Currently estimated at US$ 297.2 million in 2023, the EV coolant market is anticipated to rise to US$ 3,704.9 million by 2033. This increment is projected to be achieved by the market registering a CAGR of 28.7% in terms of revenue through the projected timeline.
EVs are anticipated to upend the well-established coolants market value chain, from ICE coolants fluid to new coolants for electric vehicles, as EVs infiltrate the markets. The demand for EV coolants has also significantly increased by the industry's heavy emphasis on greater ride comfort and thermal insulation for the cabin. The ICE vehicles consuming coolant fluids in large amounts won't be necessary for BEVs, which is sometimes a neglected aspect of this change.
By the next few years, FMI anticipates significant growth in the EVs on the road further boosting the market. By registering a CAGR of more than 20%, the automobile sector would increase from 30 million EVs in 2020 to nearly 300 million by 2030.
The amount of EV fluid consumed is expected to significantly rise as a result of the growing popularity of E2Ws and E3Ws as well. Government emphasis on instating electric mobility in large cities has increased the e-rikshaws and electric three-wheelers in many cities.
In addition, the inclusion of modern electrical and electronic components within EVs has promoted the demand for improved electric vehicle coolant systems. So preference for developed EV battery coolants due to better heat dissipation is in turn expected to fuel the emerging trends in the EV coolants market.
| Attributes | Details |
|---|---|
| EV Coolants Market Share (2022) | US$ 230 million |
| EV Coolants Market Size Value (2023) | US$ 297.2 million |
| EV Coolants Market Size Value (2033) | US$ 3,704.9 million |
| EV Coolants Market Growth Rate (2023 to 2033) | 28.7% |
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In terms of value, the total amount of EV coolants sold back in the year 2018 was figured out to be around US$ 137.1 million. The pandemic years had a significant influence on the market by disrupting the sales of electric vehicles and supply chains. Additionally, a halt in the sales of EVs as a result of travel restrictions and lockdowns directly impacted the market. Based on the previous market survey reports, the market was figured out to have registered a 13.8% CAGR from 2018 to 2022 on average.
But after the shutdown, there was a sharp rise in sales of EV coolants rendering it a year-on-year growth rate much higher. However, the e-mobility sector is already facing its shortfalls and clearing the way for the introduction of high-quality products to meet the growing customer demand. The overall market is anticipated to be driven by the growing awareness of the renewable energy industry over the medium term.
The market is projected to experience substantial expansion as a result of many governments' increasing emphasis on encouraging the usage of EVs. In the present EV coolants market, two technologies, aqueous and dielectric with various application cases are now in competition to capture the market. Net profits for aqueous or water-glycol EV coolants are less than US$ 0.5 per liter, making them low-performing commodities for the market players.
Due to the proportionate usage of different kinds of EVs and their lower fluid need, it may not counteract the drop in ICE fluid consumption. Also, electric vehicles don't need any engine oil keeping the sales of EV coolants at a limit by the manufacturers and distributors.
Principal Consultant
In comparison, driveline fluids and coolants make up the majority of the EV coolants used in most types of electric vehicles. While dielectric EV coolants provide a greater profit margin of US$ 2 to 3 per litre and have faster cooling efficiency and protection characteristics. Based on coolant type, FMI experts find that glycol-based coolants capture a huge share of the overall market at present. In the previous year 2022, this segment generated a revenue of around US$ 168.36 million which was around 73.2%.
Aqueous EV coolant is generally regarded by EV OEMs as practically adequate since it can effectively segregate batteries from the coolant to prevent interference. However, certain electric vehicles may still use dielectric EV coolants as an added measure of safety in the event of an accident. According to an optimistic projection by FMI, more than half of these cars might employ dielectric coolants and favour this segment's growth.
As per the 2022 market survey report, the net revenue generated by the players established in the United States together was US$ 21.4 million. Owing to accelerating electric vehicles in the United States more than in any other country, it is expected to remain a lucrative market in the future. By following a positive growth rate during the forecast period, the net valuation of the United States market is expected to reach US$ 344.5 million.
Numerous EV manufacturers in the United States are expanding their factories in other nations, which is expected to slow down the market expansion for the foreseeable future. However, an increase in demand for EVs in the United States by favourable regulations, and better battery technology may support the market further.
Many European nations are now engaged in the development and establishment of e-mobility for a wide range of reasons. Towns and cities in the European Union have been compelled to embrace green and sustainable policies, including the higher adoption of EVs.
Germany is the leading country in Europe that generated a revenue of US$ 25.76 million from sales of EV coolants in 2022. This value was figured out to be around 11.7% of the total revenue generated making it the leading market in the world. Several important drivers that are supporting the EV coolants market in Germany include the increasing attention of well-known EV manufacturers to establish it.
On the other hand, the demand for EV coolants in the United Kingdom is observed to encounter a remarkable rise in recent years. According to the market analysis report, the year-on-year growth rate of the United Kingdom EV coolants market is to be 20.5% through 2033.
Many Asia Pacific countries, including China, Japan, and others are adopting technologies with low or zero CO2 emissions greatly favouring the market. China is the leading country in the region and exports a favourable amount of EV coolants to its neighbouring and many other countries. Based on the market statistics numbers, China's market is projected to grow at an annual rate of 21.9% through 2033.
Meanwhile, Japan and Australia are expected to emerge among the lucrative regions for the sales of EV coolants in the coming days. FMI estimates the net worth of EV coolants produced in Japan to reach around US$ 22.2 million by the year 2033. While the net valuation of the total demand for EV coolants in Australia is projected to be around US$ 33.3 million by 2033.
In India, 7% of all CO2 emissions come from the transportation sector resulting in higher adoption of electric vehicles in the country. Moreover, the improving economic conditions of people have inclined them towards electric passenger cars ultimately increasing EV on roads. For these reasons, the FMI market report predicts the growth in demand for EV coolants to remain higher than in any other region.
As per the global EV coolants market study report, India is poised to register a CAGR of 29.6% from 2023 to 2033. The regional market is expected to increase significantly over the projected period as a result of several EV manufacturers introducing new car types. For example, Maruti Suzuki, which is the leading automobile manufacturer in India, declared in 2022 to introduce its first EV by 2025.
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FMI expects a huge correction soon in the usage of alternate types of EV coolants as the EV industry expands and invests in research and development activities. To reduce production and supplier risk in the EV coolant business there is a clear necessity for standardized systems for the driveline. But on the other hand, there are still conflicting views about the preferred coolant that can be utilized to cool the EV components.
When more EVs, HEVs, and PHEVs are produced, the market for demand and sales of EV coolants may gradually alter across economies. Companies competing for a piece of this new profit pool must comprehend how EV companies perceive the marketplace and endeavour to increase fluid category uniformity.
The study report envisions various potential outcomes for the EV coolants industry, based on the development and extent of each coolant category. Because of their exceptional performance and technical features, dielectric coolants would only be used by OEMs of sports cars and performance vehicles. In complement, luxury EV OEMs may implement dielectric cooling as a package of their protective value offer and minimize negative publicity.
The market is valued at US$ 297.2 million in 2023.
Germany is the leading country in Europe generated a revenue of US$ 25.76 million in 2022.
The market in 2022 was valued at US$ 230 million.
The industry is predicted to be worth US$ 3,704.9 million by 2033.
The market was valued at US$ 137.1 million in 2018.
1. Executive Summary | EV Coolants Market
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Product Life Cycle Analysis
3.5. Supply Chain Analysis
3.5.1. Supply Side Participants and their Roles
3.5.1.1. Producers
3.5.1.2. Mid-Level Participants (Traders/ Agents/ Brokers)
3.5.1.3. Wholesalers and Distributors
3.5.2. Value Added and Value Created at Node in the Supply Chain
3.5.3. List of Raw Material Suppliers
3.5.4. List of Existing and Potential Buyer’s
3.6. Investment Feasibility Matrix
3.7. Value Chain Analysis
3.7.1. Profit Margin Analysis
3.7.2. Wholesalers and Distributors
3.7.3. Retailers
3.8. PESTLE and Porter’s Analysis
3.9. Regulatory Landscape
3.9.1. By Key Regions
3.9.2. By Key Countries
3.10. Regional Parent Market Outlook
3.11. Production and Consumption Statistics
3.12. Import and Export Statistics
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) & Volume (Litre) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Vehicle Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By Vehicle Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By Vehicle Type, 2023 to 2033
5.3.1. Battery Electric Vehicles
5.3.2. Hybrid Electric Vehicles
5.3.3. Plug-in Hybrid Electric Vehicles
5.4. Y-o-Y Growth Trend Analysis By Vehicle Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Vehicle Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Coolant Type
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By Coolant Type, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By Coolant Type, 2023 to 2033
6.3.1. Ethylene Glycol
6.3.2. Polypropylene Glycol
6.4. Y-o-Y Growth Trend Analysis By Coolant Type, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By Coolant Type, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) & Volume (Litre) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) & Volume (Litre) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Europe
7.3.4. Asia Pacific
7.3.5. MEA
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. U.S.
8.2.1.2. Canada
8.2.2. By Vehicle Type
8.2.3. By Coolant Type
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Vehicle Type
8.3.3. By Coolant Type
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Vehicle Type
9.2.3. By Coolant Type
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Vehicle Type
9.3.3. By Coolant Type
9.4. Key Takeaways
10. Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. U.K.
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Europe
10.2.2. By Vehicle Type
10.2.3. By Coolant Type
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Vehicle Type
10.3.3. By Coolant Type
10.4. Key Takeaways
11. Asia Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. China
11.2.1.2. Japan
11.2.1.3. South Korea
11.2.1.4. Singapore
11.2.1.5. Thailand
11.2.1.6. Indonesia
11.2.1.7. Australia
11.2.1.8. New Zealand
11.2.1.9. Rest of Asia Pacific
11.2.2. By Vehicle Type
11.2.3. By Coolant Type
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Vehicle Type
11.3.3. By Coolant Type
11.4. Key Takeaways
12. MEA Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) & Volume (Litre) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) & Volume (Litre) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. GCC Countries
12.2.1.2. South Africa
12.2.1.3. Israel
12.2.1.4. Rest of MEA
12.2.2. By Vehicle Type
12.2.3. By Coolant Type
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Vehicle Type
12.3.3. By Coolant Type
12.4. Key Takeaways
13. Key Countries Market Analysis
13.1. U.S.
13.1.1. Pricing Analysis
13.1.2. Market Share Analysis, 2022
13.1.2.1. By Vehicle Type
13.1.2.2. By Coolant Type
13.2. Canada
13.2.1. Pricing Analysis
13.2.2. Market Share Analysis, 2022
13.2.2.1. By Vehicle Type
13.2.2.2. By Coolant Type
13.3. Brazil
13.3.1. Pricing Analysis
13.3.2. Market Share Analysis, 2022
13.3.2.1. By Vehicle Type
13.3.2.2. By Coolant Type
13.4. Mexico
13.4.1. Pricing Analysis
13.4.2. Market Share Analysis, 2022
13.4.2.1. By Vehicle Type
13.4.2.2. By Coolant Type
13.5. Germany
13.5.1. Pricing Analysis
13.5.2. Market Share Analysis, 2022
13.5.2.1. By Vehicle Type
13.5.2.2. By Coolant Type
13.6. United kingdom
13.6.1. Pricing Analysis
13.6.2. Market Share Analysis, 2022
13.6.2.1. By Vehicle Type
13.6.2.2. By Coolant Type
13.7. France
13.7.1. Pricing Analysis
13.7.2. Market Share Analysis, 2022
13.7.2.1. By Vehicle Type
13.7.2.2. By Coolant Type
13.8. Spain
13.8.1. Pricing Analysis
13.8.2. Market Share Analysis, 2022
13.8.2.1. By Vehicle Type
13.8.2.2. By Coolant Type
13.9. Italy
13.9.1. Pricing Analysis
13.9.2. Market Share Analysis, 2022
13.9.2.1. By Vehicle Type
13.9.2.2. By Coolant Type
13.10. China
13.10.1. Pricing Analysis
13.10.2. Market Share Analysis, 2022
13.10.2.1. By Vehicle Type
13.10.2.2. By Coolant Type
13.11. Japan
13.11.1. Pricing Analysis
13.11.2. Market Share Analysis, 2022
13.11.2.1. By Vehicle Type
13.11.2.2. By Coolant Type
13.12. South Korea
13.12.1. Pricing Analysis
13.12.2. Market Share Analysis, 2022
13.12.2.1. By Vehicle Type
13.12.2.2. By Coolant Type
13.13. Singapore
13.13.1. Pricing Analysis
13.13.2. Market Share Analysis, 2022
13.13.2.1. By Vehicle Type
13.13.2.2. By Coolant Type
13.14. Thailand
13.14.1. Pricing Analysis
13.14.2. Market Share Analysis, 2022
13.14.2.1. By Vehicle Type
13.14.2.2. By Coolant Type
13.15. Indonesia
13.15.1. Pricing Analysis
13.15.2. Market Share Analysis, 2022
13.15.2.1. By Vehicle Type
13.15.2.2. By Coolant Type
13.16. Australia
13.16.1. Pricing Analysis
13.16.2. Market Share Analysis, 2022
13.16.2.1. By Vehicle Type
13.16.2.2. By Coolant Type
13.17. New Zealand
13.17.1. Pricing Analysis
13.17.2. Market Share Analysis, 2022
13.17.2.1. By Vehicle Type
13.17.2.2. By Coolant Type
13.18. GCC Countries
13.18.1. Pricing Analysis
13.18.2. Market Share Analysis, 2022
13.18.2.1. By Vehicle Type
13.18.2.2. By Coolant Type
13.19. South Africa
13.19.1. Pricing Analysis
13.19.2. Market Share Analysis, 2022
13.19.2.1. By Vehicle Type
13.19.2.2. By Coolant Type
13.20. Israel
13.20.1. Pricing Analysis
13.20.2. Market Share Analysis, 2022
13.20.2.1. By Vehicle Type
13.20.2.2. By Coolant Type
14. Market Structure Analysis
14.1. Competition Dashboard
14.2. Competition Benchmarking
14.3. Market Share Analysis of Top Players
14.3.1. By Regional
14.3.2. By Vehicle Type
14.3.3. By Coolant Type
15. Competition Analysis
15.1. Competition Deep Dive
15.1.1. BASF
15.1.1.1. Overview
15.1.1.2. Product Portfolio
15.1.1.3. Profitability by Market Segments
15.1.1.4. Sales Footprint
15.1.1.5. Strategy Overview
15.1.1.5.1. Marketing Strategy
15.1.1.5.2. Product Strategy
15.1.1.5.3. Channel Strategy
15.1.2. Dober
15.1.2.1. Overview
15.1.2.2. Product Portfolio
15.1.2.3. Profitability by Market Segments
15.1.2.4. Sales Footprint
15.1.2.5. Strategy Overview
15.1.2.5.1. Marketing Strategy
15.1.2.5.2. Product Strategy
15.1.2.5.3. Channel Strategy
15.1.3. Shell
15.1.3.1. Overview
15.1.3.2. Product Portfolio
15.1.3.3. Profitability by Market Segments
15.1.3.4. Sales Footprint
15.1.3.5. Strategy Overview
15.1.3.5.1. Marketing Strategy
15.1.3.5.2. Product Strategy
15.1.3.5.3. Channel Strategy
15.1.4. Total Energies
15.1.4.1. Overview
15.1.4.2. Product Portfolio
15.1.4.3. Profitability by Market Segments
15.1.4.4. Sales Footprint
15.1.4.5. Strategy Overview
15.1.4.5.1. Marketing Strategy
15.1.4.5.2. Product Strategy
15.1.4.5.3. Channel Strategy
15.1.5. Valeo
15.1.5.1. Overview
15.1.5.2. Product Portfolio
15.1.5.3. Profitability by Market Segments
15.1.5.4. Sales Footprint
15.1.5.5. Strategy Overview
15.1.5.5.1. Marketing Strategy
15.1.5.5.2. Product Strategy
15.1.5.5.3. Channel Strategy
15.1.6. Chevron
15.1.6.1. Overview
15.1.6.2. Product Portfolio
15.1.6.3. Profitability by Market Segments
15.1.6.4. Sales Footprint
15.1.6.5. Strategy Overview
15.1.6.5.1. Marketing Strategy
15.1.6.5.2. Product Strategy
15.1.6.5.3. Channel Strategy
15.1.7. Exxon Mobil
15.1.7.1. Overview
15.1.7.2. Product Portfolio
15.1.7.3. Profitability by Market Segments
15.1.7.4. Sales Footprint
15.1.7.5. Strategy Overview
15.1.7.5.1. Marketing Strategy
15.1.7.5.2. Product Strategy
15.1.7.5.3. Channel Strategy
15.1.8. Lukoil Petrons
15.1.8.1. Overview
15.1.8.2. Product Portfolio
15.1.8.3. Profitability by Market Segments
15.1.8.4. Sales Footprint
15.1.8.5. Strategy Overview
15.1.8.5.1. Marketing Strategy
15.1.8.5.2. Product Strategy
15.1.8.5.3. Channel Strategy
15.1.9. Ashland Corporation
15.1.9.1. Overview
15.1.9.2. Product Portfolio
15.1.9.3. Profitability by Market Segments
15.1.9.4. Sales Footprint
15.1.9.5. Strategy Overview
15.1.9.5.1. Marketing Strategy
15.1.9.5.2. Product Strategy
15.1.9.5.3. Channel Strategy
15.1.10. Sinclair Oil Corporation
15.1.10.1. Overview
15.1.10.2. Product Portfolio
15.1.10.3. Profitability by Market Segments
15.1.10.4. Sales Footprint
15.1.10.5. Strategy Overview
15.1.10.5.1. Marketing Strategy
15.1.10.5.2. Product Strategy
15.1.10.5.3. Channel Strategy
15.1.11. Blue Star Lubrication Technology
15.1.11.1. Overview
15.1.11.2. Product Portfolio
15.1.11.3. Profitability by Market Segments
15.1.11.4. Sales Footprint
15.1.11.5. Strategy Overview
15.1.11.5.1. Marketing Strategy
15.1.11.5.2. Product Strategy
15.1.11.5.3. Channel Strategy
16. Assumptions & Acronyms Used
17. Research Methodology
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EV Coolants Market
