Electric Vehicle (EV) Fluids are primarily lubricants formulated from high-quality synthetic base oil for electric vehicles. According to BlueQuark Research & Consulting, the global Electric Vehicle Fluids Market is expected to grow significantly during the forecasted period. Factors such as the surging demand for Electric vehicles due to the rising fuel cost, rising pollution levels, and declining battery prices are expected to drive the need for the Electric Vehicle (EV) Fluids market in the forecasted period. Further, increasing demand for electric powertrains, which consist of battery, and plug-in hybrid electric vehicles, is owing to a surging trend of sustainability in the energy and transportation sectors are predicted to drive the need for the Electric Vehicle (EV) Fluids market in the forecasted period. Furthermore, the technology focus of leading EV OEMs, the introduction of new models, and their relationship with lubricant suppliers are expected to drive the demand for the global Electric Vehicle (EV) Fluids market in the forecasted period. However, the higher cost of electric vehicle fluids and the feasibility of developing immersed cooling battery systems are the main factors that hinder Electric Vehicle EV Fluid market growth in the forecasted period.

An increase in the need for electric vehicles is preceding to fuel the growth of the electric vehicle fluids market. The development of the global electric vehicle fluid market is attributed to the soaring demand for efficient and durable fluids for electric vehicles. Generally, various components of an EV generate a lot of heat during operation, such as battery systems and e-motors. New electric vehicle lubricants add additives and dielectric properties to make them appropriate for electric vehicle mechanisms. The primary fluid types used to enhance electric vehicle applications are grease, heat transfer, drive system, and brake. Accelerating decarbonization efforts in the commercial vehicle (CV) sector are increasing the deployment of low- and zero-emission technologies. Electrification remains a viable option for Commercial Vehicle applications. Electrification of Commercial vehicles will drive technological innovation, as the performance need for the various fluids consumed in Commercial electric vehicles is different from those used in conventional internal combustion engine vehicles. Electric vehicles will herald a new lubricants market niche focused on the lubrication needs of EVs specifically used in commercial applications. With the rising concern over tailpipe emissions and their damaging effects on the environment, stringent standards for CO2 and pollutants such as unburned hydrocarbons, nitrogen oxide, and particulates have been put in place, resulting in hybrid and fully Electric vehicles no longer being seen as unusual, but the standard for the forecasted period. Fluid is the main part of a vehicle, which can improve fuel economy and help reduce car carbon footprints. Electric vehicle fluid lubricants help remove excess heat from the engine motor and keep it cool. Hence, cool engines provide better fuel efficiency. Moreover, the use of fluid lubricants to reduce heat maximizes the life of vehicles. Thus, using electric vehicle fluid lubricants helps provide durability to engines.

Europe was the largest region in the EV fluids market. Asia-Pacific is projected to be the fastest-growing region in the forecast period. Rising government measures to control cO2 and other pollutants such as unburned hydrocarbons, nitrogen oxide, and other particulates are also propelling the adoption of Evs. The electric vehicle fluids meet the continuing efforts to reduce the greenhouse gas trend of minimized CO2 emissions and enhance fuel economy. Electric powertrains are environment-friendly, and governments across the country are implementing several laws and offering incentives to promote the sale of electric powertrains. Coolants, used for regulating the temperature of the battery pack and other electronic components, are expected to be the fastest-growing product type for electric vehicles during the forecast period. The engine oil segment is expected to lead the overall electric vehicle fluids market during the forecasted period. This is owing to the demand for engine oil in hybrid electric vehicles during first and service fills. Engine oil has far less replacement interval than other electric vehicle fluids, leading to large-scale consumption. In contrast to other EV fluid, a high market share in volume and high engine oil prices will result in the largest market share during the forecast period. Engine oil is not a favourable option for Evs for lubricating the components due to EVs running on electric motor and EV batteries, which have more significant technical requirements than internal combustion engine vehicles. Therefore, electric vehicle fluid is especially formulated to meet Electric vehicles' broad performance requirements. Electric vehicle fluids perform various functions, including lubricating the transmission system, stabilizing the battery's temperature, cooling the electric motors and gears, and reducing friction. In addition, it also offers insulation to electric current while improving the battery life and other components of electric car. However, EVs require lubricants for key electrical components such as gear oils for differentials, coolants for the car battery, gear reducer, chassis, brake fluids, wheels, and grease for other parts of the Electric Vehicle. The heat transfer fluid market is predicted to witness the most considerable growth during the forecasted period due to its vital use in BEV and PHEV for cooling the EV battery, maintaining optimal operating temperature range, and enabling proper charging and discharging of electric vehicles. In addition, it is utilized to extend the battery life and protect the Electric vehicle components.

The market's key players are 3M, Afton Chemicals, Engineered Fluids, Dober, and Fuchs Petrolub.

In June 2022, FUCHS acquired the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, and will merge it into its subsidiary FUCHS LUBRICANTS SWEDEN AB as of July 1, 2021, to strengthen its speciality business.

In November 2021, Petronas launched an advanced range of electric vehicle (EV) fluids named second-generation PETRONAS iona. "Second-generation" PETRONAS Iona is designed to meet electric vehicles' several issues, including thermal management, friction control, and enhanced efficiency.

The Global Electric Vehicle (EV) Fluids Market report provides deep insight into the market's current and future state across various regions. The study comprehensively analyses the market by segmenting it based on By Type (Grease, Brake Fluid, Heat Transfer Fluid, and Drive System Fluid), Propulsion Type (Battery Electric Vehicles and Hybrid Electric Vehicles), End-Use Industry (Thermal, Transmission, EV Grease ), and geography (Asia-Pacific, North America, Europe, South America, and the Middle East and Africa). The report examines the market drivers and restraints and the impact of COVID-19 on market growth in detail. The research examines emerging market trends, developments, opportunities, and challenges in the industry. This report also covers extensively researched sections on the competitive landscape with prominent companies and profiles, including their market shares and projects.