Global Electric Vehicle Fluids Market Assessment, By Product Type [Engine Oil, Brake Fluid, Coolant, Transmission Fluid, Others], By Vehicle Type [On-Highway Electric Vehicles, Off-Highway Electric Vehicles], By Propulsion [Battery Electric Vehicles, Hybrid Electric Vehicles], By Region, Opportunities and Forecast, 2017-2031F

Electric Vehicle Fluids Market is projected to observe a CAGR of 29.89% in the forecast period 2024-2031, rising from USD 1.38 billion in 2023 to USD 11.17 billion in 2031.

Electric Vehicle Fluids Market Global Forecast to 2031

Global electric vehicle fluid market&nbsp;is projected to observe a&nbsp;CAGR of 29.89%&nbsp;in the forecast period 2024-2031, rising from&nbsp;USD 1.38 billion&nbsp;in 2023 to&nbsp;USD 11.17 billion&nbsp;in 2031. The market has witnessed growth in recent years and is projected to maintain a strong pace of expansion in the forecast years due to surging production and adoption of electric vehicles, continuous technological advancements, growing awareness concerning sustainable and eco-friendly fluids, and strict environmental sustainability regulations. The global electric vehicle fluid market growth is expected to grow due to growing emphasis on the significance of specialized fluids to ensure electric vehicles' performance and passengers' safety. Factors including continuous technological innovations, increased aim on environmental sustainability and eco-friendly modes of transportation, and expansion in the electric vehicle industry are expected to accelerate the global electric vehicle market demand in the forecast period.
According to the International Energy Agency, the electric car market is witnessing rapid growth, with sales of close to 14 million units during 2023. The total number of electric cars sales has surged from nearly 4% during 2020 to 18% in 2023. This trend in EV sales is estimated to continue into 2024. During the first quarter separately, more than 3 million electric cars were sold, marking a 25% rise compared to last year. It is projected that sales could reach approximately 17 million in 2024.
Manufacturers in the global market are significantly investing in different research and development activities to engineer a variety of fluid solutions personalized to address the requirements of modern electric vehicles. In addition, key participants in the market are announcing partnerships to be engineered and modified specifically to meet the demand for high-tech powertrains. For instance, in December 2022, Gulf Oil Lubricants India Ltd. announced a partnership with Altigreen Propulsion Labs Private Limited to supply EV fluids and manufacture personalized EV fluids for commercial electric vehicles producer Altigreen.
<h2 style="text-align: justify;">Rising Penetration of EVs in Emerging Countries Propels Market Demand</h2>
As batteries and motors act as the primary propulsion sources for electric vehicles, they need a unique mix of fluids compared to traditional vehicles. Traditional fluids are not appropriate for EVs as they can lead to viscosity issues and part corrosion, ultimately reducing the vehicle&rsquo;s performance and durability. Therefore, the significant increase in demand for electric vehicles, technological advancement in EVs, and a rapid trend of customization in EVs are projected to drive the global electric vehicle fluid market growth in the forecast period. Also, increasing per capita income and growing demand for high-performance fluids significantly foster global market growth. Market players in the global market are efficiently working on introducing new fluids specifically for electric vehicles to address the rising demand in the electric vehicle industry.
For instance, in January 2023, Valvoline Inc. announced the launch of performance fluid for electric vehicles, which extends battery life and solves common electric vehicle issues.
<h2 style="text-align: justify;">Rising Demand and Production of Durable Fluids for EV Boasts Growth</h2>
In electric vehicles, different components, including e-motor, produce a lot of heat. The latest electric vehicle fluids are engineered according to the demand of the vehicle&rsquo;s mechanisms. However, outdated fluids can harm the components of electric vehicles and compromise the longevity and performance of EVs coupled with the passenger&rsquo;s safety. &nbsp;Key participants in the market are efficiently introducing new fluids to significantly address a variety of requirements. Efficient fluids can help in cooling systems, improve the performance of EVs, offer a better driving experience, and improve EV transmission effectiveness. Key players in the global market are launching a new range of effective fluids for electric vehicles to meet the cooling, insulating, and lubrication requirements of all types of electric and hybrid vehicles.
For instance, in November 2022, TotalEnergies SE announced the launch of a global range of EV fluids that will grow exponentially in the coming years and aim for sustainable and clean mobility solutions. This development meets requirements including insulating, cooling, and lubricating all types of electric vehicles.&nbsp;
<h2 style="text-align: justify;">Government Rules and Regulations Concerning Sustainable Environment Driving Market Growth</h2>
In emerging countries, the rules and regulations concerning sustainable environment and eco-friendly mobility solutions drive the demand for electric vehicles, further surging the global electric vehicle fluid market growth. Governments in emerging countries are offering incentives to establish EV charging infrastructure and adopt electric vehicles, fostering the demand for electric vehicle fluids across the globe. Also, governments globally are collaborating with privately held companies and investing in installing publicly accessible chargers to encourage the adoption of electric vehicles, surging the market growth significantly. In addition, governments across the globe are efficiently imposing mandates to aid eco-friendly transportation and promote EV adoption, further propelling market growth as EV fluids help lower the carbon emission footprint and cool the components of EVs.
For instance, in March 2024, the Environmental Protection Agency (EPA) issued new auto rules focused on cutting carbon footprint and fostering electric vehicles and hybrids. This new standard by the EPA will avoid over 7 billion tons of planet-warming carbon emissions in the next three decades and offer approximately USD 100 billion in net benefits yearly.
<h2 style="text-align: justify;">Engine Oil Dominates the Largest Global Electric Vehicle Fluids Market Share</h2>
The engine oil segment registers the largest market share as it plays an essential role in lubricating all engine parts and decreasing wear and friction. Vehicle owners are using engine oil significantly as it reduces maintenance costs and cools certain engine parts. Producers in the market are working on registering the global electric vehicle fluid market share by enhancing the applications and performance of engine oil along with durability. The demand for engine oil is continuously rising as it helps to transfer, trap, and release this heat through the lubrication circuit and functions as a protective layer between the different components. Key participants in the market are efficiently introducing new products to address the rising demand from commercial vehicle and passenger car segments.
For instance, in April 2023, Brakes India Private Limited announced the launch of engine oils for both passenger cars and commercial vehicles with its new brand, Revia. This new launch is engineered to offer maximum engine protection and effectiveness under extreme driving conditions.
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<h2 style="text-align: justify;">Asia-Pacific Registers the Largest Market Size</h2>
Asia-Pacific dominates the largest market size in the global electric vehicle fluid market due to an increase in demand for electric vehicles in emerging countries, including India and China, a rise in investment by the government to enhance the production of electric vehicles, and strict government regulations to decrease carbon footprint. In emerging countries, automakers are investing in enhancing the performance of fluids and increasing the sales of two-wheeler electric vehicles across the globe. In India, in 2024, the two-wheeler segment observed a growth of 9%, driven by the easy availability of advanced models and the launch of new products coupled with the burgeoning EV market. Therefore, the demand for electric vehicle fluids is growing in the forecast period. In addition, key participants in the market are actively announcing partnerships to launch EV fluids and expand their footprint.
For instance, in September 2022, Gulf Oil Lubricants India Ltd announced a partnership with Piaggio Vehicles Pvt Ltd and Switch Mobility Automotive Limited for a range of EV fluids. This partnership allows Piaggio Vehicles Pvt Ltd and Switch Mobility Automotive Limited to have direct access to the entire range of EV fluids under the Gulf Oil Lubricants product portfolio.
Future Market Scenario (2024-2031F)
Advancements in electric vehicle technology and rising demand for efficient fluids for EV applications are projected to drive the demand for electric vehicle fluids market globally.
The development of synthetic fluids for electric vehicles to balance e-module lubrication with thermal management and electrical properties is driving the demand for global electric vehicle fluid market growth.
Increased fuel costs and significant government investment in charging infrastructure are resulting in an increasing requirement for electric vehicles, which further propels the global market's growth.
Effective cooperation among major fluid suppliers and automotive OEMs to supply fluid for their EVs to enhance the overall driving experience is projected to foster growth.
Report Scope
&ldquo;Electric Vehicle Fluid Market Assessment, Opportunities, and Forecast, 2017-2031F&rdquo;,&nbsp;is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of the global electric vehicle fluid market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.
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Report Attribute
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Details
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Base Year of the Analysis
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2023
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Historical Period
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2017-2022
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Forecast Period
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2024-2031
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Projected Growth Rate
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CAGR of 29.89% between 2024 and 2031
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Revenue Forecast in 2031
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USD 11.17 billion
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Segments Covered
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Product Type, Vehicle Type, Propulsion
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Regions Covered
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North America, Europe, South America, Asia-Pacific, Middle East and Africa
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Key Companies Profile
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ExxonMobil Corporation, TotalEnergies SE, Shell plc, Fuchs SE, PETRONAS Lubricants International Sdn. Bhd., Repsol S.A., Valvoline Inc., Castrol Ltd, Gulf Oil International Limited, ENEOS Group
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Customization Scope
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15% free report customization with purchase
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Pricing and Purchase Options
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Avail the customized purchase options to fulfill your precise research needs
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Delivery Format
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PDF and Excel through email (subject to the license purchased)
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In this report, the&nbsp;global electric vehicle fluid market&nbsp;has been segmented into the following categories:&nbsp;
<ul style="text-align: justify;">
<li>By Product Type
<ul>
<li>Engine Oil</li>
<li>Brake Fluid</li>
<li>Coolant</li>
<li>Transmission Fluid</li>
<li>Others</li>
</ul>
</li>
<li>By Vehicle Type
<ul>
<li>On-Highway Electric Vehicles</li>
<li>Off-Highway Electric Vehicles</li>
</ul>
</li>
<li>By Propulsion
<ul>
<li>Battery Electric Vehicles</li>
<li>Hybrid Electric Vehicles</li>
</ul>
</li>
<li>By Region
<ul>
<li>North America</li>
<li>Europe</li>
<li>Asia-Pacific</li>
<li>South America</li>
<li>Middle East and Africa</li>
</ul>
</li>
</ul>
Key Players Landscape and Outlook
Companies in the global market are significantly investing in different research and development companies to develop high-performance fluids and address the rising demand for fluids. Key participants are developing advanced formulations to address the emerging need for electric vehicles, underwriting the automotive industry's environmental sustainability. In addition, companies are adopting growth strategies, including joint ventures, mergers and acquisitions, partnerships, new product launches, and others, to expand the product portfolio and meet the growing demand for electric vehicle fluids. &nbsp;
In August 2022, Castrol Limited announced a partnership with BYD Auto Co., Ltd., in which Castrol On EV transmission fluids will be utilized in BYD&rsquo;s growing range of electric vehicles.
Key Players Operating in the Global Electric Vehicle Fluid Market are:
<ul style="text-align: justify;">
<li>ExxonMobil Corporation</li>
<li>TotalEnergies SE</li>
<li>Shell plc</li>
<li>Fuchs SE</li>
<li>PETRONAS Lubricants International Sdn. Bhd.</li>
<li>Repsol S.A.</li>
<li>Valvoline Inc.</li>
<li>Castrol Limited</li>
<li>Gulf Oil International Limited</li>
<li>ENEOS Group</li>
</ul>
Markets and Data&rsquo;s reports answer the following questions:
<ul style="text-align: justify;">
<li>What is the current and future market size of the product/service in question globally or specific to different countries?</li>
<li>How are the markets divided into different product/service segments and the market size and growth of each segment?</li>
<li>What is the market potential of different product segments and their investment case?</li>
<li>How are the markets predicted to develop in the future and what factors will drive or inhibit growth?</li>
<li>What is the business environment and regulatory landscape specific to the product/service?</li>
</ul>
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Global Electric Vehicle Fluids Market Assessment, Opportunities and Forecast, 2017-2031F

Global electric vehicle fluid market is projected to witness growth due to the growing demand for electric vehicles, strict government regulations concerning carbon emissions, rapid technological advancement in EVs, and increased focus on environmental sustainability. 

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