Covina, July 10, 2024 (GLOBE NEWSWIRE) -- The study concludes that the global electric vehicle (EV) fluids market size and share is expected to grow at a CAGR of 28.9% between 2024 and 2034. The market revenue of US$ 1.53 Billion in 2024 is expected to grow to US$ 15.4 Billion by 2034.
Electric Vehicle (EV) Fluids Market Report Overview
EV fluids are those developed specifically for use in hybrid and electric vehicles. The fluid requirements of any EV differ from that of a conventional roadmap vehicle with an internal combustion engine because of the existence of components unique to the EV and different operating conditions. This is because, unlike ICE cars, their prime mover consists of a motor and batteries; hence, they work on different fluids. Traditional fluids are not recommended for electric vehicles since viscosity may cause problems, components may be corroded, and this will generally affect the life span and general performance of the vehicle.
Advanced engineering and development of EV fluids were required for these modern powertrains, wherein cooling is provided to the gearbox and drivetrain while preserving the temperature of the battery and power electronics. The fluid acts as a heat transfer medium, and the E-grease lubricates the EV components while reducing the NVH levels of the vehicle.
It has seen the engineering and modification of EV fluids to meet the needs of those high-tech powertrains. With EV fluids, the temperature of the batteries and power electronics is regulated while cooling the engine and transmission. With its fast-growing outlook, the EV fluid market will increase higher demands for EV fluids. These details are thus very essential to be known by every automobile owner to maintain and improve the performance of their automobiles. With routine maintenance and fluid change, energy efficiency can be increased, copper corrosion avoided, and electrical conductivity reduced. In the present times, the development of tailored EV fluids and their volume production is very common. However, the higher upfront cost might act as a growth inhibitor in this market for electric vehicles.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Electric Vehicle (EV) Fluids Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- TotalEnergies
- Exxon Mobil Corporation
- BP p.l.c.
- Shell plc
- FUCHS
- Petroliam Nasional Berhad (PETRONAS)
- Saudi Arabian Oil Co.
- Repsol
- PTT LUBRICANTS
- ENEOS Corporation
- Valvoline Inc.
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Analyst View:
Besides the various components in EVs and different application conditions, EV fluids are needed in both hybrid and electric vehicles. The growing EV and hybrid market is further supported due to factors like high gas prices, stringent pollution laws, and consumer green vehicle demand. Government support and regulatory demand implemented from the top powerfully enhance the demand for specialized EV fluids, more so in the Asia-Pacific region. Other EV applications need some fluids, for instance, transmission fluids, greases, coolants for batteries, and engine oil.
Electric Vehicle (EV) Fluids Market Report Scope
| Report Attributes | Details |
| Market value in 2024 | US$ 1.53 Billion |
| Market value in 2034 | US$ 15.4 Billion by 2034 |
| CAGR | 28.9% from 2024 – 2034 |
| Base year | 2023 |
| Historical data | 2019-2022 |
| Forecast period | 2024-2034 |
Market Dynamics:
Drivers:
Enhanced Sturdiness and Performance
- EV fluids are designed to improve performance and durability in electric vehicles. They enhance thermal management, and protection from component wear, adjust viscosity to optimal levels, allow great material compatibility, electrical properties, and vehicle efficiency and driving range. These fluids show outstanding thermal conductivity and stability, avert overheating, and consequently prolong the life of critical parts. They contain progressive anti-wear additives for wear protection of moving parts, and they have balanced viscosity profiles that prevent corrosion of copper windings in motors and electrical components.
Growing Electric Vehicle Production
- A growing market for EV fluids is the result of growing consumer demand for green automobiles, rising fuel prices, stricter pollution laws, and increasing electric vehicle production. Growing EV capacity in the Asia-Pacific region, in particular, is stimulating demand for specialist EV fluids. The formalization of regulatory requirements such as California and EU rules presents an opportunity for compliance. The increasing demand is also being met by critical players through collaboration.
Market Trends:
Support and Incentives from the Government
- The electric vehicle fluid market is growing with the strict pollution laws being brought by global governments, financial incentives, development in the charging infrastructure, financing for research and development, regulatory requirements, and certifications. Such regulations aim to increase the use of completely electric and hybrid cars to ensure more demand for EV fluids and thereby increase EV sales. Public EV charging infrastructure similar to that in the US, China, and Europe is coming up to support EVs and help diminish range anxiety. Certification procedures for EV fluids and specific standards are being formalized or put in place incrementally by governments, which is helpful to the clientele of early adopters.
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Segmentation:
Electric Vehicle (EV) Fluids Market is segmented based on Product Type, Fill Type, Propulsion Type, Vehicle Type, and Region.
Product Type Insights
- Other EV applications require specific fluids, such as greases, engine oil, battery coolants, and transmission fluids. The transmission fluids lubricate the system in order to prevent frictional wear and smoothen the flow of power between the motor and the wheels. Reduction gears have a small content of engine oil in them. Conversely, battery coolants extend both the life span and performance of batteries. In EVs, grease is used for the coating of wheel bearings, suspension elements, and electric motors against wear and friction. It may be necessary to use EV-specific greases for very high loads and lengthy service intervals.
Fill Type Insights
- The first fill segment is projected to dominate, driven by an increasing number of electric vehicle manufacturers. First-fill fluids meet a wide array of performance requirements in service for battery-electric vehicles. The service fill segment provides diverse ways of fluid management, from periodic, to EV repair activities, in accordance with the budget and needs of the end-user.
Propulsion Type Insights
- The BEV market will also grow in view of the zero pollutants at the tailpipe, and they are comparatively easy on the pocket to run as against plug-in hybrid electric vehicles. Rapid growth in the HEV market will be ensured with lubricants that meet the same performance standards as passenger cars. PHEVs, or plug-in hybrid electric vehicles, also hold a definite share of the industry. Coolants and lubricants present an important part of the same. In the future also, both BEVs and HEVS are expected to rise.
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Vehicle Type Insights
- With motor speeds reaching as high as 15,000 revolutions per minute in electrical autos, and considering their power flow goes through notable fluctuations, the passenger automotive market is expected to increase significantly. There are two different kinds of fluids required for these vehicles. One of them is required for the electric motor, which contributes to its cooling, another kind is needed in the gearbox in the gear reducer. Commercial vehicle industries are driving low- and zero-emission technologies, hence accelerating decarbonization processes. The electrification of CVs will spur on technological development and yield a new, additional market for lubricants specially formulated to meet the lubrication requirements for commercial vehicles.
Recent Development:
- In May 2024, ‘Lubricants market to grow well … EVs both an opportunity and challenge’: CEO of Gulf Oil India. Ravi Chawla, Managing Director and Chief Executive Officer of Gulf Oil India, talked about navigating the EV threat, the Gulf’s acquisitions in the EV space, and the role of lubricants in improving fuel economy.
- In February 2024, Supercomputers demonstrate Shell E-Fluids to be best-in-class coolants for EV batteries. Shell Computational Science team played a critical role in demonstrating the improved performance of Shell E-Fluids, a coolant liquid for batteries used for electric vehicles (EVs).
Regional Insights
- North America: The fluid EV market in North America is already established on the back of high rates of EV adoption in the US and Canada. This region has the plus of being home to many major EV manufacturers, very stringent environmental rules, and good research organizations. Government incentives for EV adoption and developing infrastructure for the same in terms of charging stations are also helpful to the business.
- Asia Pacific: With increasing demand from countries such as China and India, Asia Pacific is expected to lead the global electric vehicle fluid market in the coming period. This region is projected to witness substantial growth owing to an emerging need for electric vehicles and the inclination of the government towards encouraging electric vehicle production for a reduction in carbon emissions.
Browse Detail Report on "Electric Vehicle (EV) Fluids Market Size, Share, By Product Type (Transmission Fluids, Engine Oil, Coolants, and Greases), By Fill Type (First Fill, and Service Fill), By Propulsion Type (Battery Electric Vehicle (BEV), Hybrid Electric Vehicle (HEV), and Plug-in Hybrid Electric Vehicle (PHEV)), By Vehicle Type (Passenger Vehicle, and Commercial Vehicle), and By Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) - Trends, Analysis and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/electric-vehicle-ev-fluids-market-5414
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