Frequently Asked Questions
The global electric vehicle fluids market was valued at USD 1.4 Billion in 2022.
The electric vehicle fluids market is anticipated to grow at a CAGR of 31.9% between 2023 and 2030, reaching USD 9.72 Billion in 2030.
Battery EV is the leading segment by propulsion type, holding over 52% share in terms of value in 2022.
The passenger vehicle segment governs the demand for electric vehicle fluids worldwide, holding a massive share of over 44% in 2022.
The heat transfer fluid segment will post the highest CAGR over the forecast period.
Asia Pacific is fuelling the rapid growth of the electric vehicle fluids industry, with an over one-third share in 2022.
The top players include ExxonMobil Corporation, Castrol, Repsol S.A., and Petronas. Other major players include FUCHS Petrolub AG, TotalEnergies, Shell, and Valvoline Inc.
The major market drivers of the electric vehicle fluids industry are the increasing adoption of electric vehicles, technological advancements in electric vehicle components, and the need for specialized fluids to ensure optimal performance and efficiency.
The major market restraints of the electric vehicle fluids industry are the higher cost of specialized fluids, the limited availability of charging infrastructure, and the challenges associated with recycling and disposal of used fluids.
The major market opportunities of the electric vehicle fluids industry are the increasing adoption of electric vehicles globally, the development of advanced and sustainable fluid solutions, and the growing demand for efficient and eco-friendly fluid technologies.