Electric Vehicle Fluids Market: Current Analysis and Forecast (2023-2030)

Report Description

The electric vehicle fluids market is expected to grow at a strong CAGR of around 36.49% during the forecast period due to the formalizing regulatory standards spurs compliant offerings. The recognition from authorities that establishing fundamental specifications for electric vehicle (EV) fluids can systematically reduce risks associated with this transition adds to the positive momentum. Governments in China, Europe, and North America are implementing specific codes and standards that pertain to different classifications of fluid grades. For instance, in late 2021, the state of California approved certification standards for dielectric fluid quality, which include minimum thresholds for breakdown voltage and viscosity. In 2022, the European Union also formalize guidelines for labeling methodologies to indicate compatibility of EV brake fluid containers. These specifications are crucial in providing necessary guidelines as new chemical compositions are introduced on a larger scale. Moreover, they create lucrative opportunities for early adopters who comply with these standards, as suggested by established players in the market.

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The intertwined and mutually reinforcing growth patterns in electric vehicles (EVs) and the accompanying fluid products indicate a significant potential. As vehicles undergo transformation, the fluids also undergo a synchronized transition, creating a mutually dependent relationship that is expected to reach unprecedented levels. The recent expansion efforts undertaken by major liquid companies like Johnson Controls and Valvoline demonstrate their strong belief in this inevitable development. With estimated valuations of around USD 1.5 billion by 2030, the necessary groundwork for groundbreaking innovation seems to be firmly established, fueling further enthusiasm for the remarkable progress of EV fluids.

Some of the major players operating in the market include Exxon Mobil Corporation, TotalEnergies, Shell plc, FUCHS, PETRONAS Lubricants International, Repsol, Valvoline Inc., Castrol, Gulf Oil International Ltd., ENEOS Corporation. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report

“Amongst product type, the thermal fluids segment dominated the market in 2022.”

Based on product type, the market is divided into transmission fluids, thermal fluids, and greases. The thermal fluids segment dominated the market in 2022 and is expected to show the same fashion in the forecast period. The major factors contributing to the growth are the growing continuous development in the battery and motors of electric vehicles, that are the major components of electric vehicles. Thermal fluids have been developed to cover the thermal management requirements of batteries, power electronics, and indirectly cooled electric motors in EDUs/e-Axes. Moreover, these products are formulated to prevent corrosion and deposit formation in the cooling system. For instance, in 2022, TotalEnergies launches global range of EV Fluids in India, the new product ranges – Quartz EV Fluid for cars and Hi-Perf EV Fluid for bikes have been developed specifically for drivetrain reducers, e-motors, e-transmissions and batteries in electric and hybrid vehicles.

“Amongst propulsion type, the battery electric vehicle segment holds a significant market share in 2022.”

Based on propulsion type, the market is bifurcated into battery electric vehicles and plug-in hybrid electric vehicles. The battery electric vehicle segment holds a significant market share in 2022 and is expected to showcase the same trend in the forecast period. The major factors contributing to the growth of the segment as it produces zero tailpipe emissions, have lower operating costs compared to PHEVs. Moreover, BEVs typically have a longer electric range compared to PHEVs. This means that BEVs can travel longer distances solely on electric power, without relying on gasoline. This longer electric range provides more flexibility and convenience for daily commuting and reduces the need for frequent refueling or recharging. The increased demand for BEVs has been greatly influenced by the progress made in developing battery technology that is both more efficient and affordable. BEVs commonly utilize lithium-ion batteries, which have experienced notable enhancements in energy density. As a result, drivers can now enjoy longer driving ranges and improved performance. These advancements have effectively addressed concerns regarding range anxiety and have made BEVs a more viable option for everyday use. Moreover, the batteries used in BEVs have a voltage ranging from 300-400 volts. Therefore, more adoption of BEVs will have a positive impact on EV powertrain market. Several instances below are driving the growth of the market. For instance,

• On February 13, 2023, Toyota Is Finally Accelerating BEV Development Specifically, next-generation BEVs for the Lexus brand by 2026.
• On 27 January 2023, Maruti announced to launch of six battery electric vehicles in India by 2030.

Electric Vehicle Fluids Market Report Coverage

“Asia Pacific dominated the market for Electric Vehicle Fluids market in 2022.”

The Asia Pacific electric vehicle fluids market has dominated in the historic period and is expected to behave in the same fashion in the forecast period. Over the past few years, the automobile market in the Asia Pacific region has experienced remarkable growth. This growth can be attributed to several factors including the rising population, increasing demand for transportation, advancements in technology, and the development of infrastructure and urban areas. It is worth noting that the Asia Pacific region is home to 60% of the global population, with India and China being the dominant countries. This region also houses major automobile manufacturers such as Honda, Suzuki, Hyundai, Mahindra, KIA, and Changan, who have introduced a range of models that have significantly boosted the sales of electric vehicles in the area. For instance, in 2023, according to the report published by Bloomberg Finance L.P in 2021, the total number of EVs sold was 3.2 million, which then doubled to reach 6.4 million units in 2022. This data highlights the remarkable increase in the adoption of electric vehicles over the mentioned period.

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Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
• The report presents a quick review of overall industry performance at one glance.
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
• The study comprehensively covers the market across different segments.
• Deep dive regional level analysis of the industry.

Customization Options:

The global Electric Vehicle Fluids market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to contact us to get a report that completely suits your requirements.

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Research Methodology

Research Methodology for the Electric Vehicle Fluids Market Analysis (2023-2030)

Analyzing the historical market, estimating the current market, and forecasting the future market of the Global Electric Vehicle Fluids market were the three major steps undertaken to create and analyze the adoption of electric vehicle fluids in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global electric vehicle fluids market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

A detailed secondary study was conducted to obtain the historical market size of the Electric Vehicle Fluids market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the electric vehicle fluids market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report such as product type, propulsion type and vehicle type. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the electric vehicle fluids market. Further, we conducted factor analysis using dependent and independent variables such as product type, propulsion type and vehicle type of the electric vehicle fluids market. A thorough analysis was conducted of demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Electric Vehicle Fluids market sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global Electric Vehicle Fluids market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2030 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of revenue (USD) and the adoption rate of the Electric Vehicle Fluids market across the major markets domestically.
• All percentage shares, splits, and breakdowns of market segments and sub-segments.
• Key players in the global electric vehicle fluids market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global Electric Vehicle Fluids market, data was split into several segments & sub-segments after studying various parameters and trends in the areas of product type, propulsion type and vehicle type in the global electric vehicle fluids market.

The main objective of the Electric Vehicle Fluids Market Study

The current & future market trends of the global Electric Vehicle Fluids market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of the electric vehicle fluids market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of product type, propulsion type and vehicle type.
• Define and analyze the regulatory framework for the electric vehicle fluids
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry.
• Analyze the current and forecast market size of the electric vehicle fluids market for the major region.
• Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
• Company profile of the electric vehicle fluids market and the growth strategies adopted by the market players to sustain in the fast-growing market.
• Deep dive regional level analysis of the industry

You can also purchase parts of this report. Do you want to check out a section wise
price list?

Get in touch with team