As per a statement by P&S Intelligence, the electric vehicle fluids market was valued at USD 1,799 million in 2022, and it will advance at 28.4% CAGR, to touch USD 13,263 million, by 2030.
The growth in the electric vehicle fluids industry is attributed to the strict government rules to promote electric vehicles, increasing requirements for e-vehicles, and the mounting adoption of electric machinery in the construction sector.
The implementation of electric vehicles is rising because of the mounting requirement to decrease the usage of fossil fuels and their high prices that resulted in the formation of economic pressure. Moreover, the implementation of fuel cells, batteries, and electricity in EVs lowers the dependency on fossil fuels.
Based on vehicle, the passenger vehicle category is expected to witness the highest growth rate in the years to come. This is attributed to the increasing disposable income of people, development in the road infra, and initiatives by the government, for example providing subsidies on electric passenger cars.
Additionally, the requirement for passenger automobiles will get doubled in coming years, due to the increasing focus of key automakers on technological advancements and launching new models, to ensure customers use more EVs.
Based on product, the heat transfer fluids category held the largest electric vehicle fluids market revenue share. This is because these fluids run at lower pressures as compared to steam, as well as function in a method that maintains temperature control with fewer risks of handling in a controlled unit.
Additionally, these fluids also offer exceptional solutions for enhancing the mileage of electric vehicles with improved machine competence, improving the life of each electric motor part, helping in offering insulation for electric current, and cooling e-motors and gears.
Based on propulsion, the battery EV category accounted for the largest revenue share of the electric vehicle fluids industry. This is credited to the fact that battery electric vehicles require no diesel and petrol engines and these necessitate electric automobile fuel and routine maintenance.
In 2022, Europe held the largest electric vehicle fluids industry revenue, at approximately 45%, therefore leading the global industry. This is because of the large number of hybrid automobiles produced and sold in the region, which generates a high requirement for electric vehicle fluids.
