Electric Vehicle Fluids Market Summary

The global electric vehicle fluids market size was estimated at USD 720.6 million in 2023 and is projected to reach USD 4,028.7 billion by 2030, growing at a CAGR of 28.6% from 2024 to 2030. This exceptional growth reflects the rapid transformation of the global automotive industry toward electrification. The market is expected to witness substantial growth over the forecast period owing to increasing global demand for electric vehicles, driven by factors such as rising environmental concerns, stringent emission regulations, government incentives, and continuous advancements in battery and powertrain technology.

As the EV market expands, there is a growing need for specialized fluids to support the operation of electric drivetrains, cooling systems, and battery packs. These fluids play a critical role in maintaining thermal stability, improving efficiency, and extending the lifespan of EV components. Moreover, growing demand and increasing penetration of EVs in developing countries like India are also boosting the demand for electric vehicle fluids in the country. As per the India Brand Equity Foundation, the electric vehicles industry in India is projected to reach USD 1,318 billion by 2028, which is approximately five times larger than its size in terms of revenue witnessed in the country in 2021. Thus, the industry is expected to grow in the coming years with the growing demand for automobile production and electrification.

Key Market Trends & Insights

• The electric vehicle fluids market in Asia Pacific accounted for a revenue share of 45.3% in 2023, driven by strong EV adoption, large-scale vehicle manufacturing, and supportive government policies in countries such as China, Japan, and India.
• The electric vehicle fluids market in Europe will witness robust growth in the coming years, supported by strict emission regulations, ambitious electrification targets, and increasing investments in EV infrastructure across the region.
• Based on product, the engine oil segment dominated the market with the highest revenue share of 55.0% in 2023, as specialized lubricants remain essential for hybrid systems and certain EV components.
• In terms of vehicle type, the passenger EV segment dominated the market with the highest revenue share of 65.12% in 2023, reflecting higher adoption rates among individual consumers.
• Based on propulsion type, the hybrid electric vehicles segment dominated the market with the highest revenue share of 74.6% in 2023, due to their widespread acceptance and transitional role in electrification.

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Market Size & Forecast

• 2023 Market Size: USD 720.6 Million
• 2030 Projected Market Size: USD 4,028.7 Million
• CAGR (2024-2030): 28.6%
• Asia Pacific: Largest market in 2023
• Europe: Fastest growing market

Key Companies & Market Share Insights

Some of the key players operating in the market include Exxon Mobil Corp., BP Plc, Shell Plc, FUCHS, TotalEnergies, Petroliam Nasional Berhad (PETRONAS), and Saudi Arabian Oil Co. among others.

• The market has seen significant activity, with several prominent industry players involved in strategic mergers and acquisitions, expanding regionally, and developing new products. As an example, in 2022, Shell Lubricants introduced heat transfer fluids tailored for EV motors in India, designed to meet specific climatic and geographical needs
• In addition, in 2022, TotalEnergies Marketing India Pvt. Ltd. (TEMIPL) unveiled a new series of EV Fluids designed for electric and hybrid vehicles, as well as electric bikes, in India

Key Players

• Exxon Mobil Corporation
• BP Plc
• Shell Plc
• FUCHS
• TotalEnergies
• Petroliam Nasional Berhad (PETRONAS)
• Saudi Arabian Oil Co.
• Repsol
• ENEOS Corp.
• Gulf Oil International Ltd.

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Conclusion

The electric vehicle fluids market is set for rapid expansion, supported by accelerating EV adoption, technological advancements, and strong government support worldwide. Increasing demand for specialized fluids to enhance performance, efficiency, and durability of EV components is driving market growth. Asia Pacific remains the leading region, while Europe shows strong future potential. Dominance of engine oil, passenger EVs, and hybrid electric vehicles reflects current market dynamics. Overall, the continued shift toward sustainable mobility and rising vehicle production are expected to sustain strong growth in the electric vehicle fluids market over the forecast period.