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 | > 20.00 % |
| Market Concentration | Medium |
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*Disclaimer: Major Players sorted in no particular order |
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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 Market Trends
Hybrid Electric Vehicles Propulsion Type Segment to Dominate the Market
- A hybrid electric vehicle is a type of vehicle that combines a conventional internal combustion engine system with an electric propulsion system. According to the Society of Automotive Engineers, a hybrid vehicle can be defined as a vehicle with two or more energy storage systems.
- In 2021, all major vehicle markets in the region reported an increase in the sales of Electric Vehicle (EV), which was expected to continue at a faster pace in the coming years. By 2030, the sales of hybrid electric vehicles in the region are expected to reach 488.9 thousand units, followed by 405.2 thousand units sale of plug-in hybrid electric vehicles, and 123.7 thousand units sale of battery electric vehicles.
- There is an expectation of commercialization of approximately 1 million electrified vehicles in the South America region and the total electrified vehicles in operation are expected to be 5.4 million by 2030.
- According to the local business association, Andi, and the federal merchants association, Fenalco, in 2021, EV sales in Colombia increased by 60%. Moreover, the combined sales of EVs and hybrids (HEV) also increased significantly jumping almost 200% to around 18,000 units.
- In 2021, the sales in Argentina doubled when compared to the value of the previous year. The country sold nearly 5,900 units of electric and hybrid vehicles. During the first six months of 2022, 140,049 of total vehicles were sold in Argentina, out of which 3,371 vehicle sales were HEVs.
- Therefore, all the aforementioned pointers are expected to grow the demand for coolants product type of EV fluids over the forecast period.
Brazil to Dominate the Market
- Brazil is expected to dominate the electric vehicle (EV) fluids market in the South America region due to the increasing demand for electric vehicles in the country. Due to the environmental, social, and governance (ESG) agenda of green logistics followed by Brazil, there is a significant growth in the sales of electric vehicles in the country.
- The National Association of Motor Vehicle Manufacturers' statistics report indicates that in 2021, sales of hybrid electric vehicles in Brazil skyrocketed and reached nearly 35 thousand units, an increase of 77% over the previous year.
- According to a study commissioned by GM South America, Brazil follows the global trend of a continuous increase in the adoption of zero-emission technology, and is expected to reach 5.5 million electric vehicles by 2035.
- The biggest boost to the development of electric mobility comes from the Rota 2030 plan. Through this program, the Brazilian government promotes the development of R&D projects in the automotive sector, encourages the transition to sustainable mobility, and provides incentives to both companies and vehicle owners to promote the growth of the sector.
- Due to the policies under Rota 2030, more and more companies and individuals are turning to electric vehicles. Data obtained for 2021 shows that more than 7,000 new electric vehicles were registered in the January-April period alone, and the year represents the highest number of electric car sales ever recorded.
- In 2021, Nissan and Porsche dominated the electric vehicle sales in Brazil. Nissan sold 439 units of the Leaf Tekna in South American countries, whereas Porsche sold around 379 units of its Taycan model in the same period.
- In 2021, the Brazilian market witnessed a growth in the sales of electric vehicles. According to the Brazilian Association of Electric Vehicles (ABVE), 34,990 units were sold, and 79,800 cars were in circulation. In 2022, the Brazilian automotive sector reached 100 thousand electrified cars on the streets.
- All the aforementioned factors contribute to the growth of hybrid electric vehicles, which further drives the market for electric vehicle (EV) fluids over the forecast period.
Electric Vehicle (EV) Fluids Industry Overview
The South America electric vehicle (EV) fluids market is partially consolidated in nature. The major companies include Shell plc, Valvoline Global Operations, TotalEnergies, Exxon Mobil Corporation, and CASTROL LIMITED, among others.
Electric Vehicle (EV) Fluids Market Leaders
Shell plc
Valvoline Global Operations
TotalEnergies
Exxon Mobil Corporation
CASTROL LIMITED
*Disclaimer: Major Players sorted in no particular order
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Electric Vehicle (EV) Fluids Market News
- March 2023: The Lubrizol Corporation introduced new sulfur-free driveline lubricant technology for EV transmissions and e-axles. With this new product launch, the company expanded its portfolio of EV lubricants and fluids, which increased its footprints in the market.
- October 2022: Shell plc extended its globally available specialized fluids portfolio by introducing Shell E-Fluids to support battery electric (BEV) as well as fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy goods 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 Increasing Demand for Electric Vehicles
4.1.2 Other Drivers
4.2 Restraints
4.2.1 High Cost of Purchasing 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 Buyers
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 Coolants
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 Vehicle
5.3.2 Commercial Vehicles
5.3.3 Other Vehicle Types
5.4 Geography
5.4.1 Brazil
5.4.2 Argentina
5.4.3 Rest of South America
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 Afton Chemical
6.4.2 CASTROL LIMITED
6.4.3 ENEOS Corporation
6.4.4 Exxon Mobil Corporation
6.4.5 Petroliam Nasional Berhad (PETRONAS)
6.4.6 Repsol
6.4.7 Shell plc
6.4.8 The Lubrizol Corporation
6.4.9 TotalEnergies
6.4.10 Valvoline Global Operations
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
7.1 Increasing government initiatives to promote the sales of EV
7.1.1 Other Opportunities
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).
| Product Type | |
| Engine oil | |
| Coolants | |
| 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 Vehicle | |
| Commercial Vehicles | |
| Other Vehicle Types |
| Geography | |
| Brazil | |
| Argentina | |
| Rest of South America |
Frequently Asked Questions
What is the current Electric Vehicle (EV) Fluids Market size?
The Electric Vehicle (EV) Fluids Market is projected to register a CAGR of greater than 20% during the forecast period (2024-2029)
Who are the key players in Electric Vehicle (EV) Fluids Market?
Shell plc, Valvoline Global Operations, TotalEnergies, Exxon Mobil Corporation and CASTROL LIMITED are the major companies operating in the Electric Vehicle (EV) Fluids Market.
What years does this Electric Vehicle (EV) Fluids Market cover?
The report covers the Electric Vehicle (EV) Fluids Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Electric Vehicle (EV) Fluids Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Electric Vehicle (EV) Fluids Industry Report
Statistics for the 2024 Electric Vehicle (EV) Fluids market share, size and revenue growth rate, created by Mordor Intelligence™ Industry Reports. Electric Vehicle (EV) Fluids analysis includes a market forecast outlook to for 2024 to (2024to2029) and historical overview. Get a sample of this industry analysis as a free report PDF download.
