What Has Been The Evolution of the Electric Vehicle Fluids Market in Recent Years?
The electric vehicle fluids market has seen considerable growth due to a variety of factors.
• The market size of electric vehicle fluids has notably expanded in the last few years. The market, which is projected to be worth $2.19 billion in 2024, is expected to surge to $2.81 billion in 2025, exhibiting a solid compound annual growth rate (CAGR) of 28.3%.
Factors contributing to this significant growth during the historic period include increasing adoption and sales of electric vehicles (ev), government incentives and regulations, environmental consciousness and the aim to reduce emissions, consumer desire for hassle-free charging, and the substantial investment by the automotive industry in evs.
What Is the Forecasted Market Size and Growth Rate for The Electric Vehicle Fluids Market?
The electric vehicle fluids market is expected to maintain its strong growth trajectory in upcoming years.
• Predictions indicate that the electric vehicle fluids market will experience a significant upsurge in the coming years, swelling to a market value of $8.07 billion by 2029 with a compound annual growth rate (CAGR) of 30.2%.
The projected growth during the forecast period is influenced by factors such as the proliferation of EV charging networks, standardization of charging interfaces, global market expansion, worldwide EV adoption, and the increase in both public and private charging stations. Key trends during this period include the production of specialized EV fluids, eco-friendly and biodegradable recipes, industry cooperation with OEMs, thermal management, as well as fluid surveillance and upkeep.
Which Factors Are Boosting Growth In The Electric Vehicle Fluids Market?
The electric vehicle fluids market is anticipated to flourish as a result of the rising demand for electric vehicles. Electric vehicles (EVs), which run completely or partially on electricity and store the energy required for their motor function in a battery pack, require fluids crucial for enhancing fuel efficiency and minimizing their carbon footprints. The swelling production and sales of these EVs stoke the need for electric vehicle fluids. For instance, predictions by Bloomberg New Energy Finance (BNEF) indicate an expected rise in global passenger EV sales up to 10% by 2025, escalating to 28% by 2030 and 58% by 2040. Consequently, the amplified requirement for electric vehicles is set to bolster the progression of the electric vehicle fluids market.
What Key Areas Define The Segmentation Of The Global Electric Vehicle Fluids Market?
The electric vehicle fluids market covered in this report is segmented –
1) By Product Type: Engine oil, Coolants, Transmission fluids, Greases
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By EV Type: BEV, PHEV, HEV
4) By Application: Driveline, Battery Coolant, Grease
Subsegments:
1) By Engine Oil: Fully Synthetic Engine Oil, Semi-Synthetic Engine Oil, Mineral Engine Oil, Low-Viscosity Engine Oil
2) By Coolants: Ethylene Glycol-based Coolants, Propylene Glycol-based Coolants, Organic Acid Technology (OAT) Coolants, Hybrid Organic Acid Technology (HOAT) Coolants
3) By Transmission Fluids: Automatic Transmission Fluids (ATF), Manual Transmission Fluids, Continuously Variable Transmission (CVT) Fluids
4) By Greases: Lithium-based Greases, Calcium-based Greases, Synthetic Greases, Biodegradable Greases
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How Are Emerging Trends Reshaping The Dynamics Of The Electric Vehicle Fluids Market?
Prominent players in the electric vehicle fluids industry are increasingly concentrating on the creation of innovative solutions like performance fluids to enhance the durability and efficacy of electric vehicle components. The term 'performance fluids' encompasses specialized lubricants, coolants, and other fluids created to optimize the efficiency, robustness, and general performance of electrical and mechanical systems in automobiles, including Electric Vehicles (EVs). For example, in January 2023, renowned US-based automotive services retailer Valvoline Inc. introduced its EV Performance Fluids, a distinctive product array devised for electric vehicles (EVs). The latest collection consists of heat transfer fluids for superior battery temperature control, drive system fluids suitable for multi-speed gearboxes, cutting-edge brake fluids featuring high boiling points, and grease tailored for EV motors and seal bearings. Each product caters to the unique issues experienced by EVs, such as temperature control, drivetrain efficacy, and rust prevention.
Who Are the Key Players in the Electric Vehicle Fluids Market?
Major companies operating in the electric vehicle fluids market include:
• Castrol Limited
• ExxonMobil Corporation
• Fuchs Petrolub SE
• The Lubrizol Corporation
• Petronas Nasional Bhd
• Royal Dutch Shell plc
• Gulf Oil
• BP plc
• ENEOS Corporation
• PTT Public Company Limited
• Repsol S.A
• TotalEnergies SE
• Valvoline Inc
• Petro-Canada Lubricants Inc.
• Phillips 66 Company
• Quaker Chemical Corporation
• Sinopec Lubricant Company Limited
• SK Lubricants Co. Ltd.
• Total Lubrifiants SA
• Amalie Oil Company
• AMSOIL INC.
• Bardahl Manufacturing Corporation
• CHS INC.
• Chemtool Incorporated
• Eni S.p.A.
• Houghton International Inc.
• JXTG Nippon Oil & Energy Corporation
• Lubrication Engineers Inc.
What Is The Most Dominant Region In The Electric Vehicle Fluids Market?
Europe was the largest region in the electric vehicle fluids market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electric vehicle fluids market during the forecast period. The regions covered in the electric vehicle fluids market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
