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North America Electric Vehicle (EV) Fluids Market Size (2024 - 2029)

The North American electric vehicle fluids market is poised for significant growth, driven by the increasing popularity of electric vehicles due to their low carbon emissions and energy efficiency. Despite the initial high costs of electric vehicles posing a challenge, the market is expected to expand rapidly, supported by favorable government policies aimed at promoting electric vehicle adoption. The United States holds the largest share in the region and is anticipated to maintain its leading position throughout the forecast period.

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Market Size of North America Electric Vehicle (EV) Fluids Industry

North America Electric Vehicle (EV) Fluids Market Summary
Study Period 2019 - 2029
Base Year For Estimation 2023
Forecast Data Period 2024 - 2029
Historical Data Period 2019 - 2022
CAGR > 20.00 %
Market Concentration Medium

Major Players

North America Electric Vehicle (EV) Fluids Market Major Players

*Disclaimer: Major Players sorted in no particular order

North America Electric Vehicle (EV) Fluids Market Analysis

The North American electric vehicle (EV) fluids market is estimated to register a CAGR of a over 20% during the forecast period.

The COVID-19 pandemic had a detrimental effect on the market as the demand for automobiles decreased substantially, thus decreasing the need for electric vehicles as well. However, the industry has picked up pace in the post-pandemic era and is expected to grow exponentially during the forecast period.

  • Due to their low carbon emissions and excellent energy efficiency, electric vehicles are becoming increasingly popular, which is one of the key factors propelling the market ahead.
  • The market being studied, however, is expected to be hampered by the initial high costs of electric vehicles compared to conventional petrol and diesel automobiles.
  • Nevertheless, government policies to raise awareness and encourage the usage of electric vehicles will probably present opportunities for the industry under study.
  • The United States accounted for the highest market share in the North American region and is expected to continue doing so in the forecast period.

North America Electric Vehicle (EV) Fluids Industry Segmentation

Electric vehicle fluids are the range of fluids used in different vehicle components that are responsible for cooling the powertrain and transmission system while stabilizing the temperature of the battery and power electronics. Moreover, the EV fluids also carry out the function of heat transfer in the vehicles. The North American EV fluids market is segmented by product type, propulsion type, vehicle type, and geography. By product type, the market is segmented into the 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 market size and forecasts for the EV fluids market in three countries across the North American region. For each segment, market sizing and forecasts have been done based on 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
United States
Canada
Mexico
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North America Electric Vehicle (EV) Fluids Market Size Summary

The North American electric vehicle (EV) fluids market is poised for significant growth, driven by the increasing adoption of electric vehicles due to their low carbon emissions and high energy efficiency. Despite the initial setback caused by the COVID-19 pandemic, which led to a decrease in automobile demand and subsequently in electric vehicles, the market has rebounded and is expected to expand rapidly. The United States holds the largest market share in the region, supported by government policies aimed at promoting electric vehicle usage and raising awareness. However, the market faces challenges due to the higher initial costs of electric vehicles compared to traditional petrol and diesel vehicles. Nonetheless, the demand for battery electric vehicles (BEVs) is on the rise, with manufacturers like Tesla, Hyundai, and Audi leading the charge in offering multiple BEV models to meet the growing market needs.

The market for EV fluids is becoming increasingly important as battery electric vehicles require specialized fluids to maintain performance and durability, given their reliance on rechargeable battery packs without secondary propulsion sources. These fluids are essential for cooling the engine and transmission systems and maintaining battery and power electronics temperatures. The North American region, particularly the United States, is witnessing a surge in BEV sales, with significant contributions from major automotive OEMs aiming to reduce greenhouse gas emissions and transition to environmentally friendly vehicles. The market is also seeing investments from companies like Link EV Electric Vehicles, which are expanding production capabilities to meet the rising demand. Key players in the market, such as Shell plc, Valvoline Global Operations, and TotalEnergies, are actively developing next-generation EV fluids to support this growth trajectory.

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North America Electric Vehicle (EV) Fluids Market Size - Table of Contents

  1. 1. MARKET DYNAMICS

    1. 1.1 Drivers

      1. 1.1.1 Increasing Popularity due to Low Carbon Emission and High Energy Efficiency

      2. 1.1.2 Other Drivers

    2. 1.2 Restraints

      1. 1.2.1 Initial High Costs of Electric Vehicles

    3. 1.3 Industry Value Chain Analysis

    4. 1.4 Porter's Five Forces Analysis

      1. 1.4.1 Bargaining Power of Suppliers

      2. 1.4.2 Bargaining Power of Buyers

      3. 1.4.3 Threat of New Entrants

      4. 1.4.4 Threat of Substitute Products and Services

      5. 1.4.5 Degree of Competition

  2. 2. MARKET SEGMENTATION (Market Size in Value)

    1. 2.1 Product Type

      1. 2.1.1 Engine Oil

      2. 2.1.2 Coolant

      3. 2.1.3 Transmission Fluids

      4. 2.1.4 Greases

      5. 2.1.5 Other Product Types

    2. 2.2 Propulsion Type

      1. 2.2.1 Battery Electric Vehicles (BEVs)

      2. 2.2.2 Hybrid Electric Vehicles (HEVs)

      3. 2.2.3 Plug-in Hybrid Electric Vehicles (PHEVs)

    3. 2.3 Vehicle Type

      1. 2.3.1 Passenger Vehicles

      2. 2.3.2 Commercial Vehicles

      3. 2.3.3 Other Vehicle Types

    4. 2.4 Geography

      1. 2.4.1 United States

      2. 2.4.2 Canada

      3. 2.4.3 Mexico

North America Electric Vehicle (EV) Fluids Market Size FAQs

The North America Electric Vehicle (EV) Fluids Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)

Shell plc, Valvoline Global Operations, TotalEnergies, Exxon Mobil Corporation and Petroliam Nasional Berhad (PETRONAS) are the major companies operating in the North America Electric Vehicle (EV) Fluids Market.

North America Electric Vehicle (EV) Fluids Report Snapshots

North America Electric Vehicle (EV) Fluids Market Size & Share Analysis - Growth Trends & Forecasts (2024 - 2029)