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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.
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.
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
Market Breakup by Vehicle Type
Market Breakup by Fill Type
Market Breakup by Product Type
Market Breakup by Country
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.
REPORT FEATURES | DETAILS |
Base Year | 2023 |
Historical Period | 2018-2023 |
Forecast Period | 2024-2032 |
Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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Breakup by Propulsion Type |
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Breakup by Vehicle Type |
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Breakup by Fill Type |
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Breakup by Product Type |
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Breakup by Region |
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Market Dynamics |
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Competitive Landscape |
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Companies Covered |
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*At Expert Market Research, we strive to always give you current and accurate information. The numbers depicted in the description are indicative and may differ from the actual numbers in the final EMR report.
1 Preface
2 Report Coverage – Key Segmentation and Scope
3 Report Description
3.1 Market Definition and Outlook
3.2 Properties and Applications
3.3 Market Analysis
3.4 Key Players
4 Key Assumptions
5 Executive Summary
5.1 Overview
5.2 Key Drivers
5.3 Key Developments
5.4 Competitive Structure
5.5 Key Industrial Trends
6 Market Snapshot
7 Opportunities and Challenges in the Market
8 Global Electric Vehicle Fluids Market Overview
8.1 Key Industry Highlights
8.2 Global Electric Vehicle Fluids Historical Market (2018-2023)
8.3 Global Electric Vehicle Fluids Market Forecast (2024-2032)
8.4 Global Electric Vehicle Fluids Market Share by Region
8.4.1 Asia Pacific
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 Asia Pacific Electric Vehicle Fluids Market Overview
9.1 Key Industry Highlights
9.2 Asia Pacific Electric Vehicle Fluids Historical Market (2018-2023)
9.3 Asia Pacific Electric Vehicle Fluids Market Forecast (2024-2032)
10 Asia Pacific Electric Vehicle Fluids Market by Propulsion Type
10.1 Battery Electric Vehicle
10.1.1 Historical Trend (2018-2023)
10.1.2 Forecast Trend (2024-2032)
10.2 Hybrid Electric Vehicle
10.2.1 Historical Trend (2018-2023)
10.2.2 Forecast Trend (2024-2032)
10.3 Plug-In Hybrid Electric Vehicle
10.3.1 Historical Trend (2018-2023)
10.3.2 Forecast Trend (2024-2032)
11 Asia Pacific Electric Vehicle Fluids Market by Vehicle Type
11.1 On-Highway Electric Vehicle
11.1.1 Historical Trend (2018-2023)
11.1.2 Forecast Trend (2024-2032)
11.2 Off-Highway Electric Vehicle
11.2.1 Historical Trend (2018-2023)
11.2.2 Forecast Trend (2024-2032)
12 Asia Pacific Electric Vehicle Fluids Market by Fill Type
12.1 First Fill
12.1.1 Historical Trend (2018-2023)
12.1.2 Forecast Trend (2024-2032)
12.2 Service Fill
12.2.1 Historical Trend (2018-2023)
12.2.2 Forecast Trend (2024-2032)
13 Asia Pacific Electric Vehicle Fluids Market by Product Type
13.1 Coolants
13.1.1 Historical Trend (2018-2023)
13.1.2 Forecast Trend (2024-2032)
13.2 Engine Oils
13.2.1 Historical Trend (2018-2023)
13.2.2 Forecast Trend (2024-2032)
13.3 Transmission Fluids
13.3.1 Historical Trend (2018-2023)
13.3.2 Forecast Trend (2024-2032)
13.4 Greases
13.4.1 Historical Trend (2018-2023)
13.4.2 Forecast Trend (2024-2032)
13.5 Others
14 Asia Pacific Electric Vehicle Fluids Market by Country
14.1 China
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Japan
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
14.3 India
14.3.1 Historical Trend (2018-2023)
14.3.2 Forecast Trend (2024-2032)
14.4 ASEAN
14.4.1 Historical Trend (2018-2023)
14.4.2 Forecast Trend (2024-2032)
14.5 Australia
14.5.1 Historical Trend (2018-2023)
14.5.2 Forecast Trend (2024-2032)
14.6 Others
15 Market Dynamics
15.1 SWOT Analysis
15.1.1 Strengths
15.1.2 Weaknesses
15.1.3 Opportunities
15.1.4 Threats
15.2 Porter’s Five Forces Analysis
15.2.1 Supplier’s Power
15.2.2 Buyer’s Power
15.2.3 Threat of New Entrants
15.2.4 Degree of Rivalry
15.2.5 Threat of Substitutes
15.3 Key Indicators of Demand
15.4 Key Indicators of Price
16 Competitive Landscape
16.1 Market Structure
16.2 Company Profiles
16.2.1 Shell Plc
16.2.1.1 Company Overview
16.2.1.2 Product Portfolio
16.2.1.3 Demographic Reach and Achievements
16.2.1.4 Certifications
16.2.2 TotalEnergies SE
16.2.2.1 Company Overview
16.2.2.2 Product Portfolio
16.2.2.3 Demographic Reach and Achievements
16.2.2.4 Certifications
16.2.3 Valvoline Inc.
16.2.3.1 Company Overview
16.2.3.2 Product Portfolio
16.2.3.3 Demographic Reach and Achievements
16.2.3.4 Certifications
16.2.4 Exxon Mobil Corp.
16.2.4.1 Company Overview
16.2.4.2 Product Portfolio
16.2.4.3 Demographic Reach and Achievements
16.2.4.4 Certifications
16.2.5 Castrol Ltd.
16.2.5.1 Company Overview
16.2.5.2 Product Portfolio
16.2.5.3 Demographic Reach and Achievements
16.2.5.4 Certifications
16.2.6 Petroliam Nasional Berhad (PETRONAS)
16.2.6.1 Company Overview
16.2.6.2 Product Portfolio
16.2.6.3 Demographic Reach and Achievements
16.2.6.4 Certifications
16.2.7 ENEOS Corporation
16.2.7.1 Company Overview
16.2.7.2 Product Portfolio
16.2.7.3 Demographic Reach and Achievements
16.2.7.4 Certifications
16.2.8 Repsol, S.A.
16.2.8.1 Company Overview
16.2.8.2 Product Portfolio
16.2.8.3 Demographic Reach and Achievements
16.2.8.4 Certifications
16.2.9 Gulf Oil International Limited
16.2.9.1 Company Overview
16.2.9.2 Product Portfolio
16.2.9.3 Demographic Reach and Achievements
16.2.9.4 Certifications
16.2.10 PTT Oil and Retail Business Public Company Limited
16.2.10.1 Company Overview
16.2.10.2 Product Portfolio
16.2.10.3 Demographic Reach and Achievements
16.2.10.4 Certifications
16.2.11 Others
17 Key Trends and Developments in the Market
List of Key Figures and Tables
1. Global Electric Vehicle Fluids Market: Key Industry Highlights, 2018 and 2032
2. Asia Pacific Electric Vehicle Fluids Market: Key Industry Highlights, 2018 and 2032
3. Asia Pacific Electric Vehicle Fluids Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
4. Asia Pacific Electric Vehicle Fluids Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
5. Asia Pacific Electric Vehicle Fluids Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
6. Asia Pacific Electric Vehicle Fluids Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
7. Asia Pacific Electric Vehicle Fluids Historical Market: Breakup by Fill Type (USD Million), 2018-2023
8. Asia Pacific Electric Vehicle Fluids Market Forecast: Breakup by Fill Type (USD Million), 2024-2032
9. Asia Pacific Electric Vehicle Fluids Historical Market: Breakup by Product Type (USD Million), 2018-2023
10. Asia Pacific Electric Vehicle Fluids Market Forecast: Breakup by Product Type (USD Million), 2024-2032
11. Asia Pacific Electric Vehicle Fluids Historical Market: Breakup by Country (USD Million), 2018-2023
12. Asia Pacific Electric Vehicle Fluids Market Forecast: Breakup by Country (USD Million), 2024-2032
13. Asia Pacific Electric Vehicle Fluids Market Structure
In 2023, the market reached an approximate value of USD 596.8 million.
The market is estimated to grow at a CAGR of 23.7% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach a value of around USD 4,199.3 million by 2032.
The market is driven by the growing adoption of electric vehicles and rising demand for specialised electric vehicle fluids.
The key trends aiding the market expansion include the growth of the EV market and the increasing research and development to innovate high- performance electric vehicle fluids.
The major countries according to the market report are China, Japan, India, ASEAN, and Australia, among others.
The major product types according to the market report are coolants, engine oils, transmission fluids, and greases, among others.
The major players in the market are Shell Plc, TotalEnergies SE, Valvoline Inc., Exxon Mobil Corp., Castrol Ltd., Petroliam Nasional Berhad (PETRONAS), ENEOS Corporation, Repsol, S.A., Gulf Oil International Limited, and PTT Oil and Retail Business Public Company Limited, among others.
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