Forecasting the Future: Graphing Trends and Opportunities in the Electric Vehicle Fluids Market

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. Demand is steadily shifting in favor of electric vehicles over ICE vehicles. Along with consumer demand, the automakers must meet ever-stringent carbon dioxide emission targets and fuel economy mandates imposed by governments. This, in turn, has opened opportunities for lubricant manufacturers as EVs need different lubricants. Hardware efficiency and durability in a growing number of applications are best enabled by specialized, custom fluids designed and formulated specifically for electric applications. Growth in electric vehicle production and sales drives the demand for electric vehicle fluids. Lack of proper infrastructure affects the customer’s decision to purchase an electric vehicle due to the uncertainty of it not being able to perform equivalent to ICE vehicles, and this directly affects the electric vehicle fluids market.

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Electric Vehicle Fluids Producers:

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 operating in the Electric Vehicle Fluids market are trying to increase their scope of services to address the increasing demand. Royal Dutch Shell plc., ExxonMobil Corporation, BP plc., FUCHS Petrolub SE, and Total Energies SE are the leading providers of Electric Vehicle Fluids, globally.

Players in the Electric Vehicle Fluids market are mainly concentrating on new product launches, acquisition, and collaboration to meet the growing demand for various end-use industries. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.

The growth of the EV Fluids market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Royal Dutch Shell plc., ExxonMobil Corporation have adopted new product launches to enhance their market position.

Royal Dutch Shell plc (also known as Shell) is an international energy company engaged in the principal aspects of the oil & gas industry and reports its business through different segments. Shell's reporting segments consist of integrated gas, upstream, oil products, chemicals, and corporate. It offers electric vehicle fluids through the oil products segment. The oil products segment comprises the refining and trading, and marketing classes of business. The marketing class of business includes the retail, lubricants, business-to-business (B2B), pipelines and biofuels businesses. Its electric vehicle fluids are specially formulated with synthetic base oils and additive technology unique to Shell.

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ExxonMobil Corporation is the world's largest publicly traded international oil & gas company. It produces and sells crude oil, natural gas, and petroleum products. The company has introduced Mobil EV that delivers products and services to support electric vehicle mobility ambitions. It offers its products through four business segments namely upstream, downstream, chemical, and corporate & financing. It offers electric vehicle fluid through the downstream business segment. Most of its operations are in the US and Canada.

In 2020, Europe emerged as the dominant player in the electric vehicle fluids market, commanding a substantial 44.7% share in terms of value. This leadership position was driven by several factors, including the prevalence of hybrid vehicles and their higher demand for electric vehicle fluids compared to battery vehicle fluids. The region's preference for engine oil, which comes at a higher price point than other fluids used in hybrid electric vehicles, further bolstered its market dominance. Looking ahead, the Asia-Pacific (APAC) region is poised to witness the most rapid growth in the market by 2030. This growth trajectory is attributed to the anticipated surge in electric vehicle demand within the region, coupled with an increasing availability of electric vehicles for service fill purposes. Moreover, Europe's sustained appetite for electric vehicles, fueled by governmental regulations and supportive measures such as investments, subsidies, and tax rebates, continues to underpin the expansion of the electric vehicle fluids market in the region.

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