The Electric Vehicle Fluids market is projected to reach USD 8,644 million by 2030, at a CAGR of 31.2% from USD 749 million in 2021. The major factor driving the demand for electric vehicle fluids is an increase in electric vehicle production. With the growing concern over tailpipe emissions and their harmful effects on the environment, stringent standards for carbon dioxide and pollutants such as nitrogen oxide, unburned hydrocarbons, and particulates have been put in place, resulting in hybrid and full EVs no longer being seen as uncommon, but the standard for the future. A specific fluid requirement in EVs is also one of the other driving factors for electric vehicle fluids as an ICE’s motor differs greatly from EV motors and thus, needs fluids, which cater to totally different functions than that in the n the ICEs.
“Stringent mandates by governments”
Stringent mandates by governments are a major opportunity for electric vehicle fluids manufacturers. Emission of carbon from ICE vehicles is now treated as a significant threat by governments in many countries. Thus, the gradual tightening of fuel economy and tailpipe CO2 standards have augmented the role of EVs to meet the standards. Government initiatives pertaining to EVs, such as investment in infrastructure, tax rebates, and others, also act as a major opportunity for the growth of the electric vehicles and the electric vehicle fluids markets. The hybrid EV segment accounted for the larger market share in 2020; however, the Battery EV segment is expected to account for the larger share by 2030. Battery EVs do not require a gasoline engine, which requires fuel and routine maintenance. Though battery EVs require less EV fluids than the hybrid ones, the large-scale production of battery EVs in comparison to Hybrid EVs is expected to lead to the demand for EV fluids during the forecast period. The prices of batteries for EVs are decreasing due to the advancements in technology, which are expected to result in the reduced overall prices of BEVs.
“Coolants is estimated to be the largest product type in electric vehicle fluids market between 2021 and 2026.”
Coolants, which are used for regulating the temperature of the battery pack and other electronic components, are expected to be the fastest-growing product type for electric vehicles during the forecast period. The engine oil segment is expected to lead the overall electric vehicle fluids market during the forecast period. This is due to the high demand for engine oil in hybrid electric vehicles during first, and service fills. Engine oil has far less replacement interval in comparison to other electric vehicle fluids, which leads to its large-scale consumption. High market share in terms of volume and high prices of engine oil in comparison to other EV fluids will result in the largest market share of engine oil during the forecast period.
“APAC is expected to be the fastest-growing electric vehicles fluid market during the forecast period, in terms of volume.”
APAC accounted for the largest share of 47.8% of the global electric vehicle fluids market, in terms of volume, in 2020. The market is projected to grow at a CAGR of 31.4% during the forecast period. Large-scale production and consumption of electric vehicles in the region presents a large base for electric vehicle fluids. Thus, APAC had the largest share in electric vehicle fluids market in 2020. Europe is the second-largest market for electric vehicle fluids globally, accounting for a share of 40.5%, in terms of volume, of the global electric vehicle fluids market in 2020. High demand for electric vehicles in Europe due to government regulations and investments, subsidies, tax rebates, and others are supporting the growth of electric vehicle fluids in the region. North America is the third-largest region in the global electric vehicle fluids market, in terms of volume. The US is the largest market in North America and accounts for nearly 95% of the market in the region. High sales in comparison to other North American countries and presence of the world’s largest EV producer, in the country make the US the largest market for electric vehicle fluids in North America.
In the process of determining and verifying the market size for several segments and subsegments identified through secondary research, extensive primary interviews were conducted. A breakdown of the profiles of the primary interviewees are as follows:
• By Department: Sales/Export – 53.5%, Production – 23.3%, and Marketing – 23.3%
• By Designation: Managers- 60.5%, CXOs- 23.3%, and Executives – 16.3%
• By Region: US - 25%, Europe - 45%, China- 20.0%, Others – 10%
The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally. The key players in this market are Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), BP plc. (UK), TotalEnergies SE (France), FUCHS Petrolub AG (Germany), Petronas (Malaysia), ENEOS Corporation (Japan), Repsol S.A. (Spain), Valvoline Inc. (US), and PTT (Thailand), among others.
This report segments the market for electric vehicle fluids market on the basis of product type, vehicle type, propulsion type, fill type, and region, and provides estimations for the overall value of the market across various regions. A detailed analysis of key industry players has been conducted to provide insights into their business overviews, products & services, key strategies, new product launches, expansions, and mergers & acquisition associated with the market for electric vehicle fluids market.
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This research report is focused on various levels of analysis ? industry analysis (industry trends), market ranking analysis of top players, and company profiles, which together provide an overall view on the competitive landscape; emerging and high-growth segments of the electric vehicle fluids market; high-growth regions; and market drivers, restraints, opportunities, and challenges.
The report provides insights on the following pointers:
- Market Penetration: Comprehensive information on electric vehicle fluids market offered by top players in the global electric vehicle fluids market market
- Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product launches in the electric vehicle fluids market
- Market Development: Comprehensive information about lucrative emerging markets ? the report analyzes the markets for electric vehicle fluids market across regions
- Market Diversification: Exhaustive information about new products, untapped regions, and recent developments in the electric vehicle fluids services market
- Competitive Assessment: In-depth assessment of market shares, strategies, products, and manufacturing capabilities of leading players in the electric vehicle fluids market
- Impact of COVID-19 on electric vehicle fluids market