Electric Vehicle Fluid Market Companies Driving Innovation and Growth by 2034

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The electric vehicle fluid market is on a rapid growth trajectory, projected to reach USD 25.84 billion by 2034, up from USD 2.17 billion in 2025, reflecting a robust CAGR of 31.80% over the forecast period (2025–2034). This unprecedented growth is fueled by the surge in electric vehicle (EV) production, increasing R&D for bio-based fluids, and supportive government regulations to decarbonize the transportation sector.

EV fluids are critical for cooling, lubrication, and enhancing the overall performance of electric drivetrains and battery systems. As the EV industry evolves, so does the demand for high-performance fluids tailored for Battery Electric Vehicles (BEVs) and Hybrid Electric Vehicles (HEVs).

Market Highlights

  • Asia Pacific currently holds the largest revenue share in the global electric vehicle fluid market.

  • Europe is expected to register the highest CAGR during the forecast period.

  • By propulsion type:

    • HEVs dominate the market in 2025.

    • BEVs are anticipated to grow significantly in the next decade.

Top Electric Vehicle Fluid Market Companies

1. Exxon Mobil Corporation

  • About: One of the world’s largest publicly traded oil and gas companies, Exxon Mobil is actively developing EV-specific lubricants and fluids.

  • Products: EV Transmission Fluids, EV Coolants (under the Mobil brand).

  • Market Cap: ~$460 billion (as of mid-2025).

2. BP Plc

  • About: British Petroleum is shifting toward electrification with its Castrol ON EV fluid series, designed for battery and drivetrain performance.

  • Products: Castrol ON EV Transmission Fluid, EV Coolants.

  • Market Cap: ~$110 billion.

3. Shell Plc

  • About: Shell is advancing its low-carbon mobility solutions, including a strong lineup of EV fluids and collaborations with automakers.

  • Products: Shell E-Fluids for electric drivetrains and batteries.

  • Market Cap: ~$220 billion.

4. Saudi Arabian Oil Co. (Aramco)

  • About: Aramco, a state-owned giant, is investing heavily in synthetic lubricants and green innovation, with a growing focus on EV fluid technology.

  • Products: Advanced base oils, low-viscosity EV fluids.

  • Market Cap: ~$2.2 trillion.

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5. Repsol

  • About: Spanish-based Repsol has transitioned into cleaner energy and developed lubricants optimized for electric vehicles.

  • Products: Repsol Electric Vehicle Lubricants.

  • Market Cap: ~$20 billion.

6. ENEOS Corporation

  • About: Japan’s largest oil company, ENEOS is a major supplier of automotive fluids and is ramping up its electric mobility portfolio.

  • Products: ENEOS EV Coolant, Gear Oils for EVs.

  • Market Cap: ~$10 billion.

7. Gulf Oil International Ltd.

  • About: Gulf Oil, part of the Hinduja Group, focuses on next-gen lubricants, including fluids tailored for EV applications.

  • Products: Gulf eLEC EV Fluids.

  • Market Cap: (Privately held subsidiary; not listed).

8. FUCHS Petrolub SE

  • About: A global lubricant specialist from Germany, FUCHS offers a wide variety of EV fluids developed for optimal thermal and energy efficiency.

  • Products: RENOLIN E-FLUID Series.

  • Market Cap: ~$5.5 billion.

9. TotalEnergies

  • About: The French multinational has made EV fluid innovation a priority under its broader sustainable energy goals.

  • Products: Quartz EV Fluid Range.

  • Market Cap: ~$160 billion.

10. Petroliam Nasional Berhad (PETRONAS)

  • About: Malaysian state-owned PETRONAS has launched the “IONA” series targeting high-performance EVs.

  • Products: PETRONAS IONA EV Fluid Range.

  • Market Cap: ~$65 billion (estimated, as it’s a state-owned company).

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Future Outlook

The growing R&D in bio-based electric vehicle fluids, rising EV adoption rates, and technological enhancements in thermal management systems will continue driving market growth. Collaboration between automakers and lubricant companies will further strengthen product development, especially in extreme-performance EVs and commercial electric fleets.

Frequently Asked Questions (FAQs)

1. What are EV fluids and why are they important?
EV fluids, including coolants, greases, and transmission fluids, are critical for thermal management, efficiency, and longevity of electric vehicle components.

2. Which EV propulsion type is growing the fastest?
Battery Electric Vehicles (BEVs) are expected to grow at the highest CAGR from 2025 to 2034 due to zero-emission goals and battery technology improvements.

3. Which region is the largest consumer of EV fluids?
Asia Pacific leads the market in consumption, driven by large-scale EV production in China, Japan, and South Korea.

4. What trends are shaping the electric vehicle fluid market?
Trends include the development of bio-based fluids, lightweight thermal fluids, and OEM partnerships for EV-specific formulations.

5. Are conventional engine oils used in EVs?
No. EVs require specially formulated fluids that cater to electric drivetrains and high-voltage components, which differ from internal combustion engines.

Source : https://www.towardsautomotive.com/insights/electric-vehicle-fluid-market-sizing

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