• Blog
  • Electric Vehicle Fluids Market Report

    Electric Vehicle Fluids Market Report

    Electric Vehicle Fluids Market Report
    Report code - SR2858 Delivery - 2 Weeks
    Electric Vehicle Fluids Market Size, Share, Trend, Forecast, Competitive Analysis, and Gro See more...

    Market Insights

    “The global electric vehicle fluids market size/value were US$ 1.2 billion in 2023 and are likely to grow at a robust CAGR of 18.7% in the long run to reach US$ 9.1 billion in 2032.”

    Would you like to get a free sample? Register Now

    Introduction

    Electric vehicle fluids refer to the various types of fluids used in electric vehicles (EVs) to ensure their proper functioning. Unlike traditional internal combustion engine vehicles, which rely heavily on fluids such as gasoline, oil, and coolant, EVs have a different set of fluid requirements. One crucial fluid in an electric vehicle is the coolant used to regulate the temperature of the battery pack and electric motor. Maintaining optimal temperature is vital for battery health and overall vehicle performance. Additionally, some electric vehicles may require other cooling fluids for components such as power electronics. Another essential fluid is brake fluid, which is necessary for the proper functioning of the braking system. Although EVs often feature regenerative braking, which helps recharge the battery while slowing down the vehicle, they still require hydraulic braking systems and thus need brake fluid.

    Drivers

    Drivers for electric vehicle fluids encompass the factors that influence the selection, development, and utilization of fluids specifically tailored for electric vehicles (EVs). As the automotive industry transitions towards electrification, these drivers play a pivotal role in optimizing the performance, efficiency, and sustainability of EVs. One primary driver is the unique thermal management requirements of electric vehicle components, particularly the battery pack and electric motor. Effective cooling is essential to maintain optimal operating temperatures and extend the lifespan of these components. Consequently, fluids with superior thermal conductivity and heat dissipation properties are sought to enhance the efficiency and reliability of EVs. Another key driver is the pursuit of environmental sustainability and reduced carbon emissions. Manufacturers prioritize the development of fluids that are eco-friendly, biodegradable, and non-toxic, aligning with the overall environmental benefits associated with electric mobility. By minimizing the environmental impact of fluid usage, EVs can further contribute to mitigating climate change and promoting a cleaner transportation ecosystem.

    Recent Product Development:

    • In November 2022, TotalEnergies Marketing India Private Limited (TEMIPL) introduced the inaugural EV Fluid series designed for electric and hybrid vehicles as well as electric bikes in India.
    • In August 2022, Shell Lubricants unveiled a line of heat transfer fluids tailored for EV motors in India, catering to specific climatic and geographical demands.

    Segments' Analysis

    Segmentations

    List of Sub-Segments

    Segments with High Growth Opportunity

    Product-Type Analysis

    Engine Oil, Coolants, Transmission Fluids, and Greases

    Coolants are expected to be the demand generator in the coming years.

    Vehicle-Type Analysis

    On-highway Electric Vehicles and Off-highway Electric Vehicles

    On-highway electric vehicles is anticipated to contribute the larger share of the Electric Vehicle Fluids.

    Propulsion-Type Analysis

    Battery electric vehicles and Hybrid electric vehicles

    Hybrid electric vehicles dominate the propulsion in the market.

    Fill-Type Analysis

    First fill and Service fill

    The First fill segment is anticipated to capture the larger segment in the market.

    Region Analysis

    North America, Europe, Asia-Pacific, and Rest of the World

    Europe is expected to maintain its reign over the forecast period, whereas Asia-Pacific is likely to grow at the fastest rate.

     

    Product Trends

    Coolants are expected to remain the dominant product type in the market during the forecast period.

    • The electric vehicle fluids market is segmented into engine oil, coolants, transmission fluids, and greases.
    • Electric vehicles heavily rely on batteries for power, and effective thermal management is crucial for their performance and longevity. Coolants play a vital role in maintaining optimal battery temperatures, ensuring efficient operation, and prolonging battery life.
    • Electric motors also generate heat during operation, and proper cooling is essential to prevent overheating and maintain performance. Coolants are utilized to dissipate heat from electric motors, thereby preserving their efficiency and reliability.
    • Increasing regulations regarding emissions and vehicle efficiency drive the adoption of electric vehicles. Coolants aid in meeting these regulatory standards by facilitating the efficient operation of electric vehicle components, contributing to overall vehicle performance and compliance.

    Vehicle Trends

    “On-highway electric vehicles are expected to remain the dominant vehicle type in the market during the forecast period.

    • The market is segmented into battery electric vehicles and hybrid electric vehicles.
    • On-highway electric vehicles, mainly electric passenger cars, are rapidly gaining popularity globally due to factors like government incentives, environmental awareness, and technological advancements. As the electric car market expands, the demand for electric vehicle fluids such as coolant, lubricants, and brake fluids will rise, solidifying the dominance of on-highway electric vehicles in the electric vehicle fluids market.
    • Infrastructure development is key for electric vehicle adoption. Heavy investments in charging infrastructure by governments and private sectors, especially in urban and highway areas, encourage consumers to choose electric vehicles. This boosts demand for electric vehicle fluids to support maintenance and operation.

    Propulsion Trends

    Hybrid Electric is expected to remain the dominant propulsion in the market during the forecast period.

    • The market is segmented into on-highway electric vehicles and off-highway electric vehicles.
    • Hybrid electric vehicles (HEVs) serve as a transitional technology between traditional internal combustion engine vehicles and fully electric vehicles. During this transitional period, HEVs are expected to remain prevalent as consumers and manufacturers gradually shift towards full electrification. Consequently, fluids tailored for HEVs, such as coolant for internal combustion engines and electric components, will continue to be in demand.
    • HEVs offer versatility by combining both internal combustion engines and electric propulsion systems. This versatility appeals to consumers who may have concerns about range anxiety or limited charging infrastructure associated with fully electric vehicles. Fluids designed for HEVs must cater to the unique requirements of both combustion engines and electric components, making them essential in this market segment.

    Fill Trends

    First Fill is expected to remain the dominant fill type in the market during the forecast period.

    • The market is segmented into first fill and service fill.
    • Automotive manufacturers often fill electric vehicles (EVs) with specific fluids during production to meet their performance and warranty requirements. First fill fluids are carefully chosen to ensure optimal performance, compatibility, and longevity of EV components. As long as manufacturers continue to prioritize first fill fluids, they are expected to remain dominant in the EV fluids market.
    • Consumers typically trust the fluids recommended by the vehicle manufacturer. First fill fluids are perceived as reliable and are associated with the original equipment manufacturer (OEM) specifications. This trust in OEM-recommended fluids drives demand for first fill products, as consumers prioritize maintaining their vehicle's performance and warranty coverage.
    • Electric vehicle systems are complex and require specialized fluids to ensure proper functioning. First fill fluids are specifically formulated to meet the unique demands of EV components, such as battery cooling, electric motor lubrication, and brake system requirements. As EV technology continues to evolve, the demand for first fill fluids tailored to these systems is expected to remain high.

    Regional Insights

    Europe is expected to remain the largest market for electric vehicle fluids during the forecast period.

    • In terms of region, Europe is expected to remain the largest market for electric vehicle fluids during the forecast period.
    • Europe has been at the forefront of implementing stringent emissions regulations and promoting electric vehicle adoption through various incentives and subsidies. These policies drive the demand for electric vehicles, consequently increasing the demand for associated fluids. Government support creates a conducive environment for the growth of the electric vehicle fluids market in Europe.
    • Europe has been investing significantly in electric vehicle charging infrastructure, addressing one of the key concerns for EV adoption. The availability of charging stations across the region encourages consumers to consider electric vehicles, thereby bolstering the market for electric vehicle fluids. With a robust charging infrastructure in place, the demand for electric vehicles and their associated fluids is expected to remain high in Europe.
    • European consumers and policymakers prioritize environmental sustainability, driving the adoption of electric vehicles as a cleaner alternative to traditional internal combustion engine vehicles. Electric vehicle fluids play a crucial role in maintaining the environmental benefits of EVs by ensuring their efficient and sustainable operation. This heightened environmental awareness further supports the dominance of Europe in the electric vehicle fluids market.
     
    Would you like to get a free sample? Register Now

    Key Players

    The following are the key players in the electric vehicle fluids market:

    Here is the list of the Top Players (Based on Dominance)

    • Royal Dutch Shell plc
    • ExxonMobil Corporation
    • BP plc.
    • TotalEnergies SE
    • FUCHS Petrolub AG
    • Petronas
    • ENEOS Corporation
    • Repsol S.A.
    • Valvoline Inc.
    • PT

    Note: The above list does not necessarily include all the top players in the market.

    Are you the leading player in this market? We would love to include your name. Write to us at sales@stratviewresearch.com

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market.

    What deliverables will you get in this report?

    Key questions this report answers

    Relevant contents in the report

    How big is the sales opportunity?

    In-depth analysis of the Electric Vehicle Fluids Market

    How lucrative is the future?

    Market forecast and trend data and emerging trends

    Which regions offer the best sales opportunities?

    Global, regional and country level historical data and forecasts

    Which are the most attractive market segments?

    Market segment analysis and forecast

    Which are the top players and their market positioning?

    Competitive landscape analysis, Market share analysis

    How complex is the business environment?

    Porter’s five forces analysis, PEST analysis, Life cycle analysis

    What are the factors affecting the market?

    Drivers & challenges

    Will I get the information on my specific requirement?

    10% free customization

    The global electric vehicle fluids market is segmented into the following categories:

    By Product Type

    • Engine Oil
    • Coolants
    • Transmission Fluids
    • Greases

    By Vehicle Type

    • On-highway Electric Vehicles
    • Off-highway Electric Vehicles

    By Propulsion Type

    • Battery Electric Vehicles
    • Hybrid Electric Vehicles

    By Fill Type

    • First Fill
    • Service Fill

    By Region

    • North America (Country Analysis: The USA, Canada, and Mexico)
    • Europe (Country Analysis: Germany, France, The UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Japan, China, India, and Rest of Asia-Pacific)
    • Rest of the World (Country Analysis: Brazil, Saudi Arabia, and Others)

    Research Methodology

    This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s electric vehicle fluids market realities and future market possibilities for the forecast period. The report segments and analyzes the market in the most detailed manner in order to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.

    This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data. We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

    Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

    Company Profiling

    • Detailed profiling of additional market players (up to three players)
    • SWOT analysis of key players (up to three players)

    Competitive Benchmarking

    • Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to sales@stratviewresearch.com

    Frequently Asked Questions (FAQs)

    Electric vehicle fluids refer to specialized liquids utilized in electric vehicles to regulate temperature, ensure proper functioning of components like batteries and motors, and maintain overall vehicle performance and efficiency. These fluids include coolants for thermal management, lubricants for electric motors, and other essential fluids tailored to the unique needs of electric propulsion systems.

    The electric vehicle fluids market is estimated to reach US$ 9.1 billion in 2032.

    The electric vehicle fluids market is estimated to grow at a CAGR of 18.7% by 2032, driven by thermal management, performance, sustainability, regulatory compliance, and market demand.

    Drivers of electric vehicle fluids include the necessity for thermal management to maintain battery and motor performance, compliance with environmental regulations for eco-friendly formulations, and market demand stemming from the increasing adoption of electric vehicles, prompting innovation and development in fluid technology.

    Europe is anticipated to maintain dominance in the electric vehicle fluids market due to stringent environmental regulations encouraging EV adoption, robust infrastructure supporting electric mobility, and substantial government incentives promoting sustainable transportation initiatives.

    Royal Dutch Shell plc, ExxonMobil Corporation, BP plc., TotalEnergies SE, and FUCHS Petrolub AG are the leading players in the electric vehicle fluids market.

    Asia-Pacific is poised to sustain its position as the fastest-growing region in the electric vehicle fluids market owing to rapid urbanization, escalating pollution concerns driving EV adoption, and substantial investments in electric vehicle manufacturing and infrastructure by key economies like China, Japan, and South Korea.

    Coolants are vital for battery and motor thermal management. Increased EV adoption demands efficient cooling. Regulatory standards necessitate effective thermal control. Technological advancements enhance coolant performance and efficiency. The growing market for electric vehicles sustains demand.

    •   

      Why are We Class Apart?

      Advanced Materials Offer Next Growth Wave

      We Specialize in Composites & other Materials Market Research

      >60% of the First Buyers Come Back to Us

      >95% Client Satisfaction Ratio, the Industry's Highest

      Clients Across the Value Chain

      Track the Latest Trends in Advanced Materials

      Know High Growth Opportunities