According to a TechSci Research report titled "Electric Vehicle Fluid Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F," the global market for electric vehicle fluids is experiencing rapid growth due to increased adoption of green vehicle technology and rising demand for thermal stability management in electric vehicles. The market is expanding due to improvements in efficiency and range. Developing lubricants for EVs is challenging as each original equipment manufacturer has a unique electric motor design that requires a specific lubricant for optimal performance. Although electric vehicles are still in the developmental phase for mass manufacturing, electric vehicle fluids are projected to experience strong growth in the upcoming years.
As modern electric vehicle batteries become more energy-dense to exceed the range of the vehicle, battery system overheating has become a significant challenge for battery producers. Liquid cooling is employed in electric vehicles to regulate thermal energy, and new forms of coolants are distributed throughout the battery system to reduce the temperature in the battery cells. These liquid cooling fluids are considered more effective at transferring heat in battery systems than air-cooling systems. The market for electric vehicle fluids is also experiencing growth due to the development of numerous techniques and fluids. However, the cost of EV fluids has increased with the development of new technology, posing a significant challenge to the growth of the electric vehicle fluid market. Many organizations are investing in reducing costs while maintaining the quality and specification of the fluids. The application of new fluids in multiple areas of electric vehicles has led to an upsurge in demand.
With largest number of electric vehicles on the road, the Asia-Pacific region leads the market, followed by Europe and North America. Additionally, several governments throughout the world have imposed tough standards and regulations for carbon emissions, which has increased demand for electric vehicles. Therefore, lubricant manufacturers are investing in research and development of fluids for electric vehicles.
Based on propulsion type, hybrid electric vehicles has more shares due to large number of vehicles on road followed by battery electric vehicles. Based on vehicle types, majorities of share is captured by passenger car segment followed by light commercial vehicles. In Product types, heat transfer fluids dominate the market which is followed by drive system fluids, then grease.
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The global Electric Vehicle Fluid Market can be segmented based on propulsion type, vehicle type, product type, distribution channel, region, and by company. Based on propulsion type, it is divided into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-In Hybrid Electric Vehicles (PHEVs). Based on vehicle type, the market is segmented into Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle. Based on product type, the Electric Vehicle Fluid Market is divided into Grease, Heat Transfer Fluids, and Drive System Fluid. Based on distribution channel is it further divided into OEM and Aftermarket.
Some of the major companies operating in the global Electric Vehicle Fluid Market include:
- Afton Chemicals
- Engineered Fluids Inc.
- ExxonMobil Corporation
- FUCHS Petrolub AG
- Castrol Limited
- Freudenberg Chemical Specialities SE & Co. KG
- M&I Materials
- Shell plc.
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
“The maximum number of electric vehicle sales were made in the Asia-Pacific, which propelled this region to be at the top of the worldwide electric car market. As China plans to convert 20% of its domestic market to electric vehicles by 2025, and 60% by 2030, the demand for electric vehicle fluid will rise in upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Electric Vehicle Fluid Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has evaluated the future growth potential of global Electric Vehicle Fluid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.
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