Global Electric Vehicle Fluid Lubricants Market Report and Forecast 2024-2032

Global Electric Vehicle Fluid Lubricants Market Outlook

The global electric vehicle fluid lubricants market size reached approximately USD 1.28 billion in 2023. The market is further projected to grow at a CAGR of 20.5% between 2024 and 2032, reaching a value of USD 7.04 billion by 2032.

Key Trends in the Market

Electric vehicle fluid lubricants are formulated with the help of synthetics base oils, including esters and polyalphaolefins (PAOs). The high oxidative and thermal stability offered by the base oils makes them suitable for heavy loads in electric vehicle drivetrains and high temperatures.

• The rising costs of fossil fuels is bolstering the adoption of electric vehicles and supporting the electric vehicle fluid lubricants market growth. These fluid lubricants increase the lifespan of the vehicles by reducing energy loss and enhancing EV transmission efficiency, bolstering product utilisation.

• The increasing efforts of various governments to reduce carbon dioxide emissions and release of different pollutants generated with the utilisation of traditional fuel-based vehicles is providing lucrative growth opportunities to the market.

• The growing awareness about the various advantages associated with the utilisation of the electric vehicle fluid lubricants is aiding the market expansion. The fluid enhances the durability of the engines, increases driving range, and has anti-corrosion properties.

Global Electric Vehicle Fluid Lubricants Market Analysis

On the basis of type, the market is segregated into grease, brake fluid, heat transfer fluid, and dive system fluid. Based on propulsion type, the market is classified into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.

On the basis of vehicle type, the market is divided into passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Based on distribution channel, the market is bifurcated into OEM and aftermarket. On the basis of region, the electric vehicle fluid lubricants market segmentation includes North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis. The report gives a detailed analysis of the following key players in the market, covering their competitive landscape and latest developments like mergers, acquisitions, investments, and expansion plans.

• Castrol Limited 

• TotalEnergies SE 

• Shell PLC 

• Exxon Mobil Corporation 

• FUCHS SE 

• Valvoline Inc. 

• Repsol S.A. 

• Solvay SA 

• ENEOS Corporation 

• Idemitsu Kosan Co., Ltd.  

• Others

Market Share by Propulsion Type

Hybrid electric vehicles are anticipated to account for a significant electric vehicle fluid lubricants market share. The growing popularity of hybrid electric vehicles can be attributed to their ability to reduce carbon footprint and operational costs. These vehicles use electric vehicle fluid lubricants for maximising efficiency by providing sufficient protection and lubrication to the engine. The low viscosity of the fluids further supports smooth and efficient operations.

Market Share by Region

The growing requirement for electrical vehicles in Europe is boosting the electric vehicle fluid lubricants market demand. The increased utilisation of electric vehicle fluid lubricants in European countries can be attributed to the relatively higher prices of engine oils. The rising adoption of electric vehicles in Europe can also be attributed to various investments and government regulations, tax rebates, and subsidiaries, among others, propelling the requirement for electric vehicle flid lubricants.

Competitive Landscape

Castrol Limited is one of the leading providers of high-performance lubricants for aerospace, automotive, marine, and industrial applications. The company also specialises in plant-based oils and premium metalworking fluids and is headquartered in Berkshire, United Kingdom.

TotalEnergies SE is an integrated petroleum and energy company that was founded in 1924 and is headquartered in Courbevoie, France. The company is dedicated towards making energy solutions more accessible, reliable, cleaner, and affordable.

Shell PLC is a chemical manufacturing company that was founded in 1907 and is headquartered in London, United Kingdom. The company has expertise in refining, exploration, marketing, and production of natural gas and oil.

Other electric vehicle fluid lubricants market key players include Exxon Mobil Corporation, FUCHS SE, Valvoline Inc., Repsol S.A., Solvay SA, ENEOS Corporation, and Idemitsu Kosan Co., Ltd., among others.

Key Highlights of the Report