Electric Vehicle Fluids Market To Reach $4,028.7 Million By 2030

Electric Vehicle Fluids Market Growth & Trends

The global electric vehicle fluids market size is anticipated to reach USD 4,028.7 million by 2030, registering a CAGR of 28.6% from 2024 to 2030, according to a new report by Grand View Research, Inc. The growth is majorly attributed to the increasing adoption of EVs worldwide. As more consumers shift toward EVs due to environmental concerns, government incentives, and advancements in EV technology, the demand for specialized fluids to maintain and optimize EVs’ performance grows proportionally. Ongoing R&D efforts are leading to technological advancements in EV fluid formulations. Manufacturers are continually innovating to develop fluids with superior properties, such as higher thermal conductivity, improved lubrication, and enhanced compatibility with EV components.

The expansion of charging infrastructure for EVs is also contributing to industry growth. With a more extensive network of charging stations, the adoption of EVs is likely to accelerate, leading to increased demand for EV fluids for maintenance and servicing purposes. The global product market displays a moderate level of fragmentation, characterized by the presence of numerous small- and large-scale players. This competitive landscape encourages firms to adopt various strategies, such as product differentiation, mergers, acquisitions, and R&D to gain a competitive edge. For example, in August 2022, Shell Lubricants launched heat transfer fluids specifically designed for the unique climates and geographies of India, tailored for use in EV motors.

Asia Pacific was the dominant regional market in 2023 and accounted for a revenue share of 45.30%, which is attributed to the increased product demand from countries like China and India. China's EV market is experiencing rapid growth, as reported by the China Association of Automobile Manufacturers. In December 2022, the production of New Energy Vehicles in China increased by 96.9% compared to the previous year. Furthermore, in 2023, the country saw EV sales reach 8.0 million units, marking a significant 33% increase over the previous year's sales, according to the International Energy Agency. Consequently, the growing electric vehicle market is anticipated to drive up the demand for EV fluids in China.

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Electric Vehicle Fluids Market Report Highlights

• The engine oil segment dominated the market with the highest revenue share of 55.0% in 2023 owing to the increasing number of vehicles on the road

• Engine oil is classified under two main headers, which include viscosity-based (Society of Automotive Engineers) classification and performance-based (European Automobile Manufacturers' Association and American Petroleum Institute) classification

• Coolant fluids play a crucial role in regulating the temperature of electric drivetrains and battery systems, which are prone to heat generation during operation

• The Hybrid Electric Vehicles (HEVs)/Plug-in Hybrid Electric Vehicles (PHEVs) segment dominated the market with the highest revenue share of 74.6% in 2023

• The growth of this segment can be attributed to the rising use of vehicle fluids in HEVs and PHEVs as compared to battery EVs

Electric Vehicle Fluids Market Segmentation

Grand View Research has segmented the global electric vehicle fluids market on the basis of product, propulsion type, vehicle type, and region:

EV Fluids Product Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Engine Oil

• Coolant

• Transmission Fluids

• Greases

EV Fluids Propulsion Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Battery Electric Vehicle (BEV’s)

• Hybrid Electric Vehicle (HEV’s)/ Plug-in Hybrid Electric Vehicle (PHEV’s)

EV Fluids Vehicle Type Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• Commercial

• Passenger

EV Fluids Regional Outlook (Volume, Kilotons; Revenue, USD Million, 2018 - 2030)

• North America

  • U.S.

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

  • South Korea

• Central & South America

  • Brazil

  • Argentina

• Middle East & Africa

  • South Africa

  • Saudi Arabia

List of Key Players in Electric Vehicle Fluids Market

• Exxon Mobil Corporation

• BP Plc

• Shell Plc

• FUCHS

• TotalEnergies

• Petroliam Nasional Berhad (PETRONAS)

• Saudi Arabian Oil Co.

• Repsol

• ENEOS Corp.

• Gulf Oil International Ltd.