Austin, Sept. 18, 2024 (GLOBE NEWSWIRE) -- The Electric Vehicle Fluids Market Share is projected to reach USD 12.6 billion by 2032 and grow at a CAGR of 29.5% over the forecast period of 2024-2032.
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Key Players:
- ExxonMobil (Mobil EV Therm™, Mobil EV Drive™)
- Shell (Shell E-Transmission Fluid, Shell E-Fluids)
- TotalEnergies SE (Quartz EV Fluid, Total Rubia EV Fluid)
- Castrol (Castrol ON EV Thermal Fluid, Castrol ON EV Transmission Fluid)
- FUCHS Petrolub (FUCHS RENOLIN E-Fluids, FUCHS TITAN EV Gear Fluid)
- Valvoline (Valvoline EV Coolant, Valvoline EV Transmission Fluid)
- Petronas Lubricants (PETRONAS Iona Transmission Fluid, PETRONAS Iona Coolant)
- Afton Chemical (HiTEC® E-Transmission Fluid, HiTEC® EV Lubricants)
- Motul (Motul Inugel EV Coolant, Motul Gear EV Transmission Fluid)
- Panolin (Panolin E-Fluid, Panolin E-Coolant)
- BP (British Petroleum) (BP E-Lubricant, BP EV Coolant)
- Chevron Corporation (Chevron EV Fluid, Chevron E-Coolant)
- Red Line Oil (Red Line EV Gear Oil, Red Line EV Transmission Fluid)
- Klüber Lubrication (Klüberoil 4 UH1-15, Klübersynth GH 6-220)
- Idemitsu Kosan (Idemitsu EV Coolant, Idemitsu EV Transmission Fluid)
- Millers Oils (Millers EV Gear Fluid, Millers EV Coolant)
- Valvoline Inc. (US)
- Repsol S.A. (Spain)
- ENEOS Corporation
- Saudi Arabian Oil Co.
- Royal Dutch Shell plc (Netherlands)
Rising Adoption of Electric Vehicles Fluids Market Growth.
The electric vehicle fluids market is driven largely by the increasing adoption of electric vehicles among consumers and businesses. Concerns about the environmental impact of transportation have shifted the automotive market toward electric vehicles, and as such, the necessity of advanced fluids, such as fluids for battery thermal management, e-transmission fluids, and cooling fluids, to maintain their effective performance has become increasingly important. In 2023, ExxonMobil released Mobil EV Therm™, a thermal management fluid specifically engineered for cooling batteries on high-performance batteries.
Moreover, Shell also released a family of E-Fluids products – transmission and cooling fluids designed for electric powertrains which were specifically developed to meet the needs of electric vehicles. These launches are only a few examples of recent trends that reflect the growing demand for advanced fluids in the electric vehicles market. Government data also shows that the share of electric vehicles in the automotive market is on the rise. Only in 2022, global sales of e-vehicles exceeded 10 million units, in the United States, and California, Therefore, the growing adoption of electric vehicles in various markets is increasingly aligning with the need for effective fluid solutions, demonstrating the strong relationship between the market tendencies.
The interest in electric vehicles is rising, and numerous governments all around the globe are providing consumers and manufacturers with various incentives and subsidies to drive demand for EV fluids. Tax credits, rebates, and grants are some ways to reduce the cost of EVs for manufacturers and consumers, demonstrating the preference of electric vehicles over other types of transport.
Notably, one of the most recent incentives would be the Electric Vehicle Tax Credit introduced by the U.S. federal government in 2022. It allows a USD 7,500 rebate for EVs purchases and has played a significant role in the increasing sales of EVs that, in turn, drive the need for specialized fluids. Moreover, EV subsidies under the European Union’s Fit for 55 Plan aimed to reduce greenhouse gas emissions stimulate demand for electric vehicles. Significantly, the key players in the market have been active in the development of new products to respond to the increasing demand.
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Segmentation Analysis
By Product Type
- Engine oil
- Coolants
- Transmission fluids
- Greases
Engine oil held the largest market share around 56% in 2023. This is due to its critical role in both conventional and electric powertrains. Engine oil is essential for reducing friction, protecting against wear, and ensuring the smooth operation of moving parts in traditional internal combustion engines. Although electric vehicles rely less on engine oil due to their lack of a conventional internal combustion engine, engine oil still plays a vital role in hybrid vehicles, which combine electric and combustion engines. Additionally, with the continued presence of hybrid vehicles and the gradual transition to fully electric powertrains, engine oil remains a significant segment.
By Vehicle Type
- On-highway Electric Vehicles
- Off-highway Electric Vehicles
On-highway electric vehicles held the largest market share around 68% in 2023. This is due to several compelling factors. On-highway EVs, including passenger cars and light commercial vehicles, represent the most widely adopted segment of the electric vehicle market, driven by increasing consumer preference for cleaner transportation options and significant advancements in EV technology. The growth of this segment is bolstered by supportive government policies and incentives, such as tax credits and rebates, which encourage consumers to transition from traditional combustion engines to electric vehicles.
By Propulsion Type
- Battery electric vehicles
- Hybrid electric vehicles
The dominant position in the EV fluids market is held by the HEVs sub-segment. Hybrid electric vehicles are appealing to the customers as they are becoming a bridge between the traditional internal combustion engines and fully electric vehicles. They are chosen by consumers who are interested in more efficient use of fuel and energy and lower emissions but who are not yet ready for the range restrictions of EVs. The additional factor contributing to the demand is that the hybrids can both use energy and be charged.
By Fill Type
- First fill
- Service fill
Regional Landscape:
Europe held the largest market share around 47% in 2023. Output
Europe became a world leader in switching to electric mobility due to the increased competition in terms of environmental regulations and climate targets. In particular, the stringent requirements of the European Union in terms of reducing greenhouse gas emissions and increasing the share of zero-emission vehicles have been triggering considerable changes. Relevant policies included the Fit for 55 packages, which is expected to accelerate the reduction of emissions by 55 percent by 2030 while facilitating the adoption of electric modes of transportation. In addition, Europe implemented significant incentives for the acquisition of electric vehicles, including tax reductions, subsidies, and grants. Consequently, the share of consumer and fleet electric vehicles grew more than in other markets. European automobile manufacturers such as Volkswagen and BMW also invested heavily in electric vehicles and infrastructure.
Recent Developments
- In 2023: Shell launched its E-Fluids range, including both battery cooling and e-transmission fluids. These fluids are formulated to meet the high-performance demands of modern electric drivetrains, improving efficiency and reliability.
- In March 2023: Luberef developed a new line of fluids specifically for electric vehicles, including advanced cooling and transmission fluids, to address the unique demands of electric vehicle systems.
Key Takeaways:
- The EV fluids market is expanding rapidly due to the increasing adoption of electric vehicles and hybrids, driven by consumer demand and supportive government policies.
- Various government incentives and subsidies, such as tax breaks and grants, are boosting the adoption of electric vehicles and, consequently, increasing the demand for EV fluids.
- There is a strong emphasis on sustainability, with manufacturers developing eco-friendly fluids that offer reduced toxicity and better recyclability, aligning with global environmental goals.
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BENEFITS:
No. Of Pages: 510 Pages PDF
Regions/Countries:
- North America (3 Countries)
- Europe (~15 Countries)
- Asia Pacific (~10 Countries)
- Latin America (~5 Countries)
- Middle East & Africa (~5 Countries) (Include Israel)
ME Sheet: Market Estimation in Excel Format
Company Analysis:
- Major 15 companies covered in final report.
- Additional 5 companies will be covered as per client demand complimentary.
Statistical Insights and Trends Reporting:
- Feature Analysis, by Offering
- Performance Benchmarks, by Offering
- Usage Statistics, by Region, 2023
- Integration Capabilities, by Offering
- Regulatory Compliance, by Region
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