Report Overview

India Electric Vehicle (EV) Fluid Market - Industry Trends & Forecast Report, 2029

India electric vehicle (EV) fluid market size was estimated at USD 1,084.23 million in 2022. During the forecast period between 2023 and 2029, the size of India electric vehicle (EV) fluid market is projected to grow at a 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, the government’s supportive initiatives, and the growing demand for sustainable mobility. The Indian 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 in the coming years.

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 electric vehicles (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 electric vehicles. 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. EV fluids are specifically formulated to meet the unique requirements of EV systems, considering various factors, such as high temperatures, efficient power transfer, and compatibility with electric drivetrain components.

India Electric Vehicle (EV) Fluid Market

Growth Drivers

Increasing Demand for Electric Vehicles (EVs)

As more consumers and businesses adopt electric vehicles (EVs), there will be a corresponding need for specialized fluids that are designed to meet the unique requirements of EV systems. The Government of India has set ambitious targets to promote electric mobility and reduce greenhouse gas (GHG) emissions. Initiatives, such as the Faster Adoption and Manufacturing of Hybrid & Electric Vehicles (FAME) scheme, provide incentives and subsidies to encourage the adoption of EVs. These efforts, coupled with increasing awareness of environmental sustainability, are driving the demand for EVs in India. EV fluids play a crucial role in ensuring the efficient and reliable operation of EVs. Lubricants, coolants, brake fluids, transmission fluids, and battery cooling fluids are among the essential fluids needed for the smooth functioning of various components within EVs. These fluids are specifically formulated to meet the unique requirements of electric drivetrains, battery systems, and other EV components. As the sales of EVs continue to rise, the demand for EV fluids will increase proportionately. The growth is driven by the need for proper lubrication and cooling of electric drivetrain components, efficient thermal management of batteries, and ensuring reliable braking performance. EV fluid manufacturers are investing in R&D to develop innovative and high-performance fluids that cater to the specific needs of EVs. Major players in the Indian EV fluid market, including both domestic and international manufacturers, are expanding their product portfolios to meet the growing demand. They are developing advanced fluids that offer improved efficiency, durability, and environmental sustainability.

Restraints

Initial High Cost of Purchasing Electric Vehicles (EVs)

The higher upfront cost of EVs compared to conventional internal combustion engine (ICE) vehicles is often cited as a barrier to their widespread adoption. The initial cost of purchasing an EV is influenced by several factors, including the cost of battery technology, limited production scale, and the relative scarcity of EV models in the market. These factors contribute to higher price tags on EVs, making them less affordable for some consumers. The high cost of EVs can indirectly impact the EV fluid market. When the initial purchase price is a significant barrier, it may slow down the rate of EV adoption. As a result, the overall demand for EVs and the subsequent demand for EV fluids may be affected. However, the EV market continues to grow and mature, there is an expectation of declining costs. Advancements in battery technology, economies of scale in production, and government incentives can help reduce the upfront costs of EVs over time.

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

The COVID-19 pandemic adversely affected the growth of 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 toward 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 of its counterparts across the countries, 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

Segmental Coverage

India Electric Vehicle (EV) Fluid Market – By Product

By product, the India electric vehicle (EV) fluid market is divided into Engine Oil, Coolants, Transmission Fluids, and Greases segments. The coolants segment holds the highest market share. Coolants are essential for ensuring the safety and performance of EV batteries. Proper temperature control is critical to prevent overheating, which can negatively impact battery life, efficiency, and overall vehicle performance. Coolants help maintain the battery within the optimal temperature range, mitigating the risk of thermal runaway events and enhancing battery life and reliability. Also, the growing adoption of EVs in India is leading to advancements in battery technology and the development of larger battery packs. As battery packs increase in size, the demand for efficient and effective cooling systems and coolants also increases. The coolant segment can benefit from the expansion of battery pack sizes and the need for advanced thermal management solutions in EVs.

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

Based on vehicle type, the India electric vehicle (EV) fluid market is bifurcated into On-highway Electric Vehicles and Off-highway electric vehicles segments. The on-highway EVs segment holds a higher market share. On-highway EVs refer to EVs that are primarily designed for use on public roads and highways. This category includes electric cars, electric buses, electric two-wheelers, and other passenger and commercial vehicles. Given the increasing adoption of electric cars and two-wheelers in India, it is likely that the on-highway segment holds a significant share of the EV fluid market.

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 HEVs segment held a higher market share. HEVs, which combine an internal combustion engine (ICE) 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 ICEs. This configuration allows them to use conventional fluids, such as engine oil, coolants, and transmission fluids, similar to traditional internal combustion engine vehicles. The presence of conventional fluids in hybrid vehicles may contribute to a larger share of the EV fluid market, as these fluids are already well-established in the automotive industry.

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

Based on fill type, the India electric vehicle (EV) fluid market is split into First Fill and Service Fill segments.

India Electric Vehicle (EV) Fluid Market – By Region

Based on region, the India electric vehicle (EV) fluid market is divided into North India, South India, East India, and West India segments.

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.

Recent Developments

• In January 2023 – Castrol India, an India-based manufacturer of fuels for automobiles, announced its plans to launch a new range of EV fluids for the retail market.

• In December 2022 - Gulf Oil Lubricants India Ltd formed a partnership with Altigreen, an India-based manufacturer of commercial EVs, for the supply of EV fluids including brake and gear oils for five years.

• In November 2022 - TotalEnergies Marketing India Private Limited (TEMIPL), a subsidiary of TotalEnergies, introduced its EV fluids, Quartz EV Fluid for cars and Hi-Perf EV Fluid for bikes, especially for drivetrain reducers, e-motors, e-transmissions and batteries in EVs and HEVs in India.

Scope of the Report

By Product

• Engine Oil

• Coolants

• Transmission Fluids

• Greases

By Vehicle Type

• On-highway Electric Vehicles

• Off-highway Electric Vehicles

By Propulsion Type

• Battery Electric Vehicles

• Hybrid Electric Vehicles (HEVs)

By Fill Type

• First Fill

• Service Fill

By Region

• North India

• South India

• East India

• West India

1. Research Framework
   1. Research Objective
   2. Product Overview
   3. Market Segmentation
2. Executive Summary
3. India Electric Vehicle (EV) Fluid Market Insights
   1. Industry Value Chain Analysis
   2. DROC Analysis
      1. Growth Drivers
         1. Increasing Demand for Electric Vehicles
         2. Advancement in Technology
      2. Restraints
         1. Initial High Cost of Purchasing EV
      3. Opportunity
         1. Stringent Mandates by Government
      4. Challenges
         1. Impact on Supply Chain Due to Covid
   3. Technology Advancements/Recent Developments
   4. Regulatory Framework
   5. Porter’s Five Forces Analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Buyers
      3. Threat of New Entrants
      4. Threat of Substitutes
      5. Intensity of Rivalry
4. India Electric Vehicle (EV) Fluid Market Overview
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
         1. Engine Oil
         2. Coolants
         3. Transmission Fluids
         4. Greases
      2. By Vehicle Type
         1. On-highway Electric Vehicles
         2. Off-highway Electric Vehicles
      3. By Propulsion Type
         1. Battery Electric Vehicles
         2. Hybrid Electric Vehicles
      4. By Fill Type
         1. First Fill
         2. Service Fill
      5. By Region
         1. North India
         2. South India
         3. East India
         4. West India
5. North India Electric Vehicle (EV) Fluid Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Vehicle Type
      3. By Propulsion Type
      4. By Fill Type
6. South India Electric Vehicle (EV) Fluid Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Vehicle Type
      3. By Propulsion Type
      4. By Fill Type
7. East India Electric Vehicle (EV) Fluid Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Vehicle Type
      3. By Propulsion Type
      4. By Fill Type
8. West India Electric Vehicle (EV) Fluid Market
   1. Market Size & Forecast, 2019–2029
      1. By Value (USD Million)
   2. Market Share & Forecast
      1. By Product
      2. By Vehicle Type
      3. By Propulsion Type
      4. By Fill Type
9. Competitive Landscape
   1. List of Key Players and Their Offerings
   2. India Electric Vehicle (EV) Fluid Company Market Share Analysis, 2022
   3. Competitive Benchmarking, By Operating Parameters
   4. Key Strategic Developments (Mergers, Acquisitions, Partnerships, etc.)
10. Impact of Covid-19 on India Electric Vehicle (EV) Fluid Market
11. Company Profile (Company Overview, Financial Matrix, Competitive Landscape, Key Personnel, Key Competitors, Contact Address, Strategic Outlook, SWOT Analysis)
    1. Exxon Mobil Corporation
    2. BP plc
    3. Shell plc
    4. FUCHS
    5. TotalEnergies
    6. Petroliam Nasional Berhad (PETRONAS)
    7. Saudi Arabian Oil Co.
    8. Repsol
    9. PTT LUBRICANTS
    10. ENEOS Corporation
    11. Other Prominent Players
12. Key Strategic Recommendations
13. Research Methodology
    1. Qualitative Research
       1. Primary & Secondary Research
    2. Quantitative Research
    3.  Market Breakdown & Data Triangulation
       1.  Secondary Research
       2.  Primary Research
    4.  Breakdown of Primary Research Respondents, By Region
    5.  Assumptions & Limitations

*Financial information of case of non-listed companies can be provided as per availability.

**The segmentation and the companies are subject to modifications based on in-depth secondary research for the final deliverable.

List Of Figures

Figure 1       India Electric Vehicle (EV) Fluid Segmentation       

Figure 2       India Electric Vehicle (EV) Fluid Market Value Chain Analysis      

Figure 3       Company Market Share Analysis, 2022

Figure 4       India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029          

Figure 5       India Electric Vehicle (EV) Fluid Market Share, By Product, By Value, 2019–2029          

Figure 6       India Electric Vehicle (EV) Fluid Market Share, By Vehicle Type, By Value, 2019–2029  

Figure 7       India Electric Vehicle (EV) Fluid Market Share, By Propulsion Type, By Value, 2019–2029  

Figure 8       India Electric Vehicle (EV) Fluid Market Share, By Fill Type, By Value, 2019–2029          

Figure 9       North India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029  

Figure 10     North India Electric Vehicle (EV) Fluid Market Share, By Product, By Value, 2019–2029  

Figure 11     North India Electric Vehicle (EV) Fluid Market Share, By Vehicle Type, By Value, 2019–2029 

Figure 12     North India Electric Vehicle (EV) Fluid Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 13     North India Electric Vehicle (EV) Fluid Market Share, By Fill Type, By Value, 2019–2029  

Figure 14     South India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029  

Figure 15     South India Electric Vehicle (EV) Fluid Market Share, By Product, By Value, 2019–2029  

Figure 16     South India Electric Vehicle (EV) Fluid Market Share, By Vehicle Type, By Value, 2019–2029 

Figure 17     South India Electric Vehicle (EV) Fluid Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 18     South India Electric Vehicle (EV) Fluid Market Share, By Fill Type, By Value, 2019–2029  

Figure 19     East India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029  

Figure 20     East India Electric Vehicle (EV) Fluid Market Share, By Product, By Value, 2019–2029  

Figure 21     East India Electric Vehicle (EV) Fluid Market Share, By Vehicle Type, By Value, 2019–2029 

Figure 22     East India Electric Vehicle (EV) Fluid Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 23     East India Electric Vehicle (EV) Fluid Market Share, By Fill Type, By Value, 2019–2029  

Figure 24     West India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029  

Figure 25     West India Electric Vehicle (EV) Fluid Market Share, By Product, By Value, 2019–2029  

Figure 26     West India Electric Vehicle (EV) Fluid Market Share, By Vehicle Type, By Value, 2019–2029 

Figure 27     West India Electric Vehicle (EV) Fluid Market Share, By Propulsion Type, By Value, 2019–2029 

Figure 28     West India Electric Vehicle (EV) Fluid Market Share, By Fill Type, By Value, 2019–2029  

List of Tables

Table 1 India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029

Table 2 India Electric Vehicle (EV) Fluid Market Size, By Product, By Value, 2019–2029

Table 3 India Electric Vehicle (EV) Fluid Market Size, By Vehicle Type, By Value, 2019–2029

Table 4 India Electric Vehicle (EV) Fluid Market Size, By Propulsion Type, By Value, 2019–2029

Table 5 India Electric Vehicle (EV) Fluid Market Size, By Fill Type, By Value, 2019–2029

Table 6 North India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029

Table 7 North India Electric Vehicle (EV) Fluid Market Size, By Product, By Value, 2019–2029

Table 8 North India Electric Vehicle (EV) Fluid Market Size, By Vehicle Type, By Value, 2019–2029

Table 9 North India Electric Vehicle (EV) Fluid Market Size, By Propulsion Type, By Value, 2019–2029

Table 10      North India Electric Vehicle (EV) Fluid Market Size, By Fill Type, By Value, 2019–2029

Table 11      South India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029

Table 12      South India Electric Vehicle (EV) Fluid Market Size, By Product, By Value, 2019–2029

Table 13      South India Electric Vehicle (EV) Fluid Market Size, By Vehicle Type, By Value, 2019–2029

Table 14      South India Electric Vehicle (EV) Fluid Market Size, By Propulsion Type, By Value, 2019–2029

Table 15      South India Electric Vehicle (EV) Fluid Market Size, By Fill Type, By Value, 2019–2029

Table 16      East India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029

Table 17      East India Electric Vehicle (EV) Fluid Market Size, By Product, By Value, 2019–2029

Table 18      East India Electric Vehicle (EV) Fluid Market Size, By Vehicle Type, By Value, 2019–2029

Table 19      East India Electric Vehicle (EV) Fluid Market Size, By Propulsion Type, By Value, 2019–2029

Table 20      East India Electric Vehicle (EV) Fluid Market Size, By Fill Type, By Value, 2019–2029

Table 21      West India Electric Vehicle (EV) Fluid Market Size, By Value (USD Million), 2019–2029

Table 22      West India Electric Vehicle (EV) Fluid Market Size, By Product, By Value, 2019–2029

Table 23      West India Electric Vehicle (EV) Fluid Market Size, By Vehicle Type, By Value, 2019–2029

Table 24      West India Electric Vehicle (EV) Fluid Market Size, By Propulsion Type, By Value, 2019–2029

Table 25      West India Electric Vehicle (EV) Fluid Market Size, By Fill Type, By Value, 2019–2029

Table 26      Exxon Mobil Corporation Company Overview

Table 27      Exxon Mobil Corporation Financial Overview

Table 28      BP plc Company Overview

Table 29      BP plc Financial Overview

Table 30      Shell plc Company Overview

Table 31      Shell plc Financial Overview

Table 32      FUCHS Company Overview

Table 33      FUCHS Financial Overview

Table 34      TotalEnergies Company Overview

Table 35      TotalEnergies Financial Overview

Table 36      Petroliam Nasional Berhad (PETRONAS) Company Overview

Table 37      Petroliam Nasional Berhad (PETRONAS) Financial Overview

Table 38      Saudi Arabian Oil Co. Company Overview

Table 39      Saudi Arabian Oil Co. Financial Overview

Table 40      Repsol Company Overview

Table 41      Repsol Financial Overview

Table 42      PTT LUBRICANTS Company Overview

Table 43      PTT LUBRICANTS Financial Overview

Table 44      ENEOS Corporation Company Overview

Table 45      ENEOS Corporation Financial Overview