Electric Vehicle Fluids Market
Global Electric Vehicle Fluids Market Size, Share & Trends Analysis Report by Product Type (Engine Oil, Coolants, Transmission Fluids, and Greases), by Fill Type (First Fill and Service Fill), by Vehicle Type (Passenger Vehicle and Commercial Vehicle), and by Propulsion Type (Hybrid Electric Vehicle, Fuel Cell Electric Vehicle, and Battery Electric Vehicle) Forecast (2022-2028) Update Available - Forecast 2024-2030
The global electric vehicle fluids market is anticipated to grow at a significant CAGR of 21.9% during the forecast period. One of the major factors that are fueling the market is the growing demand for electric vehicles (EV) among the market. The growing awareness about the environment, the importance of electrification of vehicles, and the rising fuel prices have increased the demand for EVs in the past few years, which has also increased the demand for electric vehicle fluids which are necessary for the smooth functioning of the vehicle with a cool atmosphere in the vehicle via coolant. As per the data published by the International Energy Agency (IEA) 2020, the sales of electric cars has been increased by more than 40% compared to the sales of electric cars in 2019.
Impact of COVID-19 Pandemic on Global Electric Vehicle Fluids Market
COVID-19 pandemic had impacted most of the industries including the global automotive industry significantly owning to the lockdown in most of the nations to control the spread of the virus. It affected the overall demand for vehicles in the market. However, the electric vehicle market showed significant growth. As per the data of the International Energy Agency (IEA) 2020, the salea of electric cars reached 2,977,058 vehicle units globally which is 40.8% more than the sales of electric cars in 2019.
Segmental Outlook
The global electric vehicle fluids market is segmented based on the product type, fill type, vehicle type, and propulsion type. Based on the product type, the market is segmented into the engine oil, coolants, transmission fluids, and greases. Based on the fill type, the market is sub-segmented into the first fill, and service fills. Based on the vehicle type, the market is sub-segmented into passenger vehicles and commercial vehicles. Based on the propulsion type, the market is segmented into a hybrid electric vehicle, fuel cell electric vehicle, and battery electric vehicle. The above-mentioned segments can be customized as per the requirements. Based on fill type, first fill is expected to hold considerable share of the market, owing to the rising production of vehicles along with the necessary first fill for a new vehicle but after a few years service fill is projected to grow faster as the presence of a higher number of serviceable vehicles.
Global Electric Vehicle Fluids Market Share by Vehicle Type, 2021 (%)
The Passenger Vehicle Segment is Expecetd to Hold Prominent Share of the Global Electric Vehicle Fluids Market
Among the vehicle type, the passenger vehicle semgment is expected to holds prominet share in the global electric vehicle fluids market and is anticipated to grow significantly during the forecast period. Passenger vehicles have been dominating the market since the inception of the vehicle industry. These vehicles are used by most people for various reasons while commercial vehicles are used by some for specific works. Its dominance has been also seen in the electric vehicle market which has a growing demand for the specific fluids used in electric vehicles. As per the International Energy Agency (IEA), 2020 data, EV cars stock is 10,228,265 units across the globe, while commercial vehicles are 637,699 units.
Regional Outlooks
The global electric vehicle fluids market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East & Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Europe expected to hold the prominent share in the electric motor for electric vehicle market followed by Asia-Pacific, and North America.
Global Electric Vehicle Fluids Market Growth, by Region 2022-2028
The Asia-Pacific Region Anticipated to Grow Significantly Across the Global Electric Vehicle Fluids Market
Among the region, the Asia-Pacific region is anticipated to grow considerably across the the electric vehicle fluids market over the projected period globally, owing to the presence of emerging countries such as China, India, Japan, South Korea, and others. The region is the most populous and has major vehicle markets such as Toyota, Honda, Nio, Tata, and others. This has increased the sales of electric vehicles in the region exponentially and has great future potential for future electric vehicle sales, and has a huge demand for fluids used in electric vehicles such as engine oil, coolants, grease, and others. As per the data of IEA 2020, out of the total EV car stock of 10,228,265 units, China has 4,514,114 EV car stock which is more than 44% of the total EV car stocks.
Market Players Outlook
The major companies serving the global electric vehicle fluids market include BP p.l.c., ExxonMobil, Shell plc, TotalEnergies international group, Valvoline, and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in October 2021, Valvoline Inc. launched XEV, the brand's first China-based release of hybrid, plug-in hybrid, and pure electric vehicle products. XEV' is a suite of EV and hybrid fluids – including brake, battery protection fluid, transmission fluids, and motor oil.
The Report Covers
- Market value data analysis of 2021 and forecast to 2028.
- Annualized market revenues ($ million) for each market segment.
- Country-wise analysis of major geographical regions.
- Key companies operating in the global electric vehicle fluids market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
- Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
- Analysis of market-entry and market expansion strategies.
- Competitive strategies by identifying ‘who-stands-where’ in the market.
1. Report Summary
- Current Industry Analysis and Growth Potential Outlook
- Impact of COVID-19 on the Global Electric Vehicle Fluids Market
- Recovery Scenario of Global Electric Vehicle Fluids Market
1.1. Research Methods and Tools
1.2. Market Breakdown
1.2.1. By Segments
1.2.2. BY Region
2. Market Overview and Insights
2.1. Scope of the Report
2.2. Analyst Insight & Current Market Trends
2.2.1. Key Findings
2.2.2. Recommendations
2.2.3. Conclusion
3. Competitive Landscape
3.1. Key Company Analysis
3.1.1. BP plc
3.1.1.1. Overview
3.1.1.2. Financial Analysis
3.1.1.3. SWOT Analysis
3.1.1.4. Recent Developments
3.1.2. Exxon Mobil Corp.
3.1.2.1. Overview
3.1.2.2. Financial Analysis
3.1.2.3. SWOT Analysis
3.1.2.4. Recent Developments
3.1.3. Shell plc
3.1.3.1. Overview
3.1.3.2. Financial Analysis
3.1.3.3. SWOT Analysis
3.1.3.4. Recent Developments
3.1.4. TotalEnergies International Group
3.1.4.1. Overview
3.1.4.2. Financial Analysis
3.1.4.3. SWOT Analysis
3.1.4.4. Recent Developments
3.1.5. Valvoline Inc.
3.1.5.1. Overview
3.1.5.2. Financial Analysis
3.1.5.3. SWOT Analysis
3.1.5.4. Recent Developments
3.2. Key Strategy Analysis
3.3. Impact of COVID-19 on Key Players
4. Market Segmentation
4.1. Global Electric Vehicle Fluids Market by Product Type
4.1.1. Engine Oil
4.1.2. Coolants
4.1.3. Transmission Fluids
4.1.4. Greases
4.2. Global Electric Vehicle Fluids Market by Fill Type
4.2.1. First Fill
4.2.2. Service Fill
4.3. Global Electric Vehicle Fluids Market by Vehicle Type
4.3.1. Passenger Vehicle
4.3.2. Commercial Vehicle
4.4. Global Electric Vehicle Fluids Market by Propulsion Type
4.4.1. Hybrid Electric Vehicles (HEV)
4.4.2. Fuel Cell Electric Vehicles (FCEV)
4.4.3. Battery Electric Vehicles (BEV)
5. Regional Analysis
5.1. North America
5.1.1. US
5.1.2. Canada
5.2. Europe
5.2.1. UK
5.2.2. Germany
5.2.3. Italy
5.2.4. Spain
5.2.5. France
5.2.6. Rest of Europe
5.3. Asia-Pacific
5.3.1. China
5.3.2. India
5.3.3. Japan
5.3.4. South Korea
5.3.5. Rest of Asia-Pacific
5.4. Rest of the World
6. Company Profiles
6.1. The 3M Co.
6.2. Afton Chemical Corp.
6.3. Dober
6.4. ENEOS Corp.
6.5. Engineered Fluids, Inc.
6.6. Fuchs Petrolub SE
6.7. Infineum International Ltd.
6.8. Klueber Lubrication Muenchen KG
6.9. M&I Materials Ltd.
6.10. MOTUL S.A.
6.11. PANOLIN AG
6.12. PETRONAS Lubricants International (PLI)
6.13. PTT Public Company Ltd. (PTT)
6.14. Repsol Group
6.15. The Lubrizol Corp.
1. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
2. GLOBAL ENGINE OIL IN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
3. GLOBAL COOLANTS IN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
4. GLOBAL TRANSMISSION FLUIDS IN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
5. GLOBAL GREASES IN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
6. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY FILL TYPE, 2021-2028 ($ MILLION)
7. GLOBAL FIRST FILL IN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
8. GLOBAL SERVICE FILL IN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
9. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
10. GLOBAL PASSENGER ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
11. GLOBAL COMMERCIAL ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
12. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
13. GLOBAL HYBRID ELECTRIC VEHICLE (HEV) FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
14. GLOBAL FUEL CELL ELECTRIC VEHICLE (FEV) FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
15. GLOBAL BATTERY ELECTRIC VEHICLE (BEV) FLUIDS MARKET RESEARCH AND ANALYSIS BY REGION, 2021-2028 ($ MILLION)
16. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY GEOGRAPHY, 2021-2028 ($ MILLION)
17. NORTH AMERICAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
18. NORTH AMERICAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
19. NORTH AMERICAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY FILL TYPE, 2021-2028 ($ MILLION)
20. NORTH AMERICAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
21. NORTH AMERICAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
22. EUROPEAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
23. EUROPEAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
24. EUROPEAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY FILL TYPE, 2021-2028 ($ MILLION)
25. EUROPEAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
26. EUROPEAN ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
27. ASIA-PACIFIC ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
28. ASIA-PACIFIC ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
29. ASIA-PACIFIC ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY FILL TYPE, 2021-2028 ($ MILLION)
30. ASIA-PACIFIC ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
31. ASIA-PACIFIC ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
32. REST OF THE WORLD ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY COUNTRY, 2021-2028 ($ MILLION)
33. REST OF THE WORLD ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PRODUCT TYPE, 2021-2028 ($ MILLION)
34. REST OF THE WORLD ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY FILL TYPE, 2021-2028 ($ MILLION)
35. REST OF THE WORLD ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY VEHICLE TYPE, 2021-2028 ($ MILLION)
36. REST OF THE WORLD ELECTRIC VEHICLE FLUIDS MARKET RESEARCH AND ANALYSIS BY PROPULSION TYPE, 2021-2028 ($ MILLION)
1. IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE FLUIDS MARKET, 2021-2028 ($ MILLION)
2. IMPACT OF COVID-19 ON GLOBAL ELECTRIC VEHICLE FLUIDS MARKET BY SEGMENT, 2021-2028 ($ MILLION)
3. RECOVERY OF GLOBAL ELECTRIC VEHICLE FLUIDS MARKET, 2022-2028 (%)
4. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET SHARE BY PRODUCT TYPE, 2021 VS 2028 (%)
5. GLOBAL ENGINE OIL IN ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
6. GLOBAL COOLANTS IN ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
7. GLOBAL TRANSMISSION FLUIDS IN ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
8. GLOBAL GREASES IN ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
9. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET SHARE BY FILL TYPE, 2021 VS 2028 (%)
10. GLOBAL FIRST FILL IN ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
11. GLOBAL SERVICE FILL IN ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
12. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET SHARE BY VEHICLE TYPE, 2021 VS 2028 (%)
13. GLOBAL PASSENGER ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
14. GLOBAL COMMERCIAL ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
15. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET SHARE BY PROPULSION TYPE, 2021 VS 2028 (%)
16. GLOBAL HYBRID ELECTRIC VEHICLE (HEV) FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
17. GLOBAL FUEL CELL ELECTRIC VEHICLE (FEV) FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
18. GLOBAL BATTERY ELECTRIC VEHICLE (BEV) FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
19. GLOBAL ELECTRIC VEHICLE FLUIDS MARKET SHARE BY GEOGRAPHY, 2021 VS 2028 (%)
20. US ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
21. CANADA ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
22. UK ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
23. FRANCE ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
24. GERMANY ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
25. ITALY ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
26. SPAIN ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
27. REST OF EUROPE ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
28. INDIA ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
29. CHINA ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
30. JAPAN ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
31. SOUTH KOREA ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
32. REST OF ASIA-PACIFIC ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
33. REST OF THE WORLD ELECTRIC VEHICLE FLUIDS MARKET SIZE, 2021-2028 ($ MILLION)
