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

Electric Vehicle (EV) Fluids Market Analysis

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

The market was hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. The automotive industry, including sales and manufacturing of electric vehicles,witnessed a decline due to the halt in activities. However, the condition was expected to recover in 2021, which could benefit the market during the forecast period.

• Major factors driving the market studied are the increasing demand for electric vehicles among consumers in Brazil.
• The high cost of purchasing an electric vehicle is expected to hinder the growth of the market studied.
• Increasing government initiatives to promote the sale of EVs is likely to act as an opportunity in the future.

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 function of the EV fluid includes heat transfer, lubrication of EV parts, energy loss reduction, and improving the transmission system. The electric vehicle (EV) fluids market is segmented by product type, propulsion type, vehicle type, and geography. By product type, the market is segmented into engine oil, coolants, 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. For each segment, the market sizing and forecasts have been done based on revenue (USD million).