PUBLISHER: The Business Research Company | PRODUCT CODE: 1648759
PUBLISHER: The Business Research Company | PRODUCT CODE: 1648759
Electric vehicle fluids play a crucial role in reducing energy losses within the drivetrain system and enhancing the transmission efficiency of electric vehicles (EVs). These fluids provide insulation to prevent arcing caused by close contact with the electrical components of the vehicle, contribute to the cooling of electric motors and gears, and offer insulation for electric current. Additionally, they extend the lifespan of each electric motor part and enhance the overall mileage of EVs by improving machine efficiency.
The main types of electric vehicle fluids include engine oils, coolants, transmission fluids, and greases. Engine oils are employed to maintain the engine's coolness and ensure proper sealing of piston rings in internal combustion engines (IC engines). These fluids are utilized in various types of vehicles, including passenger vehicles and commercial vehicles, and cater to different EV types such as Battery Electric Vehicles (BEV), Plug-in Hybrid Electric Vehicles (PHEV), and Hybrid Electric Vehicles (HEV). Electric vehicle fluids find applications in the driveline, battery coolant systems, and grease components.
The electric vehicle fluids market research report is one of a series of new reports from The Business Research Company that provides electric vehicle fluids market statistics, including electric vehicle fluids industry global market size, regional shares, competitors with an electric vehicle fluids market share, detailed electric vehicle fluids market segments, market trends and opportunities, and any further data you may need to thrive in the electric vehicle fluids industry. This electric vehicle fluids market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The electric vehicle fluids market size has grown exponentially in recent years. It will grow from $2.19 billion in 2024 to $2.81 billion in 2025 at a compound annual growth rate (CAGR) of 28.3%. The growth in the historic period can be attributed to electric vehicle (ev) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in evs.
The electric vehicle fluids market size is expected to see exponential growth in the next few years. It will grow to $8.07 billion in 2029 at a compound annual growth rate (CAGR) of 30.2%. The growth in the forecast period can be attributed to expansion of ev charging networks, standardization of charging connectors, international market growth, global ev adoption, and growing public and private charging stations. Major trends in the forecast period include development of specialized ev fluids, biodegradable and eco-friendly formulations, collaboration with oems, thermal management, and fluid monitoring and maintenance.
The electric vehicle fluids market is poised for growth, driven by an increasing demand for electric vehicles (EVs). As EVs, which operate wholly or partially on electricity, become more prevalent, the demand for electric vehicle fluids is expected to rise. These fluids play a crucial role in enhancing fuel efficiency and reducing carbon footprints in vehicles. The surge in manufacturing and sales of electric vehicles, as predicted by Bloomberg New Energy Finance (BNEF), with EVs reaching 10% of global passenger vehicle sales by 2025 and escalating to 28% in 2030 and 58% in 2040, will significantly contribute to the growth of the electric vehicle fluids market.
The electric vehicle fluids market is set to benefit from increasing energy efficiency in the automotive sector. Energy efficiency involves optimizing energy resources to achieve desired outputs with minimal waste. Electric vehicle fluids play a vital role in managing the thermal performance of EV components, reducing friction, and ensuring optimal operation of various systems. These fluids collectively contribute to improving energy efficiency in electric vehicles, leading to extended driving range, lower energy consumption, and overall enhanced performance. The European Union's plan, as indicated by Eurostat in December 2022, to increase energy efficiency with goals of at least 32.5% by 2030 underscores the market's growth trajectory.
Major companies in the electric vehicle fluids market are concentrating on developing innovative solutions, such as performance fluids, to enhance the efficiency and longevity of electric vehicle components. Performance fluids encompass specialized lubricants, coolants, and other liquids designed to improve the efficiency, durability, and overall performance of mechanical and electrical systems in vehicles, including electric vehicles (EVs). For example, in January 2023, Valvoline Inc., a US-based retail automotive services firm, introduced its EV Performance Fluids, a specialized product line tailored for electric vehicles (EVs). This new range includes heat transfer fluids for optimal battery temperature management, drive system fluids for multi-speed transmissions, advanced brake fluids with high boiling points, and grease formulated for EV motors and seal bearings. Each product tackles specific challenges encountered by EVs, such as temperature regulation, powertrain performance, and corrosion prevention.
Major companies in the electric vehicle fluids market are concentrating on creating innovative solutions, such as Quartz EV Fluids, to enhance the performance and protection of electric vehicle components. Developed by TotalEnergies, Quartz EV Fluids are specialized fluids designed to improve the performance and safeguarding of electric and hybrid vehicle components, providing optimal thermal management and reducing friction in drivetrains and batteries. For example, in November 2022, TotalEnergies SE, a France-based petroleum company, launched two specialized ranges of electric vehicle (EV) fluids: Quartz EV Fluid for electric and hybrid vehicles and Hi-Perf EV Fluid for electric bikes. These fluids are engineered to enhance performance and efficiency in drivetrain reducers, e-motors, e-transmissions, and batteries. With advanced features that prevent short circuits and static electricity, they ensure compatibility with copper coils and modern polymer materials.
In December 2022, Gulf Oil, a US-based oil company, formed a partnership with Altigreen. This collaboration aims to develop specialized EV fluids, including brake and gear oils, for electric three-wheelers. By leveraging Gulf's research and development capabilities, the partnership seeks to enhance the performance and efficiency of Altigreen's electric cargo vehicles while supporting India's electrification goals by 2030. Altigreen is an India-based manufacturer that specializes in commercial electric vehicles.
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.
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 are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
The countries covered in the electric vehicle fluids market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA.
The electric vehicle fluids market consists of sales of heat transfer fluid, brake fluid, and drive system fluid. Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Electric Vehicle Fluids Global Market Report 2025 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on electric vehicle fluids market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for electric vehicle fluids ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The electric vehicle fluids market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The forecasts are made after considering the major factors currently impacting the market. These include the Russia-Ukraine war, rising inflation, higher interest rates, and the legacy of the COVID-19 pandemic.