Global Electric Vehicle Fluid Market is Set to Rise to USD 25.5 Billion, Expanding at a Whopping 31.7% CAGR by 2034 - Future Market Insights, Inc.

The global electric vehicle (EV) fluid market is experiencing robust growth, driven by the increasing adoption of electric vehicles and advancements in automotive technology. This market includes various fluids essential for the operation and maintenance of EVs, such as coolant, lubricants, brake fluids, and transmission fluids. As EVs become more prevalent due to environmental concerns and government incentives, the demand for specialized fluids designed to enhance performance, efficiency, and safety is rising.

/EIN News/ -- NEWARK, Del, July 23, 2024 (GLOBE NEWSWIRE) -- The electric vehicle (EV) fluid market is experiencing staggering growth, with a projected CAGR of 31.7% from 2024 to 2034. The EV fluid market is anticipated to reach a valuation of USD 1.6 billion in 2024, and the industry is projected to be worth USD 25.5 billion by 2034. The surge is attributed to the global momentum toward electric mobility. EV fluids are pivotal in ensuring the optimal performance and longevity of various components within electric vehicles, including batteries, electric motors, and power electronics.

Heightened adoption of electric vehicles on a global scale propels the demand for specialized fluids designed to meet the unique requirements of these advanced propulsion systems. Several factors contribute to the remarkable expansion of the EV fluid market. Firstly, the increasing awareness of environmental sustainability and the imperative to reduce carbon emissions drive the transition to electric vehicles.

As governments worldwide implement stringent regulations favoring clean energy solutions, the demand for electric vehicles and their specialized fluids rises correspondingly. Secondly, technological advancements in electric drivetrains and thermal management systems necessitate innovative fluid formulations. Companies within the EV fluid market are investing in research and development to stay ahead of emerging technological trends, providing fluids that enhance the efficiency and reliability of electric vehicles.

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Moreover, the automotive industry's strategic shift toward electric mobility presents diverse opportunities for EV fluid manufacturers. The market encompasses a range of fluids, including coolants, lubricants, and thermal management solutions, each playing a crucial role in optimizing the performance and longevity of electric vehicles.

The EV fluid market is positioned as a dynamic and integral segment within the broader electric mobility landscape with ongoing innovations, such as biodegradable formulations and enhanced thermal conductivity. As the automotive industry embraces electrification, the EV fluid market is poised to contribute globally to the sustainable and efficient operation of electric vehicles.

Key Takeaways from the Market Study

• Based on product type, engine oil is projected to expand at 31.5% CAGR by 2034.
• Japan is estimated to register at a CAGR of 33.7% by 2034.
• South Korea experiences significant growth, projected at a CAGR of 34.1% by 2034.
• Based on vehicle type, on-highway electric vehicles are anticipated to expand at a CAGR of 31.3% by 2034.

“The key driver in the electric vehicle fluid market is the rapid global adoption of electric vehicles (EVs),” - says Nikhil Kaitwade, Associate Vice President at Future Market Insights (FMI).

Competitive Landscape

The competitive landscape of the electric vehicle fluid market is characterized by key players such as ExxonMobil, Royal Dutch Shell, and TotalEnergies. These industry leaders continually innovate to offer advanced fluids, including coolants and lubricants, meeting the evolving needs of electric vehicles.

Strategic collaborations, research and development initiatives, and a focus on sustainable solutions define the competitive dynamics. The market is marked by dynamic competition as companies strive to establish themselves as leaders in providing essential fluids for the growing electric mobility sector.

Top Key Players

• Exxon Mobil Corporation
• BP p.l.c.
• Shell plc
• FUCHS
• TotalEnergies
• Petroliam Nasional Berhad (PETRONAS)
• Saudi Arabian Oil Co.
• Repsol
• PTT LUBRICANTS
• ENEOS Corporation

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Some of the recent developments are as follows:

• In August 2023, Petro-Canada made a significant entry into the Electric Vehicle (EV) fluids sector by introducing a lineup of lubricant products.
• In March 2023, a noteworthy development occurred at the Southwest Research Institute, where a dedicated team unveiled mechanical testing equipment. This equipment evaluates friction and wear associated with electric vehicle fluids.

More Valuable Insights Available

Future Market Insights offers an unbiased global electric vehicle fluid market analysis, providing historical data from 2019 to 2023 and forecast statistics from 2024 to 2034

To understand electric vehicle fluid market opportunities are segmented based on Product Type (Engine oil, Coolants, Transmission fluids, Greases), Vehicle Type (On-highway Electric Vehicles, Off-highway Electric Vehicles), Propulsion Type (Battery electric vehicles, Hybrid electric vehicles), Fill Type (First fill, Service fill), and Region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa)

Authored By:

Nikhil Kaitwade (Associate Vice President at Future Market Insights, Inc.) has over a decade of experience in market research and business consulting. He has successfully delivered 1500+ client assignments, predominantly in Automotive, Chemicals, Industrial Equipment, Oil & Gas, and Service industries.

His core competency circles around developing research methodology, creating a unique analysis framework, statistical data models for pricing analysis, competition mapping, and market feasibility analysis. His expertise also extends wide and beyond analysis, advising clients on identifying growth potential in established and niche market segments, investment/divestment decisions, and market entry decision-making.

Nikhil holds an MBA degree in Marketing and IT and a Graduate in Mechanical Engineering. Nikhil has authored several publications and quoted in journals like EMS Now, EPR Magazine, and EE Times.

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About the Automotive Division at Future Market Insights

The automotive team at Future Market Insights offers expert analysis, time-efficient research, and strategic recommendations to provide authentic insights and accurate results to help clients worldwide. With over 100+ reports and one million+ data points, the team has analyzed the industry lucidly in 50+ countries for over a decade. The team briefly analyzes key trends, including competitive landscape, profit margin, and research development efforts.

About Future Market Insights (FMI)

Future Market Insights, Inc. (ESOMAR certified, recipient of the Stevie Award, and a member of the Greater New York Chamber of Commerce) offers profound insights into the driving factors that are boosting demand in the market. FMI stands as the leading global provider of market intelligence, advisory services, consulting, and events for the Packaging, Food and Beverage, Consumer Technology, Healthcare, Industrial, and Chemicals markets. With a vast team of 400 analysts worldwide, FMI provides global, regional, and local expertise on diverse domains and industry trends across more than 110 countries.

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