Report Id: SNS/C&M/2656 | July 2022 | Region: Global | 126 Pages
Report Scope & Overview:
Electric Vehicle Fluids Market Size was valued at USD 566 million in 2021, and expected to reach USD 5073.71 million by 2028, and grow at a CAGR of 31.0% over the forecast period 2022-2028.
The global electric vehicle fluid market is growing because more and more people want fluids for electric vehicles that work well and last a long time. Most of the time, the battery system and e-motors in an electric vehicle make a lot of heat when they are working. New lubricants for electric vehicles have additives and dielectric properties added to them to make them work well with electric vehicles. Grease, heat transfer fluid, fluid for the drive system, and brake fluid are the main types of fluid that are used to make electric vehicles work better. When electric vehicles are used, the battery system and electric motor make heat. It is expected that more efficient thermal cooling systems will help the market grow in the future.
Electric cars are becoming more popular.
Specific Fluid Requirement for Electric Vehicles
The price of buying an EV was high at first.
Lack of places to charge in public
Governments' strict rules and regulations
Initiatives by the government about Evs
People don't know how much better EV fluids are than regular fluids for electric vehicles.
There needs to be standardisation in the driveline.
Impact of Covid-19:
As the global market for cars changes to accommodate electric vehicles (EVs), the market for fluids for EVs is becoming the new blue ocean. Since EVs are getting better at what they do, they need to use lubricants that are made just for them.
EV fluids are important parts of the power train because they improve performance and the driving experience. E-fluids are a type of product that includes greases, brake fluids, heat transfer fluids, and drive system fluids. Compared to traditional lubricants for internal combustion engines, e-fluids keep e-motors and gears cool and keep electric current from going through them. Also, they make each electric motor part last longer and increase the range of EVs by making machines more efficient.
Before the crisis, the market for electric vehicles (EVs) was booming. Sales in China were the main driver, followed by sales in other European and North American countries. In the early stages of their growth, EVs were heavily pushed by the government, which led to regulations with strict levels of pollution reduction and a lot of financial support and incentives.
Valvoline Inc. (US), ExxonMobil Corporation (US), ENEOS Corporation (Japan), Royal Dutch Shell plc (Netherlands), TotalEnergies SE (France), Petronas (Malaysia), BP plc. (UK), Repsol S.A. (Spain), FUCHS Petrolub AG (Germany) and PTT (Thailand)
By Product Type
By Vehicle Type
On-highway Electric Vehicles
Off-highway Electric Vehicles
By Propulsion Type
Battery electric vehicles
Hybrid electric vehicles
By Fill Type
Electric vehicle fluids are about to become a very profitable market in Asia and the Pacific.
Even though Europe is still the biggest market for selling fluids for electric vehicles, research from the beginning shows that Asia-Pacific is the next biggest. But this is likely to change by the end of 2022, when the Asia-Pacific market is likely to take over the European market. This prediction is based on the fact that China is the leader in the electric vehicle (EV) industry, which is well supported by the government programmes that encourage people to buy EVs through a mix of regulations and financial incentives. The Chinese government has said that it will spend a huge US$360 Bn on EV infrastructure by 2025. This is a big step forward for the electric vehicle industry in China and Asia as a whole. This is likely to change how EV manufacturers balance supply and demand, but it is also likely to lower the overall cost of production and make EVs more affordable across the region. The situation in the region is also expected to be good for the fluids used in electric vehicles. On the other hand, the EV industry in India shows strong growth potential, which is another good sign of strong market growth in India as well.
Rest of Europe
Rest of Asia-Pacific
The Middle East & Africa
Rest of Middle East & Africa
Rest of Latin America
|Market Size in 2021||US$ 566 Million|
|Market Size by 2028||US$ 5073.71 Billion|
|CAGR||CAGR of 31% From 2022 to 2028|
|Report Scope & Coverage||Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook|
|Key Segments||• By Product Type (Engine oil, Coolants, Transmission fluids, Greases)
• By Vehicle Type (On-highway Electric Vehicles, Off-highway Electric Vehicles)
• By Propulsion Type (Battery electric vehicles, Hybrid electric vehicles)
• By Fill Type (First fill, Service fill)
|Regional Analysis/Coverage||North America (USA, Canada, Mexico), Europe
(Germany, UK, France, Italy, Spain, Netherlands,
Rest of Europe), Asia-Pacific (Japan, South Korea,
China, India, Australia, Rest of Asia-Pacific), The
Middle East & Africa (Israel, UAE, South Africa,
Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America)
|Company Profiles||Valvoline Inc., ExxonMobil Corporation, ENEOS Corporation, Royal Dutch Shell plc, TotalEnergies SE, Petronas, BP plc, Repsol S.A., FUCHS Petrolub AG and PTT|
|Key Drivers||• Electric cars are becoming more popular.
• Specific Fluid Requirement for Electric Vehicles
|RESTRAINTS||• The price of buying an EV was high at first.
• Lack of places to charge in public
Frequently Asked Questions (FAQ) :
Ans: Manufacturers, Consultant, aftermarket players, association, Research institute, private and universities libraries, suppliers and distributors of the product.
Ans: On-highway Electric Vehicles and Off-highway Electric Vehicles are the sub-segments of by Vehicle segment.
Ans: EV fluids are important parts of the power train because they improve
performance and the driving experience. E-fluids are a type of product that
includes greases, brake fluids, heat transfer fluids, and drive system fluids.
Compared to traditional lubricants for internal combustion engines, e-fluids keep
e-motors and gears cool and keep electric current from going through them. Also,
they make each electric motor part last longer and increase the range of EVs by
making machines more efficient.
Ans: People don't know how much better EV fluids are than regular fluids for electric vehicles and There needs to be standardisation in the driveline are the challenges faced by the Electric Vehicle Fluids Market.
Ans: Electric Vehicle Fluids Market Size was valued at USD 566 million in 2021, and expected to reach USD 5073.71 million by 2028, and grow at a CAGR of 31.0 %over the forecast period 2022-2028.
Table of Contents
1.1 Market Definition
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
4. Impact Analysis
4.1 COVID 19 Impact Analysis
4.2 Impact of Ukraine-Russia War
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8.Electric Vehicle Fluids Market Segment, By Product Type
8.1 Engine oil
8.3 Transmission fluids
9.Electric Vehicle Fluids Market Segment, By Vehicle Type
9.1 On-highway Electric Vehicles
9.2 Off-highway Electric Vehicles
10.Electric Vehicle Fluids Market Segment, By Propulsion Type
10.1 Battery electric vehicles
10.2 Hybrid electric vehicles
11.Electric Vehicle Fluids Market Segment, By Fill Type
11.1 First fill
11.2 Service fill
12. Regional Analysis
12.2 North America
12.3.6 The Netherlands
12.3.7 Rest of Europe
12.4.2 South Korea
12.4.6 Rest of Asia-Pacific
12.5 The Middle East & Africa
12.5.3 South Africa
12.6 Latin America
12.6.3 Rest of Latin America
13. Company Profile
13.1 Valvoline Inc. (US)
13.1.2 Products/ Services Offered
13.1.3 SWOT Analysis
13.1.4 The SNS view
13.2 ExxonMobil Corporation (US),
13.3 ENEOS Corporation (Japan),
3.4 Royal Dutch Shell plc (Netherlands),
13.5 TotalEnergies SE (France),
13.6 Petronas (Malaysia),
13.7 BP plc. (UK),
13.8 Repsol S.A. (Spain),
13.9 FUCHS Petrolub AG (Germany),
13.10 PTT (Thailand),
14.1 Competitive Benchmark
14.2 Market Share analysis
14.3 Recent Developments
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