The global electric vehicle fluids market is anticipated to grow at a considerable CAGR of 21.9% during the forecast period (2024-2031). The primary factor contributing towards the growth of the market is the rising shift of key market players towards e-fluids. Further, the rapidly growing competition among the market, as companies are inclining towards launching their products for electric vehicle fluids owing to the growing electric vehicle demand is another factor supporting the growth of the market. As per the data of the International Energy Agency (IEA) 2020, the sales of EV cars increased by more than 40% as compared to the sales of EV cars in 2019. Such demand has shown a huge potential in the market and has pushed market players to launch their own products.
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For instance, in May 2019, Shell launched a new range of fluids specifically designed to work in battery electric vehicles (EVs). These E-Transmission Fluids, E-Thermal Fluids, and E-Greases have made battery EVs perform better and be more efficient. Later, in October 2020, Royal Dutch Shell plc added fluids for light-, medium- and heavy-duty commercial EVs to its existing range of passenger car e-fluids. The newly available fluids were for fuel-cell and battery EVs and included transmission fluids, greases, and battery coolants.
Earlier in 2020, Fuchs Petrolub SE launched a dedicated range of fluid products for EVs called BluEV. The German independent joined a small but growing number of lubricant companies that are formulating fluids optimized for plug-ins and hybrids.
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Market Coverage
Segment Covered-
- By Product Type
- By Fill Type
- By Vehicle Type
- By Propulsion Type
Regions Covered-
- North America
- Europe
- Asia-Pacific
- Rest of the World
Competitive Landscape- including BP p.l.c., ExxonMobil, Shell plc, TotalEnergies international group, Valvoline, and others.
Key questions addressed by the report
- What is the market growth rate?
- Which segment and region dominate the market in the base year?
- Which segment and region will project the fastest growth in the market?
- How COVID-19 impacted the market?
o Deviation from the pre-COVID-19 forecast
o Most affected region and segment
- Who is the leader in the market?
- How are players addressing challenges to sustain growth?
- Where is the investment opportunity?
Global Electric Vehicle Fluids Market Report Segment
By Product Type
- Engine Oil
- Coolants
- Transmission Fluids
- Greases
By Fill Type
- First Fill
- Service Fill
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicle
By Propulsion Type
- Hybrid Electric Vehicles (HEV)
- Fuel Cell Electric Vehicles (FCEV)
- Battery Electric Vehicles (BEV)
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