India Electric Vehicle (EV) Fluid Market Size Zooming more than 5X to Touch USD 6.1 Billion by 2029

Published | 05 July 2023

India electric vehicle (EV) fluid market is flourishing because of increasing technological advancements and high adoption of EVs.

BlueWeave Consulting, a leading strategic consulting and market research firm, in its recent study, estimated India electric vehicle (EV) fluid market size at USD 1,084.23 million in 2022. During the forecast period between 2023 and 2029, BlueWeave expects the India electric vehicle (EV) fluid market size to grow at a significant CAGR of 28.21% reaching a value of USD 6,143.03 million by 2029. Major growth drivers for the India electric vehicle (EV) fluid market include an increasing adoption of EVs, rising government initiatives, and the growing demand for sustainable mobility. The India electric vehicle (EV) fluid market is still in its nascent stage but is expected to grow significantly in the coming years due to the government's push towards electrification and the increasing adoption of EVs by consumers. The Indian government has set a target of achieving 30% electric mobility by 2030 and has taken various measures to promote the adoption of EVs, including tax incentives, subsidies, and the installation of charging infrastructure. The FAME (Faster Adoption and Manufacturing of Hybrid & Electric Vehicles) scheme, launched in 2015, aims to promote the adoption of EVs and to create a sustainable EV ecosystem in the country. Also, the increasing adoption of EVs in India is expected to create a significant demand for EV fluids in the country. However, the high initial cost of EVs is anticipated to hinder the overall market growth.

India Electric Vehicle (EV) Fluid Market – Overview

The India electric vehicle (EV) fluid market refers to the market for specialized fluids that are specifically designed and used in EVs in India. As the adoption of EVs continues to grow in the country, there is a corresponding demand for EV fluids to support their operation and maintenance. EV fluids in India include lubricants, coolants, brake fluids, transmission fluids, battery cooling fluids, and other specialized fluids required for the efficient functioning of EVs. The growth of the EV fluid market in India is closely linked to the growth of the EV market itself. According to a report by the International Energy Agency (IEA), India is expected to become the third-largest EV market in the world by 2025, after China and the United States. These fluids are specifically formulated to meet the unique requirements of EV systems, considering factors such as high temperatures, efficient power transfer, and compatibility with electric drivetrain components.

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Impact of COVID -19 on India Electric Vehicle (EV) Fluid Market

COVID-19 pandemic adversely affected the electric vehicle (EV) fluid market across India. The pandemic led to disruptions in global supply chains, including the production and distribution of EV fluids. Restrictions on international trade, temporary closures of manufacturing facilities, and logistics challenges impacted the availability of raw materials and components necessary for the production of EV fluids. The overall automotive industry, including the EV sector, experienced a decline in sales due to economic uncertainties, lockdown measures, and reduced consumer spending during the pandemic. This decline in EV sales directly affected the demand for EV fluids in India. The pandemic shifted consumer priorities towards essential needs and financial stability, resulting in a reduced focus on purchasing new vehicles, including EVs. With a decrease in new EV purchases, the demand for EV fluids was also impacted. Also, The Indian government, like many others globally, had to shift its focus and allocate resources towards managing the health and economic impacts of the pandemic. As a result, certain initiatives and policies supporting the EV sector, such as subsidies and incentives, may have been affected, potentially impacting the growth of the EV fluid market. However, the post-pandemic recovery and the growing focus on sustainable transportation had a positive impact on the EV fluid market in India. The increased adoption of EVs and the development of the necessary charging infrastructure drove demand for specialized fluids required for EV operation and maintenance, leading to growth in the EV fluid market. Government initiatives and policies promoting electric mobility also supported this growth.

India Electric Vehicle (EV) Fluid Market – By Propulsion Type

Based on propulsion type, the India electric vehicle (EV) fluid market is split into Battery Electric Vehicles and Hybrid Electric Vehicles (HEVs) segments. The hybrid electric vehicles (HEVs) segment held a higher market share. HEVs, which combine an internal combustion engine with an electric motor and battery, have gained popularity in India due to their ability to offer improved fuel efficiency and reduced emissions compared to conventional vehicles. The increasing adoption of HEVs in the country can contribute to a higher demand for EV fluids specific to these vehicles. Also, the HEVs often utilize a combination of electric drivetrains and internal combustion engines. This configuration allows them to use conventional fluids, such as engine oil, coolants, and transmission fluids, similar to traditional internal combustion engine (ICE) vehicles. The presence of conventional fluids in HEVs may contribute to a larger share of the EV fluid market, as these fluids are already well-established in the automotive industry.

Competitive Landscape

Major players operating in the India electric vehicle (EV) fluid market include Exxon Mobil Corporation, BP plc, Shell plc, FUCHS, TotalEnergies, Petroliam Nasional Berhad (PETRONAS), Saudi Arabian Oil Co., Repsol, PTT LUBRICANTS, and ENEOS Corporation. To further enhance their market share, these companies employ various strategies, including mergers and acquisitions, partnerships, joint ventures, license agreements, and new product launches.

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The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of India Electric Vehicle (EV) Fluid Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in India Electric Vehicle (EV) Fluid Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.

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