New York, USA, July 12, 2024 (GLOBE NEWSWIRE) -- Market Overview:
The Electric Vehicle Fluids Market was estimated at USD 1.19 billion in 2023. The market valuation is expected to be USD 12.27 billion by 2032, registering a staggering CAGR of 30.7% during the forecast period of 2024-2032.
What is EV Fluid?
Specialized fluids made especially for use in electric vehicles, such as plug-in battery electric vehicles (BEVs) and hybrid electric vehicles (PHEVs), are referred to as EV fluids. These fluids have a high flash point to lower the chance of an unintentional burst, good dielectric qualities to prevent electrical arcing, low viscosity for effectual heat transfer, and excellent thermal stability. EV fluids bypass premature failure by cooling components and maintaining them within an ideal temperature range, lubricate the working parts of electric motors to extend motor life and minimize wear, and offer further defense against moisture damage and electrical arcs. As a result, these liquids act as a security for electric vehicle (EV) parts such as motors, batteries, and power electronics.
Key Market Stats:
- Electric vehicle fluids market size was valued at USD 1.19 billion in 2023.
- The market is anticipated to grow from USD 1.44 billion in 2024 to USD 12.27 billion by 2032.
- The market is expected to exhibit at a CAGR of 30.7% during the forecast period.
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Major Findings from the Report:
- The market for electric vehicle fluids is expected to increase significantly due to the increasing number of people producing sophisticated electric vehicles and consumers' increasing inclination to switch from traditional oil-filled vehicles to e-mobility.
- The electric vehicle fluids market segmentation is mainly based on the vehicle type, product, fill type, propulsion type, and region.
- In 2023, Europe registered as the largest market share.
Electric Vehicle Fluids Market Drivers and Trends:
- Growing Consumption of EVs: Global demand for electric vehicles is rising significantly due to rising greenhouse gas emissions. Furthermore, the desire for electric vehicles with ever-increasing convenience and efficiency is being driven by the notable acceleration in the development of efficient fluid systems.
- Rising Government Policies: It is expected that government support for the Paris Agreement's cap on greenhouse gas emissions will accelerate the use of e-mobility. The majority of countries are taking action by introducing incentive programs to increase the use of electric vehicles.
- Research and Development Activities: The market is being optimally influenced by the government's and non-governmental organizations' increasing efforts to support research and development activities. These efforts aim to increase the production of efficient electric vehicles to promote economic activities and improve the global electric vehicle fluids market demand.
- Launch of Electric Vehicle Fluids: In the upcoming years, the expanding introduction of new electric car fluids with the goal of lowering maintenance costs and improving vehicle performance is probably going to support market expansion.
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Maket Challenges:
The demand for electric vehicle fluids market growth is anticipated to be constrained by the greater rate of convenience associated with conventional oil-based electric vehicles and the reduced availability of charging points. Furthermore, consumers are deterred from buying electric vehicles by the short battery life, which might present challenges on longer trips.
Industry’s Prominent Players:
- ENEOS Corporation (Japan)
- FUCHS Petrolub AG (Germany)
- ExxonMobil Corporation (US)
- BP plc. (UK)
- Petronas (Malaysia)
- Repsol S.A. (Spain)
- PTT (Thailand)
- Royal Dutch Shell plc (Netherlands)
- Valvoline Inc. (US)
- TotalEnergies SE (France)
Geographical Landscape:
In 2023, the European region accounted for the most electric vehicle fluids market share. This is a result of the growing number of official and non-official campaigns to encourage the adoption of cleaner energy sources in an effort to reduce carbon emissions. The demand for batteries and other solid and liquid materials is rising dramatically as more people drive electric vehicles.
Moreover, due to increasing efforts to support the electric vehicle sector, particularly in China and India, the Asia Pacific region is anticipated to grow at the quickest rate over the forecast period, with a robust compound annual growth rate (CAGR).
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Market Segmentation:
By Product Outlook
- Engine oil
- Coolants
- Transmission fluids
- Greases
By Vehicle Type Outlook:
- On-highway Electric Vehicles
- Off-highway Electric Vehicles
By Propulsion Type Outlook:
- Battery electric vehicles
- Hybrid electric vehicles
By Fill Type Outlook:
- First fill
- Service fill
By Region Outlook:
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia. South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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