The global electric vehicle fluid market is anticipated to grow from USD 745 million in 2021 to USD 7,956 million by 2027, witnessing a CAGR of 30.5% during the forecast period 2021-2027. Electric vehicle fluids are manufactured using base oils and additives and are used according to the applications. They perform many functions in electric vehicles, such as adjusting batteries and other electronic components, damping temperature, noise, and vibration. The highly used electric vehicle fluids include coolants, engine oil, greases, fluids, brake fluids.

The COVID-19 outbreak has had a negative impact on the automotive industry owing to the disruption in supply chain and lockdown measures globally. However, post COVID-19 crisis the industry will gain momentum and there will be an increase in the demand for electric vehicles resulting in the demand for the global electric fluids market.

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The increasing need for anti-corrosion properties in BEVs, growing need to increase the driving range of vehicles, immersive cooling for electric vehicle batteries, need for thermal management in electric vehicles, application in formula e-motor sports, and integrated powertrain units will fuel the growth of electric vehicle fluid market.

Europe dominates the electric vehicle fluid market with a share of 44.2% in terms of value in 2020 owing to the increased prices and increased production of hybrid vehicles resulting in increased sales, thus the need for more electric vehicle fluids. Moreover, there is a significant demand for electric vehicles in Europe owing to initiatives by the government such as subsidies, tax rebates that will accelerate the growth of the electric vehicle fluid market in the region.

APAC is anticipated to be the fastest-growing region during 2021-2027 owing to the increased demand for electric vehicles and the rising number of electric vehicles requiring service fill in the region.

Royal Dutch Shell plc added fluids for light-, medium- and heavy-duty electrified commercial vehicles to its existing range of passenger car e-fluids. The new fluids are for battery and fuel-cell EVs and include transmission fluids, greases, and battery coolants.

Some of the key players operating in the electric vehicle fluid market: Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, TotalEnergies, Valvoline LLC, CASTROL LIMITED, The Lubrizol Corporation, Motul, FUCHS, and Petroliam Nasional Berhad (PETRONAS).

Source: VynZ Research