Asia Pacific Electric Vehicle Fluids Market Report and Forecast 2025-2034

Asia Pacific Electric Vehicle Fluids Market Outlook

The Asia Pacific electric vehicle fluids market size was approximately USD 596.8 million in 2023. The market is assessed to grow at a CAGR of 23.7% between 2024 and 2032, reaching a value of USD 4,199.3 million by 2032.

Key Takeaways

• India and Indonesia are projected to emerge as the second and third largest markets for electric two-wheelers globally by 2030, which is expected to support the electric vehicle fluids demand.

• As more electric vehicles are on the road, the demand for specialised fluids like greases, coolants, and transmission fluids for electric vehicles is growing. These fluids are designed specifically for electric powertrains and batteries.

• With the advancement of electric vehicles, the need for high-performance fluids that can endure extreme temperatures, deliver top-notch protection against wear and corrosion, and exhibit exceptional thermal conductivity is on the rise.

The Asia Pacific electric vehicle fluids market growth is influenced by swift innovation and progress, as manufacturers concentrate on producing high-performance solutions designed for electric vehicles. The demand for advanced thermal management solutions in electric vehicle batteries and electronics has spurred the creation of specialised coolants capable of functioning effectively in the high-temperature settings of electric powertrains.

As per the Asia Pacific electric vehicle fluids market analysis, the demand for e-fluids is increasing rapidly for on-highway vehicles. India, which is currently the fifth largest automobile manufacturer, in the world is expected to become the third largest by the end of this decade, and with the increasing adoption of electric vehicles among the upper middle-class people, the demand for e-fluids will rise substantially. This trend can also be witnessed in other developing countries’ markets.

China accounts for a significant market share due to the huge size of its electric vehicle market. China is home to more than half of the world’s processing and refining capacity for lithium, cobalt, and graphite which helps it in manufacturing low-cost electric vehicle batteries and contributes to the size of its electric vehicle market. E-fluids have now become an essential component for ensuring the overall health and performance of electric vehicles, thereby supporting its market expansion.

Market Segmentation

Asia Pacific Electric Vehicle Fluids Market Report and Forecast 2024-2032 offers a detailed analysis of the market based on the following segments:

Market Breakup by Propulsion Type

• Battery Electric Vehicle

• Hybrid Electric Vehicle

• Plug-In Hybrid Electric Vehicle

Market Breakup by Vehicle Type

• On-Highway Electric Vehicle

• Off-Highway Electric Vehicle

Market Breakup by Fill Type

• First Fill

• Service Fill

Market Breakup by Product Type

• Coolants

• Engine Oils

• Transmission Fluids

• Greases

• Others

Market Breakup by Country

• China

• Japan

• India

• ASEAN

• Australia

• Others

Competitive Landscape

The market players are increasingly focusing on the production of efficient and high-performance electric vehicle fluids to gain a competitive edge in the market.

• Shell Plc

• TotalEnergies SE

• Valvoline Inc.

• Exxon Mobil Corp.

• Castrol Ltd.

• Petroliam Nasional Berhad (PETRONAS)

• ENEOS Corporation

• Repsol, S.A.

• Gulf Oil International Limited

• PTT Oil and Retail Business Public Company Limited

• Others

Key Highlights of the Report