Electric Vehicle Fluids Market Size Worth $12.27 Billion By 2032 | CAGR: 30.7%

The global electric vehicle fluids market size is expected to reach USD 12.27 billion by 2032, according to a new study by Polaris Market Research. The report “Electric Vehicle Fluids Market Share, Size, Trends, Industry Analysis Report, By Product (Engine oil, Coolants, Transmission fluids, Greases); By Vehicle Type; By Propulsion Type; By Fill Type; By Region; Segment Forecast, 2024-2032” gives a detailed insight into current market dynamics and provides analysis on future market growth.

Electric vehicle fluids are gaining momentum with increasing disposable income among individuals, contributing to the demand for mobility. The growing government initiatives to promote a circular economy in the world are optimally fueling the adoption of electric vehicle fluids in the marketplace. Furthermore, the rising development of advanced electric vehicles along with the fluids is improving e-mobility functioning, stimulating the demand for electric vehicles.

The rising investments by companies to enhance their product offerings and meet changing consumer needs are creating new growth opportunities for the electric vehicle fluids market. For instance, in January 2024, Castrol announced an investment of USD 60 million in its UK-based electric vehicle battery testing facility. As a part of its onward strategy, Castrol introduced a range of products in the Castrol ON EV Fluids product line, such as EV thermal, greases, and transmission fluids.

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Growing consumption of electric vehicles around the world is showcasing a favorable market for electric vehicle fluids, with an increasing need for fluids that enhance the functionality of EVs. This trend is motivating manufacturers to develop effective fluids aiming to promote a circular economy. For instance, in December 2023, Texaco Lubricants announced the launch of a new range of electric fluids into its product portfolio to meet growing electric vehicle market needs. It is adopting renewable oil in the development process to limit carbon intensity in business operations.

Growing awareness campaigns and increasing electric vehicle fluid trials are anticipated to drive market expansion in the global market. For instance, in December 2023, CRP Automotive announced the introduction of the Pentosin Tesla EV Fluid Program to utilize Tesla-based premium fluids in the vehicles.

The increasing number of studies exploring the development of efficient fuid-determining tools is likely to foster market growth over the forecast period. For instance, in March 2023, researchers at Southwest Research Institute announced the development of a mechanical fluid testing device. It has the potential to track the friction and wear of electric fluids in the presence of applied voltage.

Electric Vehicle Fluids Market Report Highlights

• Engine oil segment is anticipated to witness the highest growth in the coming years due to the increasing consumption of hybrid electric vehicles.
• On-highway electric vehicles segment accounted for the largest market share owing to the increasing construction of charging stations.
• Hybrid electric vehicle segment is projected to experience a larger revenue share due to its convenience, and flexibility.
• APAC is projected to register the fastest growth, attributable to the growing government policies to support the growth of the electric vehicle industry.
• The global players include BP, ENEOS Corporation, ExxonMobil Corporation, FUCHS Petrolub AG, Petronas, PTT, Repsol & Royal Dutch Shell.

Polaris Market Research has segmented the electric vehicle fluids market report based on product, vehicle type, propulsion type, fill type, and region:

Electric Vehicle Fluids, Product Outlook (Revenue - USD Billion, 2019 - 2032)

• Engine oil
• Coolants
• Transmission fluids
• Greases

Electric Vehicle Fluids, Vehicle Type Outlook (Revenue - USD Billion, 2019 - 2032)

• On-highway Electric Vehicles
• Off-highway Electric Vehicles

Electric Vehicle Fluids, Propulsion Type Outlook (Revenue - USD Billion, 2019 - 2032)

• Battery electric vehicles
• Hybrid electric vehicles

Electric Vehicle Fluids, Fill Type Outlook (Revenue - USD Billion, 2019 - 2032)

• First fill
• Service fill

Electric Vehicle Fluids, Regional Outlook (Revenue - USD Billion, 2019 - 2032)

• North America
  • U.S.
  • Canada
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • South Korea
  • Indonesia
  • Malaysia
  • Australia
  • Rest of APAC
• Latin America
  • Argentina
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Israel
  • South Africa
  • Rest of Middle East & Africa

Electric Vehicle Fluids Market Report Scope