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

Report Code: PMI541424 | Publish Date: July 2024 | No. of Pages: 176

Electric Vehicle Ev Fluids Market Overview

Electric Vehicle (EV) Fluids Market Size was valued at US$ 1.53 billion in 2024 and is expected to grow at a CAGR of 28.9% to reach US$ 15.4 billion by 2034

Electric Vehicle (EV) Fluids are specific fluids made to be used in hybrid and electric cars. Due to their distinct components and operating circumstances, electric vehicles (EVs) have different fluid requirements than conventional vehicles with internal combustion engines. Compared to cars with internal combustion engines (ICEs), electric vehicles (EVs) run on separate fluids because their motor and batteries serve as their prime movers. Traditional fluids in electric cars are not recommended due to the potential for viscosity-related problems and component corrosion, which can negatively impact the vehicle's overall performance and lifespan. To satisfy the demands of the advanced powertrains, the EV fluids have undergone exceptional engineering and modification. These fluids maintain the battery and power electronics at a constant temperature while cooling the drivetrain and gearbox. Additionally, the E-grease lubricates the EV components while reducing the car's noise, vibration, and harshness (NVH) levels, and the EV fluid performs the role of heat transfer.

The market for electric vehicles (EVs), which include BEVs, HEVs, and PHEVs, is anticipated to expand rapidly. Even though EVs have fewer fluid-hungry designs, this will eventually increase the utilisation of EV fluids. To maintain an EV on their own, owners of the vehicles need to be aware of these details. An EV's ability to perform better correlates with its lifespan and can be achieved with routine maintenance and fluid changes. Customers can also appropriately reduce electrical conductivity, stop copper corrosion, and increase energy efficiency by tracking changes to their car. With longer range between charges and improved car health, they can expect good performance from their EV. Because of this, consumers must possess a thorough understanding of EV fluids.

The creation of specific fluids for electric vehicles and the growing production of these vehicles are both gaining traction. While battery electric cars (BEVs) might not need regular engine lubricants, all-electric vehicles (EVs), especially hybrids with internal combustion engines (ICEs), need different kinds of fluids. Conversely, the higher initial cost of purchasing an electric car instead of a petrol or diesel vehicle is expected to hinder the market's growth.

Electric Vehicle (EV) Fluids Market Research Report

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Electric Vehicle Ev Fluids Market Dynamics

Key Drivers of Target Market:

Escalated Demand for Electric Vehicles Throughout the Globe:

  • The market for electric vehicle fluids is mostly driven by the growing demand for EVs, which is brought on by issues including rising fuel prices, pollution, and the desire to reduce harmful car emissions, among other things. Electric car fluids are, therefore, more necessary as the demand for electric vehicles grows since they cool the motor and gearbox system while regulating the temperature of the battery and power electronics. The market demand is anticipated to increase further as electric vehicle production rises.

The increase in developments for EV fluid compositions:

  • The market is growing due to ongoing technological developments and breakthroughs in EV fluid formulations, which produce fluids with better thermal management and qualities that extend the life and performance of batteries. The target market is growing even faster due to the increased focus on developing more effective cooling fluids for power electronics and electric motors to increase overall vehicle economy.

Restrains:

High Initial Investment for Purchasing EV:

  • Current EVs are sold at a premium price compared to traditional petrol and diesel cars. This price excess may hamper their market introduction. Compared to comparable conventional vehicles, the current sales prices of EVs remain higher. This is mostly because of the large battery pack, but there are also no economies of scale to blame. 

Opportunities:

Increasing Innovation for the Development of EV Fluids:

  • There is much opportunity, as seen by the interwoven and mutually reinforcing growth patterns in electric cars (EVs) and the related fluid goods. Fluids and vehicles change simultaneously, establishing a mutually dependent interaction that is predicted to reach previously unheard-of heights. As a result, the foundation for ground-breaking innovation has been solidified, igniting interest in the fantastic advancement of EV fluids even more.

Electric Vehicle Ev Fluids Market Segmentation

The market is segmented based on Product Type, Fill Type, Propulsion Type, Vehicle Type, and Region.

Product Type Insight:

  • Transmission Fluids: While they are not necessary for every EV, some—especially hybrids and plug-in hybrids—use transmissions that need special lubricants to transmit power smoothly and save wear.
  • Engine Oil: Although pure electric cars (BEVs) lack conventional petrol engines, some EVs could feature a small reduction gearbox that needs specific oil to function smoothly and last longer.
  • Coolants: The battery coolant is likely to be the most crucial fluid in an electric car. The EV battery cooling system helps the automobile maximize battery performance on a daily basis and preserve the battery's lifespan by keeping it from reaching harmful temperatures. The battery's temperature must be controlled not only when it is being charged but also when the car is operating. Increased heat produced by faster charging is mitigated in part by the battery coolant.
  • Greases: Greases lubricate and protect against wear and friction in various EV components, including wheel bearings, suspension parts, and electric motors. For high loads and longer service intervals, EV-specific specialty greases could be necessary.

Fill Type Insight:

  • First Fill: The first fill segment is anticipated to capture the greatest share. First-fill fluids effectively meet a broad range of battery-electric vehicle performance requirements. These products are targeted at the growing number of automakers that manufacture electric cars.
  • Service Fill: The service fill segment handles fluids needed for EV repairs or routine maintenance top-ups. Customers can select from a wider range of solutions in this sector according to their budget and performance requirements.

Propulsion Type Insight:

  • Battery Electric Vehicle (BEV): With a sizable market share, the battery electric vehicle segment is anticipated to continue along the same trajectory over the projection period. Due to its zero tailpipe emissions and cheaper operating costs as compared to plug-in hybrid electric vehicles, this segment is expected to increase.
  • Hybrid Electric Vehicle (HEV): The Hybrid Electric Vehicle (HEVS) segment is anticipated to increase significantly over the projected period. Lubricants used in EVs must meet the same performance requirements as those used in conventional cars. These include greases for doors, locks, wheels, shock absorbers, and brake fluids.
  • Plug-in Hybrid Electric Vehicle (PHEV): Plug-in hybrid electric cars, or PHEVs, are a market category that, like HEVs, is centered around fluids for vehicles that can run on petrol or electricity. Coolants and lubricants are essential components of both systems for PHEVs.

Vehicle Type Insight:

  • Passenger Vehicle: The passenger automobile market is expected to develop exponentially. Electric cars can have motor speeds of up to 15,000 revolutions per minute and significant variations in power flow. They need two types of fluids: one for the gear reducer in the EV's gearbox and another made especially for the electric motor if the manufacturer wants to enhance cooling.
  • Commercial Vehicle: The commercial vehicle (CV) industry is accelerating its decarbonization efforts, encouraging the use of low- and zero-emission technologies. Since the performance criteria for the various fluids consumed in electric CVs differ from those used in traditional internal combustion engine (ICE) vehicles, electrification of CVs will spur technological innovation. With the advent of electric cars (EVs), a new market niche for lubricants will emerge, catering to the unique lubrication requirements of commercial vehicles.

Regional Insights

  • North America: In light of the high rates of EV adoption in the US and Canada, the EV fluid market in North America is well-established. The area benefits from having top-notch research institutes, strict environmental laws, and several significant EV producers. The business is also being helped by government incentives for EV adoption and an expanding charging station infrastructure.
  • Asia Pacific: Asia-Pacific is anticipated to lead the global market for electric vehicle fluids during the forecast period because of rising demand from nations like China and India. With a growing need for electric automobiles and government funding for greater interest in improving the production of electric vehicles to minimize carbon emissions, the region is likely to experience substantial development.
  • Europe: Europe is expected to grow enormously in the electric vehicle fluids market due to the increasing number of hybrid vehicles manufactured and sold there, which require more electric vehicle fluids. The high cost of engine oil compared to other fluids used in hybrid electric vehicles is one of the main factors contributing to Europe's growing market share.
  • Latin America: The EV fluids market in Latin America is still in its infancy, but it has room to grow. With the help of government programs to cut emissions, nations like Brazil and Mexico are progressively implementing EV technology. The region's automotive manufacturing base serves as a basis for market expansion.
  • Middle East and Africa: With the UAE and South Africa setting the pace, the Middle East and Africa are gradually becoming more receptive to EV technologies. Growing environmental consciousness and government initiatives to diversify economies away from oil dependence are the main drivers of the market.

Electric Vehicle (EV) Fluids Market Report Scope:

Attribute

Details

Market Size 2024

US$ 1.53 billion

Projected Market Size 2034

US$ 15.4 billion

CAGR Growth Rate

28.9%

Base year for estimation

2023

Forecast period

2024 – 2034

Market representation

Revenue in USD Billion & CAGR from 2024 to 2034

Market Segmentation

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

Regional scope

North America - U.S., Canada

Europe - UK, Germany, Spain, France, Italy, Russia, Rest of Europe

Asia Pacific - Japan, India, China, South Korea, Australia, Rest of Asia-Pacific

Latin America - Brazil, Mexico, Argentina, Rest of Latin America

Middle East & Africa - South Africa, Saudi Arabia, UAE, Rest of Middle East & Africa

Report coverage

Revenue forecast, company share, competitive landscape, growth factors, and trends

Segments Covered in the Report:

This report forecasts revenue growth at global, regional, and country levels and analyzes the latest industry trends and opportunities in each sub-segments from 2024 to 2034. For the purpose of this study segmented the target market report based on Product Type, Fill Type, Propulsion Type, Vehicle Type, and Region:

Segmentation:

By Product Type:

  • Transmission Fluids
  • Engine Oil
  • Coolants
  • Greases

By Fill Type:

  • First Fill
  • Service Fill

By Propulsion Type:

  • Battery Electric Vehicle (BEV)
  • Hybrid Electric Vehicle (HEV)
  • Plug-in Hybrid Electric Vehicle (PHEV)

By Vehicle Type:

  • Passenger Vehicle
  • Commercial Vehicle

By Region:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • South Korea
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC
    • Israel
    • South Africa
    • Rest of Middle East & Africa

Electric Vehicle Ev Fluids Market Key Players

The key players operating the Electric Vehicle (EV) Fluids Market include TotalEnergies, Exxon Mobil Corporation, BP p.l.c., Shell plc, FUCHS, Petroliam Nasional Berhad (PETRONAS), Saudi Arabian Oil Co., Repsol, PTT LUBRICANTS, ENEOS Corporation, and Valvoline Inc.

Electric Vehicle (EV) Fluids Market Key Players

Disclaimer: This data is only a representation. Actual data may vary and will be available in the report.

Electric Vehicle Ev Fluids Market Key Issues Addressed

  • In August 2022, Shell Lubricants announced the introduction of heat transfer fluids suitable for the Indian climate and topography for electric vehicle engines.
  • In November 2022, TotalEnergies Marketing India Private Limited (TEMIPL) announced that the new EV Fluid line of electric and hybrid cars and electric bikes will make their Indian debut.

Electric Vehicle Ev Fluids Market Company Profile

  • TotalEnergies *
    • Company Overview
    • Product Portfolio
    • Key Highlights
    • Financial Performance
    • Business Strategies
  • 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.

“*” marked represents similar segmentation in other categories in the respective section.

Electric Vehicle Ev Fluids Market Table of Contents

Research Objective and Assumption

  • Research Objectives
  • Assumptions
  • Abbreviations

Market Preview

  • Report Description
    • Market Definition and Scope
  • Executive Summary
    • Market Snippet, By Product Type
    • Market Snippet, By Fill Type
    • Market Snippet, By Propulsion Type
    • Market Snippet, By Vehicle Type
    • Market Snippet, By Region
  • Opportunity Map Analysis

Market Dynamics, Regulations, and Trends Analysis

  • Market Dynamics
    • Drivers
    • Restraints
    • Market Opportunities
  • Market Trends
  • Product Launch
  • Merger and Acquisitions
  • Impact Analysis
  • PEST Analysis
  • Porter’s Analysis

Market Segmentation, Product Type, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Transmission Fluids
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Engine Oil
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends
  • Coolants
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends
  • Greases
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends

Market Segmentation, Fill Type, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • First Fill
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Service Fill
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends

Market Segmentation, Propulsion Type, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Battery Electric Vehicle (BEV)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Hybrid Electric Vehicle (HEV)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends
  • Plug-in Hybrid Electric Vehicle (PHEV)
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
    • Segment Trends

Market Segmentation, Vehicle Type, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Segment Trends
  • Passenger Vehicle
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years
  • Commercial Vehicle
    • Overview
    • Market Size and Forecast (US$ Bn), and Y-o-Y Growth (%), Forecast Period up to 10 Years

Market Segmentation, By Region, Forecast Period up to 10 Years, (US$ Bn)

  • Overview
    • Market Value and Forecast (US$ Bn), and Share Analysis (%), Forecast Period up to 10 Years
    • Y-o-Y Growth Analysis (%), Forecast Period up to 10 Years
    • Regional Trends
  • North America
    • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fill Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Propulsion Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Vehicle Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • U.S
      • Canada
  • Asia Pacific
    • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fill Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Propulsion Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Vehicle Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • India
      • Japan
      • South Korea
      • China
      • Rest of Asia Pacific
  • Europe
    • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fill Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Propulsion Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Vehicle Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • UK
      • Germany
      • France
      • Russia
      • Italy
      • Rest of Europe
  • Latin America
    • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fill Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Propulsion Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Vehicle Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • Brazil
      • Mexico
      • Rest of Latin America
  • Middle East and Africa
    • Market Size and Forecast (US$ Bn), By Product Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Fill Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Propulsion Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Vehicle Type, Forecast Period up to 10 Years
    • Market Size and Forecast (US$ Bn), By Country, Forecast Period up to 10 Years
      • GCC
      • Israel
      • South Africa
      • Rest of Middle East and Africa

Competitive Landscape

  • Heat Map Analysis
  • Company Profiles
    • 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.

The Last Word

  • Future Impact
  • About Us
  • Contact

FAQs

Electric Vehicle (EV) Fluids Market Size was valued at US$ 1.53 billion in 2024 and is expected to grow at a CAGR of 28.9% to reach US$ 15.4 billion by 2034

The Electric Vehicle (EV) Fluids Market is segmented into Product Type, Fill Type, Propulsion Type, Vehicle Type, and Region.

The market is being driven by an increase in global demand for electrically powered vehicles and advancements in EV fluid formulations.

Restraints of the Electric Vehicle (EV) Fluids Market include the exorbitant upfront cost of buying an EV as a market restraining factor.

The electric vehicle (EV) fluids market is segmented by region into North America, Asia Pacific, Europe, Latin America, the Middle East, and Africa. Asia Pacific is expected to dominate the Market.

The key players operating the Electric Vehicle (EV) Fluids Market include TotalEnergies, Exxon Mobil Corporation, BP p.l.c., Shell plc, FUCHS, Petroliam Nasional Berhad (PETRONAS), Saudi Arabian Oil Co., Repsol, PTT LUBRICANTS, ENEOS Corporation, and Valvoline Inc.