Global Electric Vehicle Fluids Market to Reach US$ 13.9 Billion by 2032, Facilitated by Increasing Adoption of EVs

July 06, 2023 | Automotive Industry

According to 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,” the global electric vehicle fluids market size reached US$ 1.8 Billion in 2023. Electrical vehicle (EV) fluids are used in EVs to support their efficient and optimal operation. They include coolant that regulates the temperature of the battery pack and power electronics and maintains the ideal temperature range. They also involve thermal management fluid, which helps maintain the temperature of the electric motor, enabling efficient power generation. They find extensive applications in cooling, lubrication, and overall performance optimization of automobiles. Besides this, as they help ensure the longevity and reliability of electrical components and enhance the efficiency and performance of electric vehicles, the demand for EV fluids is rising across the globe.

Global Electric Vehicle Fluids Market Trends:

The increasing adoption of EVs to minimize harmful greenhouse gas (GHG) emissions and air pollution levels represents one of the key factors positively influencing the market. Additionally, the global shift towards sustainable and eco-friendly transportation solutions is catalyzing the demand for EV fluids to produce coolants for battery packs. This is offering lucrative opportunities to EV fluid manufacturers and suppliers. Moreover, the rising focus of leading market players on developing fluids that offer superior performance, higher thermal stability, low environmental impact, reduced volatility, improved biodegradability, and increased compatibility is favoring the market growth. Additionally, the rapid development of EV infrastructure and the expansion of charging networks are offering a favorable market outlook. Furthermore, stringent regulations and standards imposed by governing authorities of various countries to control waste generation and minimize harmful emissions are driving the demand for eco-friendly electrical vehicle fluids. Apart from this, several leading players are investing in research and development (R&D) activities to introduce EV fluids that provide higher performance. Looking forward, the market value is projected to reach US$ 13.9 Billion by 2032, expanding at a CAGR of 24.8% during 2024-2032.

Market Summary:

  • Based on the product type, the market has been segmented into engine oil, coolants, transmission fluids, greases, and others. Coolants currently represents the largest market share.
  • On the basis of the vehicle type, the market has been segregated into passenger vehicles, commercial vehicles, and others. Passenger vehicles hold the biggest share of the market.
  • Based on the EV type, BEV accounts for the majority of the market share, followed by PHEV.
  • On the basis of the distribution channel, OEMs exhibit a clear dominance in the market, followed by the aftermarket.
  • Region-wise, the market has been categorized into North America (the United States and Canada); Europe (Germany, France, the United Kingdom, Italy, Spain, and others); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. Amongst these, North America enjoys the leading position in the market.
  • The competitive landscape of the market has also been examined, with some of the key players being 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, and Valvoline Inc.

Report Scope:

Report Features Details
Base Year of the Analysis 2023
Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Product Types Covered Engine Oil, Coolants, Transmission Fluids, Greases, Others
Vehicle Types Covered Passenger Vehicle, Commercial Vehicle, and Others
EV Types Covered BEV, PHEV
Distribution Channels Covered OEMs, Aftermarket
Regions Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered 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., etc.
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Global Electric Vehicle Fluids Market to Reach US$ 13.9 Billion by 2032, Facilitated by Increasing Adoption of EVs
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