Market Size of Middle-East And Africa Electric Vehicle (EV) Fluids Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | 25.00 % |
| Market Concentration | High |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Middle-East And Africa Electric Vehicle (EV) Fluids Market Analysis
The Middle East And Africa electric vehicle (EV) fluid market is projected to register a CAGR of more than 25% during the forecast period.
The market was negatively impacted by COVID-19 in 2020. However, the market has now been estimated to have reached pre-pandemic levels and is expected to grow steadily in the future.
- The main driver of the market for electric vehicle fluids is the increased demand for EVs due to factors such as rising fuel prices, pollution levels, and the need to cut harmful vehicle emissions, among others.
- On the other hand, the market's expansion is anticipated to be hampered by the high initial cost of buying an electric vehicle compared to a fuel or diesel vehicle.
- Further, government regulations for a sustainable EV environment are projected to create market opportunities.
Middle-East And Africa Electric Vehicle (EV) Fluids Industry Segmentation
EV fluids are lubricants that have been designed and developed specifically to suit the needs of electric vehicles. EV fluids keep the electric vehicle's powertrain and transmission system cool. The functions of the EV fluid include heat transfer, lubrication of EV parts, energy loss reduction, and improving the transmission system. In the Middle East and Africa, electric vehicles (EVs) use fluid The market is segmented by product type, propulsion type, vehicle type, and geography. By product type, the market is segmented into engine oil, coolant, transmission fluids, greases, and other product types. By propulsion type, the market is segmented into battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs). By vehicle type, the market is segmented into passenger vehicles, commercial vehicles, and other vehicle types. The report also covers the size and forecasts of the market in two countries across the Middle East and Africa. For each segment, the market sizing and forecasts have been done on the basis of revenue (USD million).
| Product Type | |
| Engine Oil | |
| Coolant | |
| Transmission Fluids | |
| Greases | |
| Other Product Types |
| Propulsion Type | |
| Battery Electric Vehicles (BEVs) | |
| Hybrid Electric Vehicles (HEVs) | |
| Plug-in Hybrid Electric Vehicles (PHEVs) |
| Vehicle Type | |
| Passenger Vehicles | |
| Commercial Vehicles | |
| Other Vehicle Types |
| Geography | |
| Saudi Arabia | |
| South Africa | |
| Rest of Middle-East and Africa |
Middle-East And Africa Electric Vehicle (EV) Fluids Market Size Summary
The Middle East and Africa electric vehicle (EV) fluids market is poised for significant growth, driven by the increasing demand for electric vehicles. This demand is fueled by rising fuel prices, heightened pollution levels, and the urgent need to reduce harmful vehicle emissions. Despite the initial setback due to the COVID-19 pandemic, the market has rebounded to pre-pandemic levels and is expected to continue its upward trajectory. However, the high initial cost of electric vehicles compared to traditional fuel or diesel vehicles poses a challenge to market expansion. Nonetheless, government regulations aimed at fostering a sustainable EV environment are anticipated to create new opportunities within the market.
In the region, coolants are projected to be the fastest-growing product type, essential for regulating the temperature of battery packs and electronic components in advanced electric vehicles. The demand for innovative coolant systems is on the rise, driven by the need for superior heat dissipation and technological advancement. South Africa is expected to lead in market demand, supported by government investments and initiatives to boost electric vehicle production and sales. The country's growing e-mobility sector, along with significant sales increases in fully electric vehicles, underscores the market's potential. Key industry players, including Exxon Mobil Corporation, Shell Plc, FUCHS, Saudi Arabian Oil Co., and TotalEnergies, are actively contributing to the market dynamics, further enhancing growth prospects during the forecast period.
Middle-East And Africa Electric Vehicle (EV) Fluids Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Drivers
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1.1.1 The Growing Demand for Electric Vehicles
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1.1.2 Other Drivers
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1.2 Restraints
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1.2.1 Initial High Cost of Buying An Electric Vehicle
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1.2.2 Other Restraints
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1.3 Industry Value Chain Analysis
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1.4 Porter's Five Forces Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products and Services
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1.4.5 Degree of Competition
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2. MARKET SEGMENTATION (Market Size in Value)
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2.1 Product Type
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2.1.1 Engine Oil
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2.1.2 Coolant
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2.1.3 Transmission Fluids
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2.1.4 Greases
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2.1.5 Other Product Types
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2.2 Propulsion Type
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2.2.1 Battery Electric Vehicles (BEVs)
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2.2.2 Hybrid Electric Vehicles (HEVs)
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2.2.3 Plug-in Hybrid Electric Vehicles (PHEVs)
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2.3 Vehicle Type
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2.3.1 Passenger Vehicles
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2.3.2 Commercial Vehicles
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2.3.3 Other Vehicle Types
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2.4 Geography
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2.4.1 Saudi Arabia
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2.4.2 South Africa
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2.4.3 Rest of Middle-East and Africa
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Middle-East And Africa Electric Vehicle (EV) Fluids Market Size FAQs
What is the current Middle-East And Africa Electric Vehicle (EV) Fluids Market size?
The Middle-East And Africa Electric Vehicle (EV) Fluids Market is projected to register a CAGR of 25% during the forecast period (2024-2029)
Who are the key players in Middle-East And Africa Electric Vehicle (EV) Fluids Market?
TotalEnergies, Exxon Mobil Corporation, Shell plc, FUCHS and Saudi Arabian Oil Co. are the major companies operating in the Middle-East And Africa Electric Vehicle (EV) Fluids Market.
