Electric Vehicle Fluids Market worth $8,644 million by 2030 - Exclusive Report by MarketsandMarkets™
CHICAGO, Oct. 22, 2021
CHICAGO, Oct. 22, 2021 /PRNewswire/ -- According to the new market research report "Electric Vehicle Fluids Market by Product Type (Engine oil, Coolants, Transmission Fluids, and Greases), Vehicle type (On-highway vehicle, Off-highway vehicle), Propulsion Type (Hybrid EV, Battery EV), Fill Type, and Region - Global Forecast to 2030", published by MarketsandMarkets™, 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. Increasing demand for electric vehicles is the major driver of the Electric Vehicle Fluids market. A specific fluid requirement in EVs is also one of the other driving factors for electric vehicle fluids as an ICE's motor differs greatly from EV motors and thus, needs fluids, which cater to totally different functions than that in the n the ICEs. 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.
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Electric vehicle fluids are substances or materials, which are used for lubricating and improving the thermal performance of electric vehicles. They are manufactured using base oils and additives with respect to different applications. They perform different functions in electric vehicles, such as regulating the battery and other electronic components, temperature, and noise and vibration reduction. The most commonly used electric vehicle fluids include engine oil, coolants, transmission fluids, greases, and brake fluids, among others.
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. Europe is the largest electric vehicle fluids market, followed by APAC and North America. 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. 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 market.
"The hybrid EV segment accounted for the larger market share in 2020 during the forecast period"
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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"Europe accounted for the largest market share in Electric Vehicles Fluid market in 2020, in terms of value."
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 High demand for electric vehicles in Europe due to government regulations and investments, subsidies, tax rebates, and others are supporting the growth of electric vehicle fluids in the region.
The major electric vehicle fluids market in Europe includes Germany, France, UK, Italy, Russia, Netherlands, Norway, and Sweden among others. Europe has stringent emission regulation standards. The governments of the European countries are providing significant incentives to promote electric vehicles. As a result, the demand for electric vehicles has increased significantly in the region. The region is home to manufacturers such as Renault, Audi, BMW, and Mercedes. Europe has set a very ambitious goal of reducing 80% CO2 emissions by 2050 and has created a roadmap for the same. The governments of various countries in Europe are subsidizing electric vehicle infrastructure, and the focus is expected to continue to be on electric vehicles in the long run.
The electric vehicle fluids market has a high degree of competition. 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. The leading players are focusing on various strategic initiatives such as new product launches and expansions to retain their position in the market.
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