North America Electric Vehicle Fluid Market Outlook, 2027

North America Electric Vehicle Fluid Market Outlook, 2027

Electric vehicle is one of the fastest growing transportation technologies in the automotive industry. North America Government policies for reducing carbon dioxide emissions and fuel dependency are driving factors for higher adoption of electric vehicle. North America automakers have announced their intentions to introduce more than 200 new electric vehicle models in the next few years. ‘North America electric vehicle’ (electric vehicle manufacturer) is a team of automotive experts that specializes in designing electric vehicles. Recently, company has launched ‘H1EV’ powered by Tesla with approximate 750 mile range and over 1200 horsepower. Traditionally, fluids were not concerning element for conventional vehicles. But for electric vehicle industry, specially engineered fluids play vital role to improve the performance of vehicle. Electric vehicle fluids manage proper lubrication with thermal management and electrical qualities with various electric vehicle components (e-motors, gearboxes, clutches, bearings etc). Electric vehicle fluids are also effective to provide optimized energy efficiency and longer range. In North America, electric vehicle industry is witnessing various technological developments; with that fluids continue to encounter new obstacles. Fluid design for e-motor and battery cooling also offers greater potential to electric vehicle.

According to the research report “North America Electric Vehicle Fluids Market Outlook, 2027"" published by Bonafide Research, electric vehicle fluids market is projected to have increasing market growth with 27.40% CAGR by 2027. The growing population of electric vehicles, increase in life-time of lubricants and stringent environmental regulations are key factors for growing electric vehicle fluids market. North America electric vehicle fluids market is segmented into three major countries which are United States of America, Canada and Mexico. Among these countries, United States of America is anticipated to lead the electric vehicle fluids market with higher market share during the forecast period. The USA is the largest market in North America region and third largest market worldwide for e-mobility. E-mobility is a general term referring developments of electric powered drivetrains which are specifically designed to reduce carbon emissions. Many industries present in United States of America have announced their goal to have 40% to 50% production of electric vehicle and essential fluids by 2030.

According to the report, North America electric vehicle fluids market is segmented into four major fluid types which are grease, brake fluid, heat transfer fluid and drive system fluid. In North America region, a heat transfer fluid segment is projected to lead the market share with more than 85%. Since the mass-introduction of electric vehicle, battery fire incidents are major constraints for electric vehicle market growth. In Merida, Mexico there had been a plug-in hybrid electric vehicle fire incident in October 2013. Heat transfer fluid is an essential component to overcome this threat. Heat transfer fluid segment is utilized to keep the battery temperature at a particular state and optimizes overall vehicle temperature. Grease, brake fluid and drive system fluid segments are also anticipated to have increasing growth during the forecast period. Further electric vehicle fluids market in North America is segmented into passenger type and commercial type of vehicles. Passenger type of electric vehicle is forecasted to have maximum market share by 2027. Major population across the country is directed towards the passenger/personal type of vehicle. It provides convenience to the customers and trust factor is higher for passenger type of vehicles in North America. Based on the propulsion type, North America electric vehicle fluids market is bifurcated into battery electric vehicle, plug-in hybrid electric vehicle and hybrid electric vehicle. Among these segments, battery electric vehicle is projected to have maximum market share with more than 50% during the forecast period. North America population prefers battery electric vehicle more than other segments as it is easy to adapt technology and easy to maintain vehicle type. In addition to that, higher petroleum fluid price is also a restraining factor for plug-in hybrid electric vehicle and hybrid electric vehicle.

Impact of Covid-19 on North America Electric Vehicle Fluids market:
The North America region was heavily affected by the Covid-19 pandemic. The production of electric vehicles and electric vehicle fluids were significantly affected by due to disruption in the supply chain processes for North America region. North America fluids market witnessed change in customer preference due to Covid-19 outbreak. Though, this effect varies from country to country. Major countries like USA and Canada continued their production by the end of 2020 with more advancement. Many companies and industries initiated production of electric vehicle fluids at a higher pace in North America region. Increasing awareness about carbon emissions and need for clean and efficient energy tends the overall market towards the electric vehicle fluids.

Major Companies present in the market:
Shell Plc, Valvoline Inc., Totalenergies Se, Exxonmobil Corporation, Fuchs Petrolub Se, And Petroliam Nasional Berhad (Petronas), Repsol S.A, Castrol Limited, Afton Chemicals, Motul, Dober, Infineum International Limited, Eneos Corporation, The Lubrizol Corporation, Engineered Fluids Inc.

Considered in this report
Geography: North America
Base year: 2021
Estimated year: 2022
Forecast year: 2027

Aspects covered in this report
North America Electric Vehicle Fluid market with its value and forecast along with its segments
Country-wise electric vehicle fluid market analysis
Various drivers and challenges
On-going trends and developments
Top profiled companies
Strategic recommendation

Regions covered in the report
United States of America
Canada
Mexico

Types of Product in the report:
Grease
Braking Fluid
Heat Transfer Fluid
Drive System Fluid

Type of Propulsion in the report:
Battery Electric Vehicle (BEV)
Plug-In Hybrid Electric Vehicle (PHEV)
Hybrid Electric Vehicle (HEV)

By Vehicle Type:
Passenger Vehicle
Commercial Vehicle

The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we have started verifying the details obtained from secondary sources.

Intended audience
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to electric vehicle fluid industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.