(EMAILWIRE.COM, April 04, 2023 ) The Electric Vehicle Fluids Market is projected to reach USD 8,644 million by 2030, at a CAGR of 31.2% from USD 749 million in 2021. The major factor driving the demand for electric vehicle fluids is an increase in electric vehicle production. With the growing concern over tailpipe emissions and their harmful effects on the environment, stringent standards for carbon dioxide and pollutants such as nitrogen oxide, unburned hydrocarbons, and particulates have been put in place, resulting in hybrid and full EVs no longer being seen as uncommon, but the standard for the future. A specific fluid requirement in EVs is also one of the other driving factors for electric vehicle fluids as an ICEs motor differs greatly from EV motors and thus, needs fluids, which cater to totally different functions than that in the ICEs.
Stringent mandates by governments are a major opportunity for electric vehicle fluids manufacturers. Emission of carbon from ICE vehicles is now treated as a significant threat by governments in many countries. Thus, the gradual tightening of fuel economy and tailpipe CO2 standards have augmented the role of EVs to meet the standards.
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Government initiatives pertaining to EVs, such as investment in infrastructure, tax rebates, and others, also act as a major opportunity for the growth of the electric vehicles and the electric vehicle fluids markets. The hybrid EV segment accounted for the larger market share in 2020; however, the Battery EV segment is expected to account for the larger share by 2030. Battery EVs do not require a gasoline engine, which requires fuel and routine maintenance. Though battery EVs require less EV fluids than the hybrid ones, the large-scale production of battery EVs in comparison to Hybrid EVs is expected to lead to the demand for EV fluids during the forecast period. The prices of batteries for EVs are decreasing due to the advancements in technology, which are expected to result in the reduced overall prices of BEVs.
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The EV Fluids are be classified as coolants, engine oil, transmission fluids, and greases based on product type. Coolants, which are used for regulating the temperature of the battery pack and other electronic components, are expected to be the fastest-growing product type for electric vehicles during the forecast period. The engine oil segment is expected to lead the overall electric vehicle fluids market during the forecast period. This is due to the high demand for engine oil in hybrid electric vehicles during first, and service fills. Engine oil has far less replacement interval in comparison to other electric vehicle fluids, which leads to its large-scale consumption. High market share in terms of volume and high prices of engine oil in comparison to other EV fluids will result in the largest market share of engine oil during the forecast period.
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The EV Fluids are be classified as On- highway vehicles (passenger cars, commercial vehicles) and off-highway vehicles based on vehicle type. On-highway vehicles, which include passenger cars and commercial vehicles, accounted for the largest share of the electric vehicle fluids market in 2020. High demand from passenger and commercial electric vehicles is expected to boost the market for electric vehicle fluids for on-highway vehicles. The vehicles differ in terms of size, shape, load-carrying capacity, and purpose. The classification is based on the load-carrying capacity. Passenger cars have a load-carrying capacity of less than three tons and are used for transporting passengers. LCVs are motor vehicles with a load-carrying capacity between 3.5 and 7.0 tons and are mid-sized goods carriers mainly used for intra-city operations. HCVs are large vehicles with a load-carrying capacity of more than 7.0 tons and are used for carrying heavy goods or for the mass transportation of passengers. HCVs include heavy trucks and buses. For this report, LCVs and HCVs are considered under the single category of commercial vehicles. Off-highway vehicles include electric vehicle fluids for industries such as construction, mining, and agriculture. The various off-highway electric vehicles include excavators, motor graders, dozers, loaders, dump trucks, LHD, lawnmowers, sprayers, and tractors. Higher demand for off-highway vehicles in the coming years is expected to make them the fastest-growing vehicle type during the forecast period.
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Europe led the electric vehicle fluids market with a share of 44.7%, in terms of value, in 2020 due to high prices and the high number of hybrid vehicles produced and sold in Europe, which requires more electric vehicle fluids than battery vehicle fluids. The high price of engine oil in comparison to other fluids, which are used in hybrid electric vehicles, is one of the major reasons for the largest market share of Europe in 2020. APAC is expected to be the fastest-growing market by 2030, mainly due to the expected high demand for electric vehicles in the region and the higher number of electric vehicles available for service fill during the forecast period.
The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally. The key players in this market are Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), BP plc. (UK), TotalEnergies SE (France), FUCHS Petrolub AG (Germany), Petronas (Malaysia), ENEOS Corporation (Japan), Repsol S.A. (Spain), Valvoline Inc. (US), and PTT (Thailand), among others.
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