Press release
Electric Vehicle Fluids Market Set to Reach $8.07 Billion by 2029 with 30.2% Yearly Growth
Electric Vehicle Fluids Market Size
The anticipated rise in electric vehicle demand is projected to fuel the expansion of the electric vehicle fluids market. Essentially, an electric vehicle (EV) operates solely or partly on electricity, storing the electric energy required to power the motor in a battery pack. As the manufacturing and sales of electric vehicles swell, so does the need for electric vehicle fluids, as these fluids are critical in improving fuel efficiency and diminishing vehicles' carbon emissions. For example, Bloomberg New Energy Finance (BNEF) estimates that EVs will constitute 10% of worldwide passenger vehicle sales by 2025. This figure is expected to reach 28% by 2030 and 58% by 2040. As a result, the growing demand for electric vehicles is forecasted to stimulate the electric vehicle fluids market's development.
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How will the growth rate of the electric vehicle fluids market shape industry trends by 2034?
The scale of the electric vehicle fluids market has seen a substantial expansion in the preceding years. The sector, which stood at $2.19 billion in 2024, is expected to swell to $2.81 billion in 2025 with a compound annual growth rate (CAGR) of 28.3%. The rise during this historical period can be credited to several factors: the increase in adoption and sales of electric vehicles (EV), government incentives and directives, environmental issues and objectives for reducing emissions, consumer demand for convenient charging options, and the automotive industry's investment in EVs.
The market for electric vehicle fluids is projected to experience substantial expansion in the upcoming years, with a predicted worth of $8.07 billion in 2029, reflecting a compound annual growth rate (CAGR) of 30.2%. Factors contributing to this growth during the forecast period include the broadening of EV charging networks, unification of charging connectors, growth in the international market, widespread adoption of electric vehicles globally, and an increase in public and private charging stations. Key forecast trends encompass the creation of specialised EV fluids, development of biodegradable and eco-friendly solutions, partnerships with original equipment manufacturers (OEMs), strides in thermal management, and advancements in fluid monitoring and maintenance.
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What trends are poised to drive the future success of the electric vehicle fluids market?
Leaders in the electric vehicle fluids industry are honing their focus on crafting novel answers such as performance fluids intended to enhance the efficiency and lifespan of electric vehicle components. These performance fluids encompass specific lubricants, coolants, and extra liquids fashioned to boost the effectiveness, durability, and all-round performance of the mechanical and electrical processes in autos, including electric vehicles (EVs). For instance, Valvoline Inc., a retail automotive service provider based in the US, introduced its innovative product, EV Performance Fluids, specifically designed for electric vehicles, in January 2023. The new array comprises heat transfer fluids for effective battery temperature control, drive system fluids that aid in multi-speed transmissions, advanced brake fluids exhibiting high boiling points, and grease devised for EV motors and seal bearings. Each product in this range is engineered to tackle particular issues prevalent in EVs, such as controlling temperature, improving powertrain function, and preventing corrosion.
Which primary segments of the electric vehicle fluids market are driving growth and industry transformations?
The electric vehicle fluids market covered in this report is segmented -
1) By Product Type: Engine oil, Coolants, Transmission fluids, Greases
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By EV Type: BEV, PHEV, HEV
4) By Application: Driveline, Battery Coolant, Grease
Subsegments:
1) By Engine Oil: Fully Synthetic Engine Oil, Semi-Synthetic Engine Oil, Mineral Engine Oil, Low-Viscosity Engine Oil
2) By Coolants: Ethylene Glycol-based Coolants, Propylene Glycol-based Coolants, Organic Acid Technology (OAT) Coolants, Hybrid Organic Acid Technology (HOAT) Coolants
3) By Transmission Fluids: Automatic Transmission Fluids (ATF), Manual Transmission Fluids, Continuously Variable Transmission (CVT) Fluids
4) By Greases: Lithium-based Greases, Calcium-based Greases, Synthetic Greases, Biodegradable Greases
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Which geographical regions are pioneering growth in the electric vehicle fluids market?
Europe was the largest region in the electric vehicle fluids market in 2024. Asia-Pacific is expected to be the fastest-growing region in the electric vehicle fluids market during the forecast period. The regions covered in the electric vehicle fluids market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Who are the influential players reshaping the electric vehicle fluids market landscape?
Major companies operating in the electric vehicle fluids market include Castrol Limited, ExxonMobil Corporation, Fuchs Petrolub SE, The Lubrizol Corporation, Petronas Nasional Bhd, Royal Dutch Shell plc, Gulf Oil, BP plc, ENEOS Corporation, PTT Public Company Limited, Repsol S.A, TotalEnergies SE, Valvoline Inc, Petro-Canada Lubricants Inc., Phillips 66 Company, Quaker Chemical Corporation, Sinopec Lubricant Company Limited, SK Lubricants Co. Ltd., Total Lubrifiants SA, Amalie Oil Company, AMSOIL INC., Bardahl Manufacturing Corporation, CHS INC., Chemtool Incorporated, Eni S.p.A., Houghton International Inc., JXTG Nippon Oil & Energy Corporation, Lubrication Engineers Inc.
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What Is Covered In The Electric Vehicle Fluids Global Market Report?
•Market Size Forecast: Examine the electric vehicle fluids market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the electric vehicle fluids market for a structured understanding.
•Key Players Overview: Analyze major players in the electric vehicle fluids market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the electric vehicle fluids market.
•Segment Contributions: Evaluate how different segments drive overall growth in the electric vehicle fluids market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the electric vehicle fluids market.
•Industry Challenges: Identify potential risks and obstacles affecting the electric vehicle fluids market.
•Competitive Landscape: Review strategic developments in the electric vehicle fluids market, including expansions, agreements, and new product launches.
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