The global Electric Vehicle Fluids Market size is expected to reach USD 8,644 million by 2030, according to a new report by MarketsandMarkets. It is projected to expand at a CAGR of 31.2% from 2021 to 2030. The increasing demand for electric vehicles (EVs) in developed and developing countries is expected to drive the market. In addition, the increasing adoption of electric vehicles due to the rising awareness about the environment is also expected to fuel the market. The rising trend of shared mobility is also expected to propel the demand for electric vehicle fluids. Furthermore, the increasing number of manufacturers focusing on the production of electric vehicles is expected to drive the market. The market is segmented based on product, application, and region. Based on product, the market is divided into coolants, brake fluids, transmission fluids, and lubricants. The lubricants segment is expected to witness the fastest growth over the forecast period due to the growing demand for electric vehicles. Based on application, the market is divided into passenger vehicles and commercial vehicles. The passenger vehicle segment is expected to hold the largest share of the market during the forecast period owing to the increasing demand for passenger electric vehicles.
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Electric vehicle fluids are substances or materials, which are used for lubricating and improving the thermal performance of electric vehicles. Common fluids found in EV's include coolants, transmission fluids, brake fluids, motor oil, power steering fluid, and antifreeze. Coolants are used to help keep the engine and other components cool, while transmission fluids help the electric vehicle transition from one gear to another. Motor oil is used to lubricate the motors, while brake fluids are used to protect and help the brakes work correctly. Power steering fluid helps power steering systems operate more smoothly, and antifreeze helps prevent the electric vehicle's components and systems from freezing.
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. The hybrid EV segment accounted for the larger market share in 2020 due to the lower cost of purchasing and the lower emissions compared to conventional gasoline vehicles. Additionally, hybrid EVs have a longer driving range than battery EVs, making them a more attractive option for some drivers. However, the Battery EV segment is expected to account for the larger share by 2030 due to the increasing availability of Battery EVs, government incentives, and the decreasing cost of batteries. Battery EVs are becoming increasingly popular since they have a longer driving range and require less maintenance than hybrids. Additionally, Battery EVs are becoming more affordable as battery costs continue to decrease and government incentives for purchasing Battery EVs become more widespread. Overall, the increasing availability of Battery EVs and government incentives will lead to the Battery EV segment accounting for the larger share of the market by 2030.
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The hybrid EV segment accounted for the larger market share in 2020 during the forecast period
The hybrid EV segment is expected to account for the largest market share in 2020, due to the increasing demand for fuel-efficient vehicles and the growing awareness of environmental issues. The segment is projected to register the highest CAGR of 11.9% during the forecast period. Hybrid electric vehicles offer enhanced performance and improved fuel efficiency, making them an attractive option among buyers. Governments in many countries are providing incentives and encouraging the adoption of hybrid EVs, which is driving the segment's growth.
Europe accounted for the largest market share in Electric Vehicles Fluid market in 2020, in terms of value.
This is mainly attributed to the presence of many leading electric vehicle manufacturers across the region, such as BMW, Volkswagen, Daimler, and Renault, among others. Moreover, the increasing demand for electric vehicles in the region due to the stringent emission standards and incentives for electric vehicles also contribute to the growth of the market. In addition, the increasing investments in the electric vehicle charging infrastructure and the presence of government initiatives and policies in various European countries to promote the adoption of electric vehicles are further driving the growth of the market.
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