Pune, India, Nov. 17, 2021 (GLOBE NEWSWIRE) -- The Global Electric Vehicle Fluids Market Size was projected to be worth USD 752.0 million in 2021 and is expected to exhibit a CAGR of 27.8% over the forecast period from 2021 to 2030, according to a recent global market study by Quince Market Insights.
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Electric vehicles are expected to gain increasing share of the automotive market as technological advancements improve dependability, speed, and distance range. The demand is steadily shifting in favor of them over internal combustion engine (ICE) vehicles. The production of electrified vehicles is expected to reach 50 percent of all vehicles made over the next decade.
Along with consumer demand, the fact that automakers must meet ever stricter carbon dioxide emission targets and fuel economy mandates imposed by governments is expected to boost the growth of the market. The automakers have responded not just with hybrids and EVs that are better for the environment. They’re delivering on consumers’ needs for vehicles that travel farther, drive better, and cost less than their predecessors of just a few years ago.
Plug-in hybrid electric cars (PHEVs) and battery electric vehicles (BEVs) are increasingly competing for attention as hybrid electric vehicles (HEVs) develop technologically. But despite their differences, to one degree or another they all rely on electric powertrains. It includes the fluids in them. The automotive industry knows how crucial they are because, once added to the sealed environments in these vehicles, they need to perform at optimum levels over the vehicle’s lifetime.
In electrical vehicles, fluids serve a dual purpose: They reduce friction between moving parts, thus reducing wear and tear on devices. They can serve a thermal management role, by transferring heat generated due to friction and shear away from where it is being generated.
Collaboration between companies developing e-fluids and EV manufacturers, therefore, is one of the keys to success for this industry. Several technical elements such as thermal control and avoiding electrical loss of the systems are considered while designing e-fluids.
Impact of COVID-19 on Global Electric Vehicle Fluids Market
In the year 2020, due to the COVID-19 lockdown, major industries started to reassess their previous market outlook. Due to the economic crises, there has been a falling of global crude price, which results in a relatively higher ownership cost of EVs in comparison to conventional ones. However, there has been positive news on EV adoption by new customers and citizens, due to increasing awareness regarding emission control. Governments around the world remain committed to the implementation of the incentive on the sale of EVs and are focusing on new and ambitious policies for EVs. As the world recovers from COVID-19, new regulatory reforms to curb carbon emissions, expansion of EV charging infrastructure, and support for indigenous production of EVs is expected to drive the growth of the market.
Electric Vehicle Fluids Market, Fill Type
The fill type segment is categorized into first fill and service fill. The first fill segment is projected to capture the largest segment. First fill fluids effectively and efficiently meet a broad range of battery EV performance requirements. The products are reportedly targeted at the growing number of automotive manufacturers who are building EVs. Just like regular vehicles, battery EVs still need fluids to operate. Current lubricants, which have been developed for internal combustion engines (ICEs), generally fall short of meeting the performance requirements of high-tech EV powertrains. Hence, automakers are launching new innovative product. For instance, in June 2019, Shell India introduced a new line of fluids intended exclusively for use in battery electric vehicles (BEVs). These e-transmission fluids, e-greases, and e-thermal fluids will improve the performance and efficiency of battery electric vehicles.
Electric Vehicle Fluids Market, By Product Type
The product type segment of the market is divided into engine oil, coolants, transmission fluids, greases, others. The coolant segment of the market is anticipated to account for the largest segment of the market. Cooling e-motors is also important for optimum performance. In an e-motor, cooling fluid presents opportunities for better glycol-based fluids that can resist corrosion and perform for longer intervals.
Electric Vehicle Fluids Market, By Propulsion Type
The propulsion type segment is categorized into Plugin Battery Electric Vehicles (BEVS), Fuel Cell Electric Vehicles (FCEVS), Hybrid Electric Vehicles (HEVS). The Hybrid Electric Vehicles (HEVS) segment is expected to be the largest segment. All hybrid electric vehicles have fluids are required to improve vehicle efficiency. Electric vehicles have three main fluids: coolant fluid, brake fluid, and windscreen washer fluid. However, some also require transmission fluid that needs to be changed regularly.
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Electric Vehicle Fluids Market, By Vehicle Type
The vehicle segment is divided into passenger cars, commercial vehicles, electric motor sports.
The passenger car segment is anticipated to be the largest segment. Rising government initiatives to provide subsidies for passenger EVs in countries like Canada, China, and Japan, rapidly increasing penetration of EVs into the automotive industry, growing sales volume especially for the battery-based vehicles, and bolstering investment in EV charging solutions are the most prominent factors projected to create the fastest demand for fluids and lubricants required in Passenger EVs.
Global Electric Vehicle Fluids Market, based on Regional Analysis
The region segment includes major regions such as Asia Pacific, Middle East & Africa, North America, Europe, and South America. In Europe, EV penetration is forecast to increase dramatically by 2030. The World Economic Forum (WEF) projects that by 2045, the major automotive sector would have doubled, owing to strong EV sales push measures such as government subsidies of up to 20% of the vehicle's cost in Europe. Companies are quickly realizing that they can't afford to be left behind as European governments and dozens of cities and states aim to ban new internal combustion engine (ICE) vehicle sales by 2035.
The rapidly increasing number of vehicles and deteriorating traffic congestion in major cities in Asia Pacific has resulted in substantial air and noise pollution, necessitating immediate and comprehensive steps to encourage low-emission automobiles. Furthermore, if global warming is to be avoided, it is vital to cut carbon dioxide emissions from the transportation sector, which accounts for a significant portion of total carbon dioxide emissions in many countries. These substantial factors are expected to drive the regional market in the Asia Pacific region.
Recent Developments in the Global Electric Vehicle Fluids Market
- October 2021 - Valvoline Inc. (US) announced the launch of XEV, the brand's first China-based release of hybrid, plug-in hybrid, and pure electric vehicle products. XEV' is a suite of EV and hybrid fluids – including battery protection fluid, motor oil, brake and transmission fluids.
- June 2021 - To meet the demands of these cutting-edge vehicles, Kixx a brand of GS Caltex (South Korea) announced the launch of Kixx Electric Vehicle Fluid, a new brand of advanced fluids designed specifically for EVs. Kixx Electric Vehicle Fluid offers a range of products that includes both E-Transmission fluid and E-Thermal fluid designed to improve operation efficiency and protect essential components.
- July 2019 – MIVOLT is a new range of biodegradable dielectric fluids developed by M&I Materials (UK). It offers immersion cooling for charging points and electric vehicle (EV) batteries. It offers higher-performance, longer-range and more environmentally friendly EVs and associated infrastructure.
Some key Points of the Electric Vehicle Fluids Market Report are:
- An in-depth global electric vehicle fluids market analysis by the segments, along with an analysis of trend-based insights and factors.
- Major companies operating in the global electric vehicle fluids market, which include Petronas (Malaysia), Royal Dutch Shell plc (Netherlands), TotalEnergies SE (France), ExxonMobil Corporation (US), BP plc. (UK), FUCHS Petrolub AG (Germany), ENEOS Corporation (Japan), Valvoline Inc. (US), Repsol S.A. (Spain), PTT (Thailand), Castrol (bp p.l.c.) (UK), The Lubrizol Corporation (US), Engineered Fluids. Inc. (US), M&I Materials Ltd (UK), Dober (US), Afton Chemical Corporation (NewMarket Corporation) (US), 3M (US), Petronas Dagangan Bhd (PDB), (a subsidiary of Petroliam Nasional Bhd) (Malaysia), Motul (France), PolySi Technologies Inc. (US), Kluber Lubrication (Germany), PANOLIN AG (Switzerland), and Infineum International Limited. (UK).
- Key impact factor analysis across regions that includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global electric vehicle fluids market
- Impact of COVID-19 on the global electric vehicle fluids market
Find more insights on this topic from this report, “Electric Vehicle Fluids Market, By Fill Type (First Fill, Service Fill), By Product Type (Engine Oil, Coolants, Transmission Fluids, Greases, Others), By Propulsion Type (Plugin Battery Electric Vehicles (BEVS), Fuel Cell Electric Vehicles (FCEVS), Hybrid Electric Vehicles (HEVS)), By Vehicle Type (Passenger Cars, Commercial Vehicles, Electric Motor Sports), By Region (North America, Europe, Asia-Pacific, South America, Middle East & Africa)”, in-depth analysis along with the table of contents (ToC).
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