Global Market for Electric Vehicle Fluid is Anticipated to grow at a Significant Pace i.e., USD 7,956 million during the Forecast Period 2021-2027

Published Date: Nov, 2021

The report "Electric Vehicle Fluid Market by Product Type (Engine Oil, Coolants, Transmission Fluids, and Greases), By Distribution Channel (OEMs and Aftermarkets), By Propulsion Type (Battery Electric Vehicles and Hybrid Electric Vehicles), Global Forecast to 2027", The global electric vehicle fluid market is expected to witness CAGR of 30.5% during the forecast period. The rapid increase in the sale of electric vehicles globally owing to resolving environmental issues and decreasing vehicle emissions will lead to the adoption of electric vehicles globally, thereby augmenting the growth of the global electric vehicle fluid market. Moreover, the increased attention of users to have timely service of electric vehicles to have proper mobility and have a long lifespan of electric vehicles will bolster the growth of the electric vehicle fluid market.

The rising concern over tailpipe emissions and their adverse effects on the environment, strict regulations for emission of carbon dioxide, nitrogen oxide, unburned carbons, and particulates will propel the growth of the electric vehicle fluid market. Moreover, there a specific fluid required in EVs will drive the growth of the market further. Thus, the need for efficient and durable fluids for electric vehicles and the growing need to have thermal management in vehicles will augment the growth of the electric vehicle fluid market. Nevertheless, automotive OEMs have joined hands with fluid providers to source fluids for electric vehicles to enhance the driving experience, resulting in the sale of electric vehicles and thus driving the growth of the electric fluid vehicle market. The different types of fluids like greases, heat transfer fluids, driver system fluids, and brake fluids are used in several components like e-motors, battery systems, bearings, brakes, power electronic gears, and constant velocity joints of electric vehicles.  

Royal Dutch Shell plc added fluids for light-, medium- and heavy-duty electrified commercial vehicles to its existing range of passenger car e-fluids. The new fluids are for battery and fuel-cell EVs and include transmission fluids, greases, and battery coolants.

The COVID-19 outbreak has had an adverse impact on the automotive industry. Before the pandemic, the EV market was prospering and was driven by sales in China, Europe, and North America. However, the pandemic has disrupted the production chain and supply chain owing to stringent lockdown globally, hampering the growth of the electric vehicle fluid market.

Browse 53 market data Tables and 35 Figures spread through 180 Pages and in-depth TOC on " Electric Vehicle Fluid Market by Product Type (Engine Oil, Coolants, Transmission Fluids, and Greases), By Distribution Channel (OEMs and Aftermarkets), By Propulsion Type (Battery Electric Vehicles and Hybrid Electric Vehicles), and Region - Global Forecast to 2027"


By propulsion type, the BEVs is anticipated to dominate the electric vehicle fluid market during the forecast period.

Based on propulsion type, the global electric vehicle fluid market is categorized into battery electric vehicles and hybrid electric vehicles. Battery electric vehicles will dominate the market during the forecast period owing to change in consumer perception, technological advancement, and rising initiatives by the government to reduce vehicle emissions will lead to the adoption of battery electric vehicles.

Global Electric Vehicle Fluid Market Segmentation Analysis

Segment

Categorization

Leading Category

Product Type

Engine Oil, Coolants, Transmission Fluids, and Greases

Coolants (Largest)

Engine Oil (High CAGR)

Distribution Channel

OEMs and Aftermarkets

OEMs (High CAGR)

Propulsion Type

Battery Electric Vehicles and Hybrid Electric Vehicles

Battery Electric Vehicles (Largest)

Hybrid Electric Vehicles (Substantial Growth)

Region

North America, Europe, Asia-Pacific, and Rest of the World

Europe (Largest)

Asia-Pacific (Fastest)

 

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“APAC to witness a high CAGR in the electric vehicle fluid market during 2021-2027.”

APAC is anticipated to have a high CAGR of 31.6% during the forecast period owing to large-scale production and consumption of electric vehicles in the region. Moreover, the rising focus of vehicle manufacturers on manufacturing electric vehicles in the region will accelerate the growth of the market for electric vehicle fluids. The initiatives by the government to increase the sale of electric vehicles will further drive the growth of the electric vehicle fluid market in the region.

Some of the major players in the global Electric Vehicle Fluid market include Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, TotalEnergies, Valvoline LLC, CASTROL LIMITED, The Lubrizol Corporation, Motul, FUCHS, and Petroliam Nasional Berhad (PETRONAS).

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2015–2027

Historical Period

2015–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Product Type, Distribution Channel, Propulsion Type, and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and the Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, TotalEnergies, Valvoline LLC, CASTROL LIMITED, The Lubrizol Corporation, Motul, FUCHS, and Petroleum Nasional Berhad (PETRONAS)

 

Global Electric Vehicle Fluid Market Coverage

Product Type Insight and Forecast 2015-2027

  • Engine Oil
  • Coolants
  • Transmission Fluids
  • Greases

Distribution Channel Insight and Forecast 2015-2027

  • OEMs
  • Aftermarkets

Propulsion Type Insight and Forecast 2015-2027

  • Battery Electric Vehicles
  • Hybrid Electric Vehicles

Geographical Segmentation

Electric Vehicle Fluid Market by Region

North America

  • By Product Type
  • By Distribution Channel
  • By Propulsion Type
  • By Country – U.S., Canada, and Mexico

Europe

  • By Product Type
  • By Distribution Channel
  • By Propulsion Type
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Product Type
  • By Distribution Channel
  • By Propulsion Type
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Product Type
  • By Distribution Channel
  • By Propulsion Type
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries
Our Industry
Global Market for Electric Vehicle Fluid is Anticipated to grow at a Significant Pace i.e., USD 7,956 million during the Forecast Period 2021-2027