Press release
Comprehensive 2025 Electric Vehicle Fluids Market Overview: Trends, Forecasts, and Growth Drivers
Electric Vehicle Fluids Market
What Is the Expected CAGR for the Electric Vehicle Fluids Market Through 2025?
Recent years have seen an explosive growth in the size of the electric vehicle fluids market. It is projected to expand from $2.19 billion in 2024 to $2.81 billion in 2025, at a compound annual growth rate (CAGR) of 28.3%. Several factors underlie this remarkable growth recorded in the historical period, including the expanding adoption and sales of electric vehicles (EVs), supportive government incentives and regulations, heightened environmental consciousness alongside emission reduction targets, increased consumer demand for convenient charging solutions, and significant investments by the automotive industry into EVs.
What's the Projected Size of the Global Electric Vehicle Fluids Market by 2029?
The market size of electric vehicle fluids is projected to expand dramatically in the coming years, reaching $8.07 billion by 2029 with a compound annual growth rate (CAGR) of 30.2%. This predicted growth within the forecasted period can be tied to an increase in EV charging networks, uniformity of charging connectors, international market expansion, widespread EV adoption, and a rise in public and private charging infrastructure. Key trends for the forecasted period encompass the creation of specialized EV fluids, commitment to biodegradable and environmentally friendly formulas, partnerships with OEMs, thermal management tactics, and fluid monitoring and maintenance strategies.
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Top Growth Drivers in the Electric Vehicle Fluids Industry: What's Accelerating the Market?
The electric vehicle fluids market is expected to be spurred on by a growing interest in electric vehicles. An electric vehicle (EV), which operates solely or mostly on electricity, houses the electrical energy required for motor operation within a battery pack. With the rise in production and sales of EVs comes an increase in demand for electric vehicle fluids. This is because the fluid is a crucial element in improving vehicle fuel efficiency as well as diminishing their carbon footprint. Bloomberg New Energy Finance (BNEF) projects that EVs will account for 10% of worldwide passenger vehicle sales by 2025, escalating to 28% by 2030 and reaching 58% by 2040. Thus, the anticipated growth of the electric vehicle fluids market is linked to the increased adoption of electric vehicles.
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What Trends Will Shape the Electric Vehicle Fluids Market Through 2029 and Beyond?
Leading firms in the electric vehicle fluids industry are concentrating on creating novel solutions, like performance fluids, to enhance the effectiveness and lifespan of electric vehicle components. Performance fluids are advanced lubricants, coolants, and other substances tailored to boost the efficiency, durability, and overall performance of vehicle electrical and mechanical systems, including electric vehicles (EVs). To exemplify, Valvoline Inc., an American retail automotive services company, unveiled its EV Performance Fluids in January 2023, a specialty product range developed explicitly for electric vehicles (EVs). This new lineup features heat transfer fluids for optimal battery temperature management, drive system fluids for multi-speed transmissions, advanced brake fluids featuring high boiling points, and grease particularly formulated for EV motors and seal bearings. Each item tackles specific issues encountered by EVs, such as temperature control, powertrain performance, and corrosion resistance.
What Are the Main Segments in the Electric Vehicle Fluids Market?
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 Top Companies are Driving Growth in the Electric Vehicle Fluids Market?
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.
Which Regions Will Dominate the Electric Vehicle Fluids Market Through 2029?
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.
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