South America Electric Vehicle Fluids Market Report and Forecast 2025-2034

South America Electric Vehicle Fluids Market Outlook

The South America electric vehicle fluids market size reached approximately USD 76.77 million in 2023. The market is further projected to grow at a CAGR of 22.0% between 2024 and 2032, reaching a value of USD 474.47 million by 2032.

Key Trends in the Market

Electric vehicle fluids efficiently and effectively help in enhancing the performance of the electric vehicles and are specifically engineered for powertrains of electric vehicles. These fluids stabilise the temperature of power electronics and batteries and are also responsible for cooling transmission systems.

• The rising efforts by various governments in the region to reduce emissions and promote green technologies by adopting commercial electric vehicles is supporting the South America electric vehicle fluids market growth.

• The increasing awareness about the necessity of using electric vehicle fluids for ensuring the long life and smooth functioning of vehicles is supporting the market expansion. These fluids provide thermal management and proper lubrication and are essential for optimising energy efficiency.

• The growing adoption of electric vehicles by the regional population owing to their relatively cost-efficient operational costs and rising environmental concerns is providing lucrative growth opportunities to the market. These fluids improve EV transmission efficiency and reduce energy losses.

South 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 South America electric vehicle fluids market segmentation includes Brazil, Mexico, and Argentina, among others.

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. 

• The Lubrizol Corporation 

• Others

Market Share by Product Type

Engine oils are expected to account for a significant South America electric vehicle fluids market share. This growth can be attributed to the ability of the engine oils to reduce wear and minimise friction. Low levels of the oil in the vehicle can have negative effects upon its performance and reduce its lifespan. Clean oil ensures the prevention of sludge buildup, the buildup can clog the narrow oil passages of the engine.

Market Share by Country

Brazil is anticipated to witness significant growth over the coming years. This growth can be attributed to the increasing investments by various manufacturers in the region towards the development of electric vehicles and enhancement of electric vehicle fluids functioning. The imposition of movement restrictions on vehicles operating on traditional fuels are bolstering the adoption of electric vehicles and propelling the South America electric vehicle fluids market demand.

Competitive Landscape

Exxon Mobil Corp., headquartered in Texas, United States, is a multinational oil and gas corporation that was founded in 1882. The company specialises in chemical, oil and gas, and petroleum, among others.

Castrol Ltd. is known for providing high performance electric vehicle fluids and lubricants for industrial, aerospace, marine, and automotive sectors. The company was founded in 1899 and is headquartered in Berkshire, United Kingdom.

Petroliam Nasional Berhad (PETRONAS) is one of the leading global energy companies that is committed towards powering the progress of the society in a sustainable and responsible manner. The company was founded in 1974 and is headquartered in Kuala Lumpur, Malaysia.

Other South America electric vehicle fluids market key players include Shell Plc, TotalEnergies SE, Valvoline Inc., ENEOS Holdings, Inc., Afton Chemical, Repsol, S.A., and The Lubrizol Corporation, among others.

Key Highlights of the Report