • Mexico
  • South America
    • Brazil
    • Argentina
    • Others
  • Europe
    • United Kingdom
    • Germany
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Middle East and Africa
    • Saudi Arabia
    • Saudi Arabia
    • United Arab Emirates
    • Rest of Middle East and Africa
  • Asia-Pacific
    • China
    • India
    • Japan
    • South Korea
    • Taiwan
    • Thailand
    • Indonesia
    • Rest of Asia-Pacific

1. INTRODUCTION

1.1. Market Overview

1.2. Market Definition

1.3. Scope of the Study

1.4. Market Segmentation

1.5. Currency

1.6. Assumptions

1.7. Base and Forecast Years Timeline

1.8. Key benefits for the stakeholders

2. RESEARCH METHODOLOGY  

2.1. Research Design

2.2. Research Process

3. EXECUTIVE SUMMARY

3.1. Key Findings

3.2. Analyst View

4. MARKET DYNAMICS

4.1. Market Drivers

4.1.1. The growing demand for Electric vehicles across the globe

4.1.2. Other drivers

4.2. Market Restraints

4.2.1. Initial high cost of buying electric vehicles

4.2.2. Threats from Substitutes

4.3. Porter’s Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. The Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. ELECTRIC VEHICLE (EV) FLUIDS MARKET BY PRODUCT TYPE

5.1. Introduction

5.2. Engine Oil

5.3. Coolant

5.4.  Transmission Fluids

5.5.  Greases

5.6. Other Product Types 

6. ELECTRIC VEHICLE (EV) FLUIDS MARKET BY PROPULSION TYPE

6.1. Introduction

6.2. Battery Electric Vehicles (BEVs)

6.3.  Hybrid Electric Vehicles (HEVs)

6.4.  Plug-in Hybrid Electric Vehicles (PHEVs) 

7. ELECTRIC VEHICLE (EV) FLUIDS MARKET BY VEHICLE TYPE

7.1. Introduction

7.2. Passenger Vehicles

7.3. Commercial Vehicles

7.4.  Other Vehicle Types 

8. ELECTRIC VEHICLE (EV) FLUIDS MARKET BY GEOGRAPHY

8.1. Global Overview

8.2. North America

8.2.1. United States

8.2.2. Canada

8.2.3. Mexico

8.3. South America

8.3.1. Brazil

8.3.2. Argentina

8.3.3. Rest of South America

8.4. Europe

8.4.1. United Kingdom

8.4.2. Germany

8.4.3. France

8.4.4. Italy

8.4.5. Spain

8.4.6. Rest of Europe

8.5. Middle East and Africa

8.5.1. Saudi Arabia

8.5.2. United Arab Emirates

8.5.3. Rest of Middle East and Africa

8.6. Asia-Pacific

8.6.1. China

8.6.2. India

8.6.3. Japan

8.6.4. South Korea

8.6.5. Taiwan

8.6.6. Thailand

8.6.7. Indonesia

8.6.8. Rest of Asia-Pacific

9. COMPETITIVE ENVIRONMENT AND ANALYSIS

9.1. Major Players and Strategy Analysis

9.2. Market Share Analysis

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Competitive Dashboard

10. COMPANY PROFILES

10.1. Exxon Mobil Corporation

10.2. BP p.l.c.

10.3.  Shell plc

10.4. FUCHS 

10.5.  TotalEnergies

10.6. Petroliam Nasional Berhad (PETRONAS)

10.7.  Saudi Arabian Oil Co

10.8.  Repsol

10.9. PTT LUBRICANTS 

10.10. ENEOS Corporation 

Exxon Mobil Corporation

BP p.l.c.

Shell plc

FUCHS 

Total Energies

Petroliam Nasional Berhad (PETRONAS)

Saudi Arabian Oil Co

Repsol

PTT LUBRICANTS 

ENEOS Corporation