Latin America Fluids and Lubricants Market for Electric Vehicles Market (2024-2030) | Size, Analysis, Forecast, Companies, Value, Growth, Trends, Share, Industry, Outlook & Revenue

Topics Covered in the Latin America Fluids and Lubricants for Electric Vehicles Market Report

The Latin America Fluids and Lubricants for Electric Vehicles Market report thoroughly covers the market by type, by applications and by countries (Brazil, Mexico, Argentina, Rest of Latin America). The report provides an unbiased and detailed analysis of the on-going market trends, opportunities/high growth areas, and market drivers which would help the stakeholders to devise and align their market strategies according to the current and future market dynamics.

Latin America Fluids and Lubricants for Electric Vehicles Market Synopsis

The Latin America Fluids and Lubricants for Electric Vehicles industry is changing swiftly with electric vehicles (EVs) gradually replacing conventional gasoline vehicles to reduce emissions and promote sustainable mobility. The shift is global, and Latin America is not left behind, with most countries adopting innovative technologies to support EVs. With the rise of EVs, industries related to them such as fluids and lubricants are also expected to grow, as EVs and Internal Combustion Engine Vehicles (ICEVs) have different requirements for fluids and lubricants. Additionally, the market overview of fluids and lubricants in Latin America portrays steady growth in the industry despite the challenges brought about by the COVID-19 pandemic. The EV fleet is projected to grow significantly in the next decade, with several governments in Latin America adopting policies such as tax incentives, exemptions, and subsidies to support sustainable mobility. Therefore, the market demand for ev fluid and lubricants products including transmission fluid, engine oil, battery coolant, brake fluid, greases, and lubricants is expected to surge.

According to 6Wresearch, Latin America Fluids and Lubricants for Electric Vehicles Market size is projected to grow at a CAGR of 18.4% during 2024-2030. Governments across the Latin American countries have been actively promoting the adoption of EVs. They have been offering incentives and subsidies as well as framing policies that ensure compliance with eco-friendly transport initiatives. Countries like Chile and Colombia have even introduced measures like import tax exemptions and other special reduced charges to encourage EV sales in the market. Such initiatives have fuelled the market not only for EVs, but also fluids and lubricants that comply with government regulations for EVs. Moreover, the EV market trend in Latin America requires fluids and lubricants-formulating companies to diversify their product portfolio, seeking innovative solutions to support the unique features of EVs. These unique features include the need for low-viscosity lubricating oils that promote efficient battery cooling and lubrication, electrical insulation and the absence of ash deposits. Therefore, industry players are developing and launching new fluids and lubricants products tailored to the different requirements of EVs to meet the growing demand. Additionally, the fast pace of technological advancements in the EV industry is driving the growth of the fluids and lubricants market. As EV components and systems become more complicated, the demand for high-performance fluids and lubricants grows. These fluids allow the EV components to perform at their best and help to keep the vehicle running smoothly. Manufacturers are continually looking for new products that can improve the efficiency of EVs, thus resulting in new fluid and lubricant-based solutions.

Government Initiatives Introduced in the Latin America Fluids and Lubricants for Electric Vehicles Market

The Latin American governments are promoting the use of electric vehicles to reduce carbon emissions and increase air quality. Government incentives are offered, including tax benefits, purchase subsidies, and the development of charging stations across the country, and this is expected to continue. Therefore, as more electric vehicles hit the roads, the demand for fluids and lubricants used to maintain, repair and power them will surge, helping the market's growth.  Although there are concerns about EV's range and infrastructure, improving technology, and the government's push for sustainable transportation has further boosted the Latin America Fluids and Lubricants for Electric Vehicles market revenues. However, behind every electric vehicle, there is a complex system of fluids and lubricants that make it work correctly and protect its components. Moreover, the government regulations regarding emissions and fuel efficiency standards in different countries are pushing OEMs to adopt newer technologies that require specific fluids and lubricants formulations. For instance, Mexico has its own fuel efficiency standards referred to as NOM-163-SEMARNACT and NOM-042-SEMARNACT, requiring OEMs to adhere to specific fluids and lubricants formulations. This trend is seen in other Latin American countries, with their standards pushing OEMs to adopt newer lubricant formulations.

Key Players in the Latin America Fluids and Lubricants for Electric Vehicles Market

Some of the major players in this market include Valvoline, Royal Dutch Shell, ExxonMobil and Total S.A. Furthermore, some of the significant players occupy considerable Latin America Fluids and Lubricants for Electric Vehicles Market share. Further, Valvoline is an established name in producing lubricants and service products for automobiles, commercial vehicles, and industrial equipment. With its experience and expertise, Valvoline has now entered the EV market. The company understands the critical role of lubricants for EVs and has introduced Valvoline EV Performance Fluids to cater to this area. Moreover, Royal Dutch Shell is a multinational corporation with its headquarters in the Netherlands. Shell offers a wide range of products such as fuel, oils, lubricants, and solutions for renewable energy.

Market by Product Type

According to Ravi Bhandari, Research Head, 6Wresearch, one of the most important types of lubricants for EVs is grease. Greases are semi-solid lubricants that provide a protective coating on metal parts, reducing friction and heat generated by moving parts. In electric vehicles, grease is used in the battery pack, electric motor, and transmission to prevent parts from seizing. As the demand for EVs in Latin America rises, the demand for specialized electric grease is set to follow suit. Further, another important type of fluid for EVs is heat transfer fluid. Heat transfer fluids are designed to remove excess heat from critical components in an EV, such as the battery pack. This is important because lithium-ion batteries, which are commonly used in EVs, are highly sensitive to high temperatures and can quickly degrade if overheated. High-quality heat transfer fluids allow for efficient heat dissipation, which leads to improved battery performance and longevity.

Market by Countries

The Latin America Fluids and Lubricants for Electric Vehicles Market, Brazil is one of the largest EV markets in Latin America, with an estimated fleet of over 40,000 electric vehicles on the road. It is projected to grow to over 300,000 by 2025. The Brazilian government has taken numerous initiatives to fuel the growth of the electric vehicle market, including the implementation of tax incentives, subsidies for EV purchases, and investments in charging infrastructure. In terms of fluids and lubricants, synthetic lubricants and low-friction engine oils are popular in Brazil. Additionally, the country grasps enormous Brazil Fluids and Lubricants for Electric Vehicles Market share. Further, Mexico is another key player in the Latin America EV market. It is projected to have over 3 million electric vehicles on its roads by 2030. The Mexican government has approved numerous tax incentives for the use and purchase of EVs. Additionally, the country has various public and private entities investing in charging infrastructure. In terms of fluids and lubricants, Mexico is characterized by its strong demand for high-performance lubricants.

Key Attractiveness of the Report

• 10 Years Market Numbers.
• Historical Data Starting from 2020 to 2023.
• Base Year: 2023
• Forecast Data until 2030.
• Key Performance Indicators Impacting the Market.
• Major Upcoming Developments and Projects.

Key Highlights of the Report:

• Latin America Fluids and Lubricants Market for Electric Vehicles Market Outlook
• Market Size of Latin America Fluids and Lubricants Market for Electric Vehicles Market, 2023
• Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market, 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Revenues & Volume for the Period 2020 - 2030
• Latin America Fluids and Lubricants Market for Electric Vehicles Market Trend Evolution
• Latin America Fluids and Lubricants Market for Electric Vehicles Market Drivers and Challenges
• Latin America Fluids and Lubricants Market for Electric Vehicles Price Trends
• Latin America Fluids and Lubricants Market for Electric Vehicles Porter's Five Forces
• Latin America Fluids and Lubricants Market for Electric Vehicles Industry Life Cycle
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Grease for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Heat Transfer Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Drive System Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Brake Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Grease for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Heat Transfer Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Drive System Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Brake Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Grease for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Heat Transfer Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Drive System Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Brake Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Grease for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Heat Transfer Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Drive System Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Brake Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Type for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Grease for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Heat Transfer Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Drive System Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Brake Fluids for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Powertrain for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Safety and control for the Period 2020 - 2030
• Historical Data and Forecast of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Telematics for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Powertrain for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Safety and control for the Period 2020 - 2030
• Historical Data and Forecast of Brazil Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Telematics for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Powertrain for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Safety and control for the Period 2020 - 2030
• Historical Data and Forecast of Mexico Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Telematics for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Powertrain for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Safety and control for the Period 2020 - 2030
• Historical Data and Forecast of Argentina Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Telematics for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Applications for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Powertrain for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Safety and control for the Period 2020 - 2030
• Historical Data and Forecast of Rest of Latin America Fluids and Lubricants Market for Electric Vehicles Market Revenues & Volume By Telematics for the Period 2020 - 2030
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Key Performance Indicators
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Import Export Trade Statistics
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Opportunity Assessment By Countries
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Opportunity Assessment By Type
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Opportunity Assessment By Applications
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Top Companies Market Share
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Top Companies Profiles
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Comparison of Players in Technical and Operating Parameters
• Latin America Fluids and Lubricants Market for Electric Vehicles Market - Strategic Recommendations

Markets Covered

The Latin America Fluids and Lubricants for Electric Vehicles Market report provides a detailed analysis of the following market segments:

By Type

• Grease
• Heat Transfer Fluids
• Drive System Fluids
• Brake Fluids

By Applications

• Powertrain
• Safety and Control
• Telematics

By Countries

• Brazil
• Mexico
• Argentina
• Rest of Latin America