Electric Vehicle Fluids Market Size to Reach $7.87 Billion by 2029 | Growth at 29.8% CAGR Forecast

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What is the Projected Market Size of the Electric Vehicle Fluids Industry?
In recent years, there has been a significant expansion in the size of the electric vehicle fluids market. The industry is predicted to escalate from $2.19 billion in 2024 to $2.77 billion in 2025, reflecting a compound annual growth rate (CAGR) of 26.6%. The noteworthy growth in the previous period can be ascribed to numerous factors including heightened sales of and preference for electric vehicles (ev), government initiatives and guidelines, anxiety concerning the environment and targets for lowering emissions, the consumer's demand for easy charging options, and investment in evs by the automotive sector.

What Will Be the Size of the Electric Vehicle Fluids Market by 2029?
Expectations are high for the electric vehicle fluids market in the coming years, with a projected exponential growth that could see it reaching $7.87 billion by 2029. This represents a compound annual growth rate (CAGR) of 29.8%. The predicted growth in this forecast period can be attributed to various factors such as the expansion of EV charging networks, standardization of charging connectors, growth in the international market, increased adoption of EV globally, and the rise in both public and private charging stations. Key trends during this forecast period are expected to include the development of specialized EV fluids, creation of biodegradable and eco-friendly formulations, collaborations with Original Equipment Manufacturers (OEMs), thermal management, and the monitoring and maintenance of fluids.

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What Are the Key Drivers Accelerating Growth in the Electric Vehicle Fluids Market?
The expansion of the electric vehicle fluids market is forecasted to be spurred by a rising demand for electric vehicles. Electric vehicles (EVs), which entirely or partially run on electricity and store the driving electrical energy within a battery pack, are becoming popular. The proliferation in production and sales of electric vehicles results in an escalating demand for electric vehicle fluids. These fluids play a vital role in enhancing fuel efficiency and decreasing car's carbon footprints. As per Bloomberg New Energy Finance (BNEF), it is anticipated that by 2025, EVs will constitute 10% of global passenger vehicle sales, which is likely to increase to 28% by 2030, and 58% by 2040. Therefore, the surging demand for electric vehicles is expected to fuel the growth of the electric vehicle fluids market.

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How Is the Electric Vehicle Fluids Market Segmented by Type, Application, and Region?
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

What Are the Key Trends Driving Growth in the Electric Vehicle Fluids Market?
Leading businesses in the electric vehicle fluids market are turning their attention to the creation of novel solutions, like performance fluids, which have the potential to enhance the performance and lifespan of components in electric vehicles. Performance fluids comprise unique coolants, lubricants, and other fluids that seek to bolster the durability, efficiency, and overall operation of vehicular electrical and mechanical systems, electric vehicles included. For example, Valvoline Inc., a retail automotive service provider based in the US, rolled out its EV Performance Fluids in January 2023 - a distinct product line tailored for electric vehicles. Included in this new collection are heat transfer fluids for effective battery temperature control, drive system fluids for multiple-speed transmissions, advanced brake fluids with high evaporation levels, and grease specifically made for EV motor and seal bearings. Each product targets particular challenges encountered by electric vehicles, such as powertrain functioning, corrosion deterrence, and temperature regulation.

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Who Are the Leading Companies 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 Is the Leading Region in the Global 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.

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This release was published on openPR.