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Europe Electric Vehicle Fluid Market Outlook, 2027

Europe Electric Vehicle Fluid Market Outlook, 2027

Bonafide Research 14-03-2022 89 Pages Figures : 24 Tables : 33
Region : Europe Category : Automotive & Transport Automotive

1. 3M Company

2. Shell plc

3. BP p.l.c.

4. Valvoline Inc.

5. Totalenergies SE

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Europe automotive market is projected to have significant growth by the higher adoption rate of electric vehicles. The drivers of electrification are Europe regulatory agencies which are implementing stricter limits on carbon and nitrogen oxide pollution. In line with Paris agreement in 2015, The European region aims to be carbon emission neutral by 2050. By 2030, electric vehicle production is expected to reach 50% of overall vehicle production in Europe. Europe government has initiated various policies such as Directive 2014/94/EU, European battery alliance, Charge everywhere, Wireless charging for electric vehicles etc. Concerns about the dependability, speed and distance range for electric vehicle by the customers have been considered by various industries. Europe automotive industry is expected to capitalize the opportunity of growing demand by introducing various e-fluids. E-fluids as the name suggests, are specially engineered fluids for electric vehicle with enhancing vehicle performance, range and durability. Electric vehicle fluids are also important for reducing carbon emissions and provide sustainability for environment.

According to the research report “Europe Electric Vehicle Fluids Market Outlook, 2027" published by Bonafide Research, electric vehicle fluids market is forecasted to have rising market growth with 23.18% CAGR by the forecast period. In Europe, many industries are focusing on research and development investments to improve the working of batteries, fluids and other core components. Based on the countries, Europe electric vehicle fluids market is segmented into eight countries which are Germany, United Kingdom, Norway, Netherlands, France, Spain, Italy and Sweden. Among these countries, Italy is projected to have maximum market share during the forecast period. In Italy, government aims to omit the net emissions to zero by 2050 and for electric vehicles to replace polluting models by 2035. With that industries present in Italy have initiated electric vehicle fluid production at a higher pace which will fuel the electric vehicle fluids market. Europe electric vehicle fluids market is segmented into four major types of fluids including grease, brake fluid, heat transfer fluid and drive system fluid. Heat transfer fluid segment is forecasted to lead the market with more than 85% market share, followed by drive system fluid with more than 8% market share. Growing demands for electric vehicle battery direct towards the higher market share for heat transfer fluid as it regulates the battery temperature for efficient performance.

According to the report, passenger type of electric vehicle is forecasted to lead the Europe electric vehicle fluids market. As Europe government has introduced many policies related adoption of electric vehicle, Major Europe population is concentrated towards the passenger type electric vehicle. As for the commercial electric vehicle, this segment is also expected to witness prominent growth by 2027. Based on the propulsion type, electric vehicle fluids market is segmented into three main types which are battery electric vehicle, plug-in hybrid electric vehicle and hybrid electric vehicle. Among these types, Battery electric vehicle segment is expected to acquire almost half of the overall market share. As for the hybrid segment, they utilize batteries as well as combustion engine. Having both systems can increase range at the expense of added weight and less room for passenger and cargo. Due to this reason, PHEV and HEV segments are witnessing slow and steady growth during the forecast period.

Impact of Covid-19 on Europe Electric Vehicle Fluids market:
Covid-19 outbreak is an incomparable global health emergency that has affected almost every industry, and the long-term effects are expected to impact the industry growth during the forecast period. Europe is one of the major regions which got heavily affected during the pandemic. Europe electric vehicle fluids industry has witnessed the changes in customer behavior and demand, purchasing patterns, re-formation and re-routing of the supply chain and interventions of governments. The process of rapid expansion was halted during the pandemic. But by the end of 2020, many industries initiated their production with higher advancements in fluid component. Due to that Europe electric vehicle fluids market is anticipated to have prominent growth during the forecast period.

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: Europe
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027

Aspects covered in this report
• Europe 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
• Germany
• United Kingdom
• Norway
• Netherlands
• France
• Spain
• Italy
• Sweden

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.

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