Electric Vehicle Fluids Market Segmentation:
Product Segment Analysis
The engine oil segment in electric vehicle fluids market is expected to hold the highest share of 58% by 2035 due to the increasing adoption of electric drivetrains. In India, Castrol India reported a 6.7% increase in third-quarter profit in 2024, driven by sustained demand for automobile lubrication products, including engine oils. Castrol India launched three new variants under its EDGE brand in June 2024, specifically formulated for hybrid engines, European cars, and SUVs. These products are designed to deliver improved performance and meet the latest OEM specifications, addressing the evolving needs of automotive consumers.
This growth is driven by the need for specialized lubricants that cater to the unique requirements of electric vehicles, such as enhanced thermal stability and electrical insulation properties. As EV adoption accelerates, the demand for high-performance engine oils for electric vehicles continues to rise, positioning this segment as a key player in the evolving automotive fluid landscape.
Vehicle Type Segment Analysis
The passenger segment in electric vehicle fluids market is poised to hold the largest market share of around 68% through 2035 due to increasing consumer demand for sustainable and cost-effective transportation options, advancements in battery technology, and supportive government policies promoting EV adoption. For instance, in India, passenger EV sales tripled in 2021, reaching 14,800 units, and continue to show signs of growth. As the passenger EV market expands, the need for specialized fluids such as advanced coolants and lubricants becomes more critical. These fluids are essential for maintaining optimal performance, enhancing battery life, and ensuring the safety of EV components. The growing adoption of passenger EVs is thus driving the demand for high-performance fluids, presenting significant opportunities for manufacturers in the EV fluids market.
Our in-depth analysis of the global market includes the following segments:
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