North America Electric Vehicle Fluids Market Report and Forecast 2024-2032

North America Electric Vehicle Fluids Market Outlook

The North America electric vehicle fluids market size reached approximately USD 383.84 million in 2023. The market is further projected to grow at a CAGR of 21.8% between 2024 and 2032, reaching a value of USD 2348.55 million by 2032.

Key Trends in the Market

Electric vehicle fluids responsible for cooling transmission systems and powertrains and stabilising the temperature of power and battery electronics. These fluids are also responsible for providing protection in case of flaring, which is usually caused when the EV components come in close contact.

• The rising adoption of electric vehicles due to various economic and environmental benefits offered by them are supporting the North America electric vehicle fluids market growth. The increasing production of next generation electric vehicles is further boosting the product demand.

• The rising adoption of battery electric vehicles is aiding the market expansion. Battery electric vehicles require EV fluid as they cannot operate upon conventional fuel as it may cause corrosion of parts and viscosity issues, reducing the overall durability and performance of the vehicle.

• The growing investments towards vehicle maintenance are providing lucrative growth opportunities to the market. Electric vehicle fluids aid in cooling transmission systems and engines and also maintain the temperature of power electronics and batteries.

North America Electric Vehicle Fluids Market Analysis

On the basis of propulsion type, the market is divided into battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle. Based on vehicle type, the market is bifurcated into on-highway electric vehicle and off-highway electric vehicle.

On the basis of fill type, the market is segregated into first fill and service fill. Based on product type, the market is classified into coolants, engine oils, transmission fluids, and greases, among others. On the basis of country, the North America electric vehicle fluids market segmentation includes the United States of America and Canada.

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.

• Shell Plc 

• TotalEnergies SE 

• Valvoline Inc. 

• Exxon Mobil Corp. 

• Castrol Ltd. 

• Petroliam Nasional Berhad (PETRONAS) 

• ENEOS Holdings, Inc. 

• Afton Chemical 

• Repsol, S.A. 

• Gulf Oil International Limited 

• Others

Market Share by Propulsion Type

Hybrid electric vehicles are anticipated to account for a North America electric vehicle fluids market share. Hybrid vehicles achieve higher fuel economy by combining rechargeable battery with a conventional engine, the rising concerns about energy security and climate change are bolstering the adoption of hybrid vehicles across North America. This increased adoption is propelling the demand for electric vehicle fluids as they enhance durability, minimise friction, boost performance, and increase efficiency of hybrid vehicles.

Market Share by Country

The United States is anticipated to witness significant growth in the coming years. This growth can be attributed to the strong presence of various key market players including Valvoline Inc. and Exxon Mobil Corp, among others in the country. The expansion of electric vehicles manufacturing startups in the country is further boosting the North America electric vehicle fluids market demand. These fluids allow the transmission system and engine to cool down, while maintain the temperature of power and battery electronics.

Competitive Landscape

Shell Plc, headquartered in London, United Kingdom, is an oil and gas company that is dedicated towards providing clean energy solutions to their customers. The company’s product portfolio includes LNG, lubricants, electric vehicle fluids, and natural gas, among others.

TotalEnergies SE is an oil and gas company that is dedicated towards the production of green gases and natural gas and oils and biofuels, among others. The company was founded in 1924 and is headquartered in Courbevoie, France.

Valvoline Inc. is involved in the production of preventive vehicle maintenance products including electric vehicle fluids, additives, lubricants, and automotive oils, among others. The company was founded in 1866 and is headquartered in Kentucky, United States.

Other North America electric vehicle fluids market key players include Exxon Mobil Corp., Castrol Ltd., Petroliam Nasional Berhad (PETRONAS), ENEOS Holdings, Inc., Afton Chemical, Repsol, S.A., and Gulf Oil International Limited, among others.

Key Highlights of the Report