The electric vehicle (EV) fluids market is witnessing rapid growth, propelled by the accelerating global adoption of electric mobility. As EVs become mainstream, the demand for specialized fluids—such as thermal management fluids, dielectric coolants, brake fluids, and transmission fluids—is rising in tandem.

According to Stratview Research, the electric vehicle fluids market was estimated at USD 1.2 billion in 2023 and is likely to grow at a CAGR of 18.7% during 2024-2032 to reach USD 9.1 billion in 2032.

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One of the main drivers is thermal management. Unlike internal combustion engine (ICE) vehicles, EVs require advanced fluids to maintain optimal battery temperatures. These fluids are essential for safety, performance, and battery longevity, especially during fast charging.

Government incentives and regulatory mandates for carbon neutrality are also fueling demand. OEMs are investing heavily in EV production, which is expanding the addressable market for fluids tailored to electric drivetrains.

Additionally, technological advancements in fluid formulations—such as non-conductive, low-viscosity, and fire-resistant properties—are creating demand for next-gen fluids. As the EV supply chain matures, fluid manufacturers are partnering with automakers to co-develop optimized solutions.

With EV sales projected to reach tens of millions annually by 2030, EV fluids will play a critical role in enabling reliable, long-range, and safe electric transportation.