electric vehicles (EVs) Fluids Market basis of Product Type (Engine oil, Coolants, Transmission fluids, Greases), By Application (Electric Vehicles, Hybrid Vehicles), By End Use (Thermal, Transmission, EV Greases) and Region (North America, Europe, Asia Pacific, Middle East and Africa, and South America) Global Forecast 2022 to 2030.

The EV Fluids market is expected to grow at a CAGR of 31.2% to reach USD 8,644 million in 2030.

The automotive industry, currently, is going through a paradigm shift as the number of electric vehicles (EVs) and hybrid cloud vehicles increase year on year. In the year 2017, there were about three million EVs on road globally. Some studies expect this number to grow exponentially in the next decade. One such study by Shell indicate that by 2031, about half of all the vehicle analytics manufactured are expected to be electrified vehicles. In addition to that, some car manufacturers have even said that they have in their plans to totally cease diesel model production. These forecasts can only be realised if EVs improve their performance considerably. Neglected until a few years ago, EV fluids can help improve the performance of EVs. These fluids have now become essential as they help in regulating electric vehicles battery temperature and power electronics. Other chief functions of EV fluids is lubricating transmission and powertrains. In the coming years, the trend of EVs and hybrid vehicles becoming more powerful is expected to continue with standard fluid becoming inadequate and requiring specialised EV fluids which have dielectric property.

Falling battery costs and regulatory environment will drive the adoption of EV fluids

Among the major drivers of EV fluids market are the regulatory environment and environmental challenges. These regulations concerning carbon emissions and fuel economy are forcing companies to constantly innovate in order to decrease environmental damage at the same time managing user expectations for performance and quality. This shift to cleaner mobility is expected to be a major driver of the market. Another major driver of the market is the declining cost of batteries. Battery costs have depreciated 75% over the past five years. This is encouraging for EV makers as they are putting more and more new EVs on roads which require more EV fluids. Various market players are trying to ride this trend and have started devoting large parts of Research and Development budget towards EVs and EV fluids. Technical requirements placed on EV fluids is expected to be one of the challenges. Also, EV fluids have longer cycle compared Internal Combustion Engine (ICE) fluid meaning less frequent refills.

Adoption of thermal EV fluids will be substantial in EVs

By application, EVs are expected to be the major users of EV fluids. With growing number of EVs every year on road, more of them will require EV fluids to run optimally. End use wise, the thermal EV is projected to be the dominant segment. EVs motor and power train can function around 15,000 rpm which can generate a lot of heat. EV fluids can help with heat dissipation in such conditions.

North America will lead the growth in this market

Developed economies United States and Canada are key growth countries for EV fluids. The region has a large and developed eco-system for EVs with California being one of the largest markets of the same. The region is expected to be a leader in EV fluid market thanks to the high demand for EVs. In the coming years, driven by the regulations and advancement in technology, the market for EV fluids is expected to grow considerably.

Key Market Players

• Total S.A.
• Royal Dutch Shell PLC
• Castrol Limited
• Valvoline Inc.
• Exxon Mobil Corporation
• PETRONAS
• Others

EV Fluids Market Scope

Market Segments: EV Fluids Market

• By Application
  • Electric Vehicles (EVs)
  • Hybrid Vehicles
  • By End Use
  • Thermal EV Fluid
  • Transmission EV Fluid
  • EV Greases
• By Region (tentative)
  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • The Middle East and Africa
    • UAE
    • South Africa
  • South America
    • Brazil

Key Sources

• Industry Associations
• Patent Websites
• Company Annual Reports
• Company Websites
• Key industry leaders
• Technology consultants
• Others

Key Questions Answered

• What are the key growth regions and countries?
• What are the important types and technologies being used?
• What are the market players doing, in terms of research and development?
• Which are the new applications for this market?
• What are the integrations happening?
• What is the recent news, developments, mergers, or large value deals?
• Where will the industry go in the long run?

Key Stakeholders

• Component Providers
• OEMs
• Technology solution providers
• Regulatory Authorities
• Research and Innovation Organizations
• Technocrats
• Suppliers and Distributors
• Other Channel Partners
• Quality Control Organizations