Middle-East And Africa Electric Vehicle (EV) Fluids Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 25.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle-East And Africa Electric Vehicle (EV) Fluids Market Analysis
The Middle East And Africa electric vehicle (EV) fluid market is projected to register a CAGR of more than 25% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The main driver of the market for electric vehicle fluids is the increased demand for EVs due to factors such as rising fuel prices, pollution levels, and the need to cut harmful vehicle emissions, among others.
- On the other hand, the market's expansion is anticipated to be hampered by the high initial cost of buying an electric vehicle compared to a fuel or diesel vehicle.
- Further, government regulations for a sustainable EV environment are projected to create market opportunities.
Middle-East And Africa Electric Vehicle (EV) Fluids Market Trends
Coolant Product Type to Witness Strong Demand
- Coolants are expected to be the fastest-growing product type for electric vehicles during the forecast period. Heat transfer fluids or coolants are used to regulate the temperature of the battery pack and other electronic components.
- Since electric vehicles have become more advanced, the need for cutting-edge coolant systems has also skyrocketed. There is a growing demand for improved electric vehicle battery coolants that offer superior heat dissipation and also keep up with innovative technology.
- In the MEA region, electric mobility is still being developed. Although they are the lowest in the world, sales of battery-electric vehicles have generally increased in recent years across the continent.
- In 2022, South Africa, which had the most developed e-mobility market in Africa, had roughly 1,000 electric cars (EVs) out of a fleet of 12 million vehicles, thereby boosting market growth in the region.
- Further, in Kenya, the number of EVs was anticipated to be 350 in 2022, with an estimated 2.2 million registered vehicles in the country. Hence, this supports the market's growth considerably.
- Thus, owing to the above-mentioned factors, the market studied is expected to grow significantly during the forecast period.
South Africa to Dominate the Market
- During the forecast period, South Africa is expected to witness considerable demand for the electric vehicle fluids market.
- The country is expected to witness growth with the enhanced demand for electric vehicles and the government's investment in enhancing the production of electric vehicles in order to reduce carbon emissions.
- Furthermore, with the growing government initiatives in the country to enhance e-mobility, the sales of fully electric vehicles are rising significantly.
- The total number of new energy vehicles (NEVs) sold in the first half of 2022 is 2,139, as opposed to the 896 NEVs sold in the entire year 2021, as per the Automotive Business Council.
- Overall, according to the Automotive Business Council of South Africa, 502 fully electric vehicles were sold in the country in 2022, representing a 134% rise over the 218 units sold in 2021 and a 782% increase over the 58 cars sold in 2018. thus supporting the market's growth significantly.
The aforementioned factors are contributing to the increasing demand for the electric vehicle fluids market in the country during the forecast period.
Middle-East And Africa Electric Vehicle (EV) Fluids Industry Overview
Middle East and African electric vehicle (EV) markets are fluid in nature. Some of the major players in the market include Exxon Mobil Corporation, Shell Plc, FUCHS, Saudi Arabian Oil Co., and TotalEnergies, among others (in no particular order).
Middle-East And Africa Electric Vehicle (EV) Fluids Market Leaders
-
TotalEnergies
-
Exxon Mobil Corporation
-
Shell plc
-
FUCHS
-
Saudi Arabian Oil Co.
*Disclaimer: Major Players sorted in no particular order
Middle-East And Africa Electric Vehicle (EV) Fluids Market News
- March 2023: The Saudi Arabian Oil Company (Aramco) completed the acquisition of Valvoline Inc., a leading producer and distributor of automotive, commercial, and industrial lubricants and automotive chemicals, for USD 2.65 billion through one of its wholly-owned subsidiaries.
- March 2022: Hyundai Motor Group, Aramco, and King Abdullah University of Science and Technology (KAUST) agreed to collaborate on developing an advanced fuel for hybrid electric vehicles.
Table of Contents
1. INTRODUCTION
1.1 Study Assumptions
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Drivers
4.1.1 The Growing Demand for Electric Vehicles
4.1.2 Other Drivers
4.2 Restraints
4.2.1 Initial High Cost of Buying An Electric Vehicle
4.2.2 Other Restraints
4.3 Industry Value Chain Analysis
4.4 Porter's Five Forces Analysis
4.4.1 Bargaining Power of Suppliers
4.4.2 Bargaining Power of Consumers
4.4.3 Threat of New Entrants
4.4.4 Threat of Substitute Products and Services
4.4.5 Degree of Competition
5. MARKET SEGMENTATION (Market Size in Value)
5.1 Product Type
5.1.1 Engine Oil
5.1.2 Coolant
5.1.3 Transmission Fluids
5.1.4 Greases
5.1.5 Other Product Types
5.2 Propulsion Type
5.2.1 Battery Electric Vehicles (BEVs)
5.2.2 Hybrid Electric Vehicles (HEVs)
5.2.3 Plug-in Hybrid Electric Vehicles (PHEVs)
5.3 Vehicle Type
5.3.1 Passenger Vehicles
5.3.2 Commercial Vehicles
5.3.3 Other Vehicle Types
5.4 Geography
5.4.1 Saudi Arabia
5.4.2 South Africa
5.4.3 Rest of Middle-East and Africa
6. COMPETITIVE LANDSCAPE
6.1 Mergers and Acquisitions, Joint Ventures, Collaborations, and Agreements
6.2 Market Share (%)**/Ranking Analysis
6.3 Strategies Adopted by Leading Players
6.4 Company Profiles
6.4.1 ENEOS Corporation
6.4.2 Engineered Fluids
6.4.3 Exxon Mobil Corporation
6.4.4 FUCHS
6.4.5 Gulf Oil International Ltd.
6.4.6 Repsol
6.4.7 Saudi Arabian Oil Co.
6.4.8 Shell plc
6.4.9 The Lubrizol Corporation
6.4.10 TotalEnergies
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Rising Government Regulations For A Sustainable EV Environment
Middle-East And Africa Electric Vehicle (EV) Fluids Industry Segmentation
EV fluids are lubricants that have been designed and developed specifically to suit the needs of electric vehicles. EV fluids keep the electric vehicle's powertrain and transmission system cool. The functions of the EV fluid include heat transfer, lubrication of EV parts, energy loss reduction, and improving the transmission system. In the Middle East and Africa, electric vehicles (EVs) use fluid The market is segmented by product type, propulsion type, vehicle type, and geography. By product type, the market is segmented into engine oil, coolant, transmission fluids, greases, and other product types. By propulsion type, the market is segmented into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and other vehicle types. The report also covers the size and forecasts of the market in two countries across the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Product Type | |
| Engine Oil | |
| Coolant | |
| Transmission Fluids | |
| Greases | |
| Other Product Types |
| Propulsion Type | |
| Battery Electric Vehicles (BEVs) | |
| Hybrid Electric Vehicles (HEVs) | |
| Plug-in Hybrid Electric Vehicles (PHEVs) |
| Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles | |
| Other Vehicle Types |
| Geography | |
| Saudi Arabia | |
| South Africa | |
| Rest of Middle-East and Africa |
Frequently Asked Questions
What is the current Middle-East And Africa Electric Vehicle (EV) Fluids Market size?
The Middle-East And Africa Electric Vehicle (EV) Fluids Market is projected to register a CAGR of 25% during the forecast period (2024-2029)
Who are the key players in Middle-East And Africa Electric Vehicle (EV) Fluids Market?
TotalEnergies, Exxon Mobil Corporation, Shell plc, FUCHS and Saudi Arabian Oil Co. are the major companies operating in the Middle-East And Africa Electric Vehicle (EV) Fluids Market.
What years does this Middle-East And Africa Electric Vehicle (EV) Fluids Market cover?
The report covers the Middle-East And Africa Electric Vehicle (EV) Fluids Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Middle-East And Africa Electric Vehicle (EV) Fluids Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Middle-East And Africa Electric Vehicle (EV) Fluids Industry Report
Statistics for the 2024 Middle-East And Africa Electric Vehicle (EV) Fluids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Middle-East And Africa Electric Vehicle (EV) Fluids analysis includes a market forecast outlook to for 2024 to 2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
