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North America Electric Vehicle Fluids Market Size, Share: By Propulsion Type: Battery Electric Vehicle, Hybrid Electric Vehicle, Plug-In Hybrid Electric Vehicle; By Vehicle Type: On-Highway Electric Vehicle, Off-Highway Electric Vehicle; By Fill Type: First Fill, Service Fill; By Product Type; Regional Analysis; Competitive Landscape; 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
| 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 XYZ Market Share by Region
8.4.1 North America
8.4.2 Europe
8.4.3 Asia Pacific
8.4.4 Latin America
8.4.5 Middle East and Africa
9 North America Electric Vehicle Fluids Market Overview
9.1 Key Industry Highlights
9.2 North America Electric Vehicle Fluids Historical Market (2018-2023)
9.3 North America Electric Vehicle Fluids Market Forecast (2024-2032)
10 North America 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 North America 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 North America 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 North America 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 North America Electric Vehicle Fluids Market by Country
14.1 United States of America
14.1.1 Historical Trend (2018-2023)
14.1.2 Forecast Trend (2024-2032)
14.2 Canada
14.2.1 Historical Trend (2018-2023)
14.2.2 Forecast Trend (2024-2032)
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 Holdings, Inc.
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 Afton Chemical
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 Repsol, S.A.
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 Gulf Oil International 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. North America Electric Vehicle Fluids Market: Key Industry Highlights, 2018 and 2032
3. North America Electric Vehicle Fluids Historical Market: Breakup by Propulsion Type (USD Million), 2018-2023
4. North America Electric Vehicle Fluids Market Forecast: Breakup by Propulsion Type (USD Million), 2024-2032
5. North America Electric Vehicle Fluids Historical Market: Breakup by Vehicle Type (USD Million), 2018-2023
6. North America Electric Vehicle Fluids Market Forecast: Breakup by Vehicle Type (USD Million), 2024-2032
7. North America Electric Vehicle Fluids Historical Market: Breakup by Fill Type (USD Million), 2018-2023
8. North America Electric Vehicle Fluids Market Forecast: Breakup by Fill Type (USD Million), 2024-2032
9. North America Electric Vehicle Fluids Historical Market: Breakup by Product Type (USD Million), 2018-2023
10. North America Electric Vehicle Fluids Market Forecast: Breakup by Product Type (USD Million), 2024-2032
11. North America Electric Vehicle Fluids Historical Market: Breakup by Country (USD Million), 2018-2023
12. North America Electric Vehicle Fluids Market Forecast: Breakup by Country (USD Million), 2024-2032
13. North America Electric Vehicle Fluids Market Structure
Key Questions Answered in the Report
The market reached a value of approximately USD 383.84 million in 2023.
The market is projected to grow at a CAGR of 21.8% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 2348.55 million by 2032.
The major market drivers include rising adoption of electric vehicles and growing investments towards vehicle maintenance.
The key trends fuelling the growth of the market include rising product demand due to increasing production of next generation electric vehicles and increasing adoption of battery electric vehicles.
What are the major countries in the market for electric vehicle fluids, according to the EMR report?
The major countries in the market are the United States of America and Canada.
The significant propulsion types include battery electric vehicle, hybrid electric vehicle, and plug-in hybrid electric vehicle.
The key players in the market are Shell Plc, TotalEnergies SE, Valvoline Inc., Exxon Mobil Corp., Castrol Ltd., Petroliam Nasional Berhad (PETRONAS), ENEOS Holdings, Inc., Afton Chemical, Repsol, S.A., and Gulf Oil International Limited, among others.
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