Fort Collins, Colorado, Oct. 23, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the Electric Vehicle Fluids Market size was valued at USD 1.4 Billion in 2022 and is expected to reach a market size of USD 16.2 Billion by 2032 at a CAGR of 27.5%.
The growing adoption of electric vehicles is a primary factor driving the electric vehicle fluids market growth. Governments worldwide are implementing stringent regulations to curb emissions, offering incentives to promote electric vehicle adoption. This has led to a substantial increase in the number of electric vehicles, resulting in a higher demand for fluids tailored to the unique requirements of EVs. The battery system forms the core of electric vehicles. As battery technologies evolve, the demand for specialized cooling and thermal management fluids has grown significantly. Electric vehicle fluids play a vital role in maintaining the optimal operating temperature of batteries, ensuring their longevity and efficiency. Advancements in battery technology have led to increased requirements for innovative cooling solutions, fueling the demand for electric vehicle fluids.
Electric vehicles are designed to be highly efficient, and every component is crucial to achieve optimal efficiency. Electric vehicle fluids, such as lubricants and coolants, are formulated to reduce friction, improve heat dissipation, and enhance overall performance. As consumers seek electric vehicles with better mileage and longevity, the demand for high-performance electric vehicle fluids continues to rise. Stringent environmental regulations have encouraged electric vehicle manufacturers to focus on sustainability. Electric vehicle fluids, including biodegradable and environment-friendly options, are becoming increasingly important. These fluids reduce the environmental footprint of electric vehicles and align with the industry's commitment to sustainability, thus driving market growth.
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Segmentation Overview:
The global electric vehicle fluids market has been segmented into propulsion, vehicle, product, distribution channel, and region. Plug-in Hybrid Electric Vehicles, or PHEVs, are likely to achieve a high share in the following years. PHEVs offer the flexibility of running on electricity or gasoline, appealing to consumers who desire electric and conventional driving capabilities. North America is a significant hub for electric vehicles, with the United States and Canada leading the way. Initiatives towards reducing greenhouse gas emissions, coupled with supportive government policies and incentives, have led to robust growth in electric vehicle adoption.
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Electric Vehicle Fluids Market Report Highlights:
- The global electric fluids market growth is anticipated at a CAGR of 27.5% by 2032.
- The electric vehicle (EV) industry has witnessed remarkable growth in recent years, driven by the increasing awareness of environmental sustainability and the need to reduce greenhouse gas emissions.
- Grease products dominate the electric vehicle fluids market owing to the need for wear and tear of the vehicle.
- Based on propulsion type, the electric vehicle fluids market is dominated by plug-in hybrid EV.
- Some prominent players in the electric fluids market report include Royal Dutch Shell plc, ExxonMobil Corporation, Total Energies SE, BP, Petronas, ENEOS Corporation, Repsol S.A, Valvoline Inc., Castrol, Gulf Oil Lubricants India Limited, Valmet among others.
Industry Trends and Insights:
- In August 2023, Petro-Canada launched a new line of lubricant products in the EV fluids segment. These lubricants will support OEMs by designing enhanced solutions to the challenges faced by EVs. Petro-Canada's new lubricant brands are EVR Driveline, EVR Thermal Management, and EVR Motor Greases.
- In March 2023, a team at the Southwest Research Institute developed mechanical testing equipment to test friction and wear associated with electric vehicle fluids.
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Electric Vehicle Fluids Market Segmentation:
- By Propulsion: Plug-in hybrid, battery EV
- By Vehicle: Passenger, commercial.
- By Product: Heat transfer fluid, grease, transmission fluid, brake fluid.
- By Distribution Channel: OEM, aftermarket.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
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DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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