The latest report by IMARC Group, titled “Electric Vehicle Fluids Market by Product Type (Engine Oil, Coolants, Transmission Fluids, Greases, and Others), Vehicle Type (Passenger Vehicle, Commercial Vehicle, and Others), EV Type (BEV, PHEV), Distribution Channel (OEMs, Aftermarket), and Region 2024-2032“, offers a comprehensive analysis of the industry, which comprises insights on the global electric vehicle fluids market share. The global market size reached US$ 1.8 Billion in 2023. Looking forward, IMARC Group expects the market to reach US$ 13.9 Billion by 2032, exhibiting a growth rate (CAGR) of 24.8% during 2024-2032.

Factors Affecting the Growth of the Electric Vehicle Fluids Industry:

  • Market Expansion and EV Adoption:

The growth of the electric vehicle fluids industry is closely linked to the expanding market for electric vehicles and the increasing adoption of electrified transportation solutions worldwide. As consumer awareness of environmental issues grows and EV technology matures, demand for electric vehicles continues to rise, driving the need for compatible fluids to support their operation. The transition to electric mobility across various vehicle segments, including passenger cars, commercial vehicles, and public transportation, creates a vast market opportunity for electric vehicle fluids. Manufacturers are expanding their product portfolios and distribution networks to cater to the growing demand for electric vehicle fluids globally.

  • Environmental Regulations and Sustainability Initiatives:

Environmental regulations and sustainability initiatives are key drivers shaping the growth of the electric vehicle fluids industry. With increasing concerns over carbon emissions and environmental impact, governments worldwide are implementing stringent regulations to promote the adoption of electric vehicles and reduce reliance on fossil fuels. Electric vehicle fluids play a crucial role in supporting sustainable transportation by minimizing energy consumption, reducing greenhouse gas emissions, and enhancing overall vehicle efficiency. Manufacturers are developing eco-friendly fluids with biodegradable and non-toxic formulations to comply with environmental standards and meet consumer demand for environmentally conscious products.

  • Technological Advancements:

The growth of the electric vehicle (EV) fluids industry is driven by continuous technological advancements and innovation in fluid formulations and formulations. Manufacturers are developing specialized fluids tailored to the unique requirements of electric vehicles, including cooling fluids for batteries, electric motors, and power electronics, as well as lubricants for drivetrains and gearboxes. These advancements aim to optimize the performance, efficiency, and longevity of EV components while ensuring compatibility with emerging electric vehicle architectures and powertrain configurations. Furthermore, ongoing research and development efforts focus on enhancing fluid properties such as thermal conductivity, viscosity, and chemical stability to meet the evolving needs of electric vehicle manufacturers and support the widespread adoption of electric mobility.

Competitive Landscape with Key Player:

  • BP p.l.c.
  • ENEOS Corporation (ENEOS Holdings Inc.)
  • Exxon Mobil Corporation
  • Fuchs Petrolub SE
  • Gulf Oil International Ltd
  • Hindustan Petroleum Corporation Limited (Oil and Natural Gas Corporation)
  • Idemitsu Kosan Co. Ltd.
  • Petroliam Nasional Berhad (PETRONAS)
  • Repsol S.A.
  • Shell plc
  • TotalEnergies SE
  • Valvoline Inc.

For an in-depth analysis, you can refer sample copy of the report: https://www.imarcgroup.com/electric-vehicle-fluids-market/requestsample

Report Segmentation:

The report has segmented the market into the following categories:

By Product Type:

  • Engine Oil
  • Coolants
  • Transmission Fluids
  • Greases
  • Others

Coolants dominate the market due to their critical role in maintaining optimal operating temperatures for electric vehicle components, particularly batteries and electric motors, ensuring efficient performance and longevity.

By Vehicle Type:

  • Passenger Vehicle 
  • Commercial Vehicle
  • Others

Passenger vehicles account for the largest market share as they constitute the largest portion of the electric vehicle market, including a wide range of electric sedans, hatchbacks, and SUVs catering to consumer preferences for eco-friendly personal transportation.

By EV Type:

  • BEV
  • PHEV

BEV represents the largest segment as it exclusively relies on electric propulsion systems, requiring specialized fluids for cooling batteries and managing electric motor temperatures, driving the demand for electric vehicle fluids tailored to BEV requirements.

By Distribution Channel:

  • OEMs
  • Aftermarket

OEMs hold the largest share as they are the primary suppliers of electric vehicles and associated components, including fluids, providing direct access to consumers through dealership networks and manufacturing partnerships.

Market Breakup by Region:

  • North America (United States, Canada)
  • Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
  • Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
  • Latin America (Brazil, Mexico, Others)
  • Middle East and Africa

North America's dominance in the electric vehicle fluids market is attributed to factors such as supportive government incentives, robust charging infrastructure, and consumer demand for electric vehicles, driving the adoption of electric vehicle fluids in the region's growing electric vehicle market.

Global Electric Vehicle Fluids Market Trends:

The global electric vehicle fluids market is experiencing notable trends reflecting the rapid evolution of electric mobility. One significant trend is the increasing demand for specialized fluids tailored to the unique requirements of electric vehicles. Manufacturers are developing advanced cooling fluids for batteries and electric motors, as well as high-performance lubricants for drivetrains and gearboxes, to optimize EV performance and efficiency. Additionally, there is a growing focus on eco-friendly and sustainable fluid formulations, aligning with environmental consciousness and regulatory mandates. Furthermore, the expanding market for electric vehicles across diverse vehicle segments underscores the significant growth potential for electric vehicle fluids worldwide.

Note: If you need specific information that is not currently within the scope of the report, we will provide it to you as a part of the customization.

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