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Electric Vehicle Fluids Market Analysis | 2024-2032
Electric Vehicle Fluids Market Size, Share, Trends, Dynamics, Forecast, & Growth Analysis: 2024-2032
The electric vehicle fluids market was estimated at USD 1.2 billion in 2023 and is likely to grow at a CAGR of 18.7% during 2024-2032 to reach USD 9.1 billion in 2032.
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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.
Thermal management complexities in high-voltage battery systems demand specialized dielectric fluids capable of efficient heat transfer while maintaining electrical isolation.
EV manufacturers' pursuit of extended range creates demand for lower-viscosity transmission fluids that reduce energy losses and maximize efficiency.
Unique requirements of electric motors necessitate specialized coolants that provide optimal heat dissipation while protecting against copper corrosion.
Direct-cooled battery system adoption creates a substantial new market for immersion cooling fluids with precisely engineered electrical properties.
Increasing fast-charging capabilities drives the development of advanced thermal management fluids capable of handling extreme heat loads during rapid charging cycles.
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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. |
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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. |
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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. |
“Coolants segment accounted for the largest market share.”
The electric vehicle fluids market is segmented into engine oil, coolants, transmission fluids, and greases. Coolants are expected to remain the dominant product type in the market during the forecast period. 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.
“On-highway electric vehicles segment accounted for the largest market share.”
The market is segmented into battery electric vehicles and hybrid electric vehicles. On-highway electric vehicles are expected to remain the dominant vehicle type in the market during the forecast period. 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.
“Hybrid Electric segment accounted for the largest market share.”
The market is segmented into on-highway electric vehicles and off-highway electric vehicles. Hybrid Electric is expected to remain the dominant propulsion in the market during the forecast period. 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.
“First Fill segment accounted for the largest market share.”
The market is segmented into first fill and service fill. First Fill is expected to remain the dominant fill type in the market during the forecast period. 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.
“Europe is expected to remain the largest market for electric vehicle fluids.”
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.
Here is the list of the Top Players (Based on Dominance)
Royal Dutch Shell plc
ExxonMobil Corporation
BP plc.
FUCHS Petrolub AG
ENEOS Corporation
Repsol S.A.
Valvoline Inc.
PT
Note: The above list does not necessarily include all the top players in the market.
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In 2025, Castrol launched its latest high-performance EV transmission fluids, Castrol ON EV Transmission Fluids W2 and W5, designed for EVs equipped with wet e-motors. These fluids aim to enhance the performance and efficiency of electric drivetrains.
In 2024, Luberef developed a new line of EV-specific fluids, including advanced cooling and transmission fluids, to address the unique thermal, electrical, and mechanical demands of EV systems.
In 2024, Texaco Lubricants, under the Chevron brand, expanded its product portfolio with a new line of electric fluids (e-fluids) designed for the rapidly growing EV market.
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.
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. The following are the key features of the report:
This report studies the market, covering a period of 12 years of trends and forecasts. The report provides detailed insights into the market dynamics to enable informed business decision-making and growth strategy formulation based on the opportunities present in the market.
The 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)
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.
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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.
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