North America Electric Vehicle Fluids Market Report and Forecast 2024-2032

North America Electric Vehicle Fluids Market Report and Forecast 2024-2032

North America Electric Vehicle Fluids Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the North America electric vehicle fluids market size reached a value of USD 383.84 million in 2023. Aided by the burgeoning adoption of electric vehicles across the region, the market is projected to further grow at a CAGR of 21.8% between 2024 and 2032 to reach a value of USD 2348.55 million by 2032.

Electric vehicle fluids are specialised lubricants and coolants designed to meet the unique requirements of electric drivetrains, batteries, and other EV components. These fluids play crucial roles in heat management, efficiency enhancement, and the longevity of electric vehicle components. As the EV market continues to expand, driven by environmental concerns and supportive governmental policies, the demand for these specialised fluids is expected to rise significantly.

The North America electric vehicle fluids market growth is primarily fuelled by the rapid increase in EV sales in North America, technological advancements in EV fluid formulations, and the stringent regulatory standards requiring high-performance and environmentally sustainable automotive fluids.

Innovation in fluid technology is a key trend in the market. Manufacturers are developing advanced formulations that offer better thermal stability, enhanced conductivity, and reduced friction, which are critical for improving the efficiency and range of electric vehicles. As per the North America electric vehicle fluids market analysis, these fluids are specially formulated to protect against electrical arcing, reduce battery degradation, and enhance the performance of power electronics.

Regulatory frameworks in North America are also evolving to support cleaner transportation solutions, which include mandates for lower emissions and higher efficiency standards. These regulations are pushing automotive fluid manufacturers to innovate and develop products that are not only effective but also environmentally friendly, such as biodegradable coolants and lubricants made from renewable resources.

As per the North America electric vehicle fluids market outlook, the United States leads the market in North America, driven by high EV adoption rates, established automotive sector infrastructure, and supportive government policies. Canada and Mexico are also showing significant growth potential with increasing investments in EV infrastructure and incentives for EV adoption.

There is a growing trend towards the development of bio-based fluids as a sustainable alternative to conventional petroleum-based products which propels the North America electric vehicle fluids market expansion. These fluids are designed to be biodegradable and have a lower environmental impact. Companies are increasingly focusing on these innovations to meet the rising demand for green and sustainable automotive solutions.

As the market for high-performance electric vehicles grows, there is an increasing need for fluids that can handle higher thermal loads and offer better electrical insulation properties. Manufacturers are developing fluids that are specifically tailored for the high-demand conditions of performance EVs, such as sports cars and luxury vehicles.

With the advancement in battery technology and the push for longer EV ranges, there is a need for more efficient cooling systems in the North America electric vehicle fluids market. Fluid manufacturers are working on solutions that integrate seamlessly with advanced cooling technologies, such as immersion cooling systems, which involve submerging battery cells directly in a non-conductive liquid.

Recent developments include partnerships between fluid manufacturers and automotive OEMs to co-develop tailored solutions that enhance the performance and lifespan of electric vehicles which can contribute to the North America electric vehicle fluids market share. Additionally, there is a growing trend of collaborations with tech companies to integrate smart sensors and IoT technology into fluid management systems, enabling real-time monitoring and predictive maintenance.

Market Segmentation

The market can be divided based on propulsion type, vehicle type, fill type, product type, and country.

Market Breakup by Propulsion Type

• Battery Electric Vehicle
• Hybrid Electric Vehicle
• Plug-In Hybrid Electric Vehicle

Market Breakup by Vehicle Type

• On-Highway Electric Vehicle
• Off-Highway Electric Vehicle

Market Breakup by Fill Type

• First Fill
• Service Fill

Market Breakup by Product Type

• Coolants
• Engine Oils
• Transmission Fluids
• Greases
• Others

Market Breakup by Country

• United States of America
• Canada

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the North America electric vehicle fluids market. Some of the major players explored in the report by Expert Market Research are as follows:

• Shell Plc
• TotalEnergies SE
• Valvoline Inc.
• Exxon Mobil Corp.
• Castrol Ltd.
• Petroliam Nasional Berhad (PETRONAS)
• ENEOS Holdings, Inc.
• Afton Chemical
• Repsol, S.A.
• Gulf Oil International Limited
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report.