Dublin, May 23, 2023 (GLOBE NEWSWIRE) -- The "Electric Vehicle Fluid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Propulsion Type, By Vehicle Type, By Product Type, By Distribution Channel, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.
Global electric vehicle fluids market is forecast to grow at an impressive rate through 2028
The number of electric vehicles sold was 6.6 million units in 2021. It is difficult to develop lubricants for EVs since different original equipment manufacturers have distinct electric motor design that demands a particular lubricant to meet their requirements for exceptional performance.
The technical requirements for EV lubricants are higher than for ICEs. The lubricants provide insulating, anti-wear performance, friction reduction, cooling of the electric motor and battery pack, and performance against wearing. Electric vehicles (EVs) require lubricants in essential electrical components such as battery coolants, differential gear oils, brake fluids, and grease.
Major breakthroughs are still happening in electric vehicles when it comes to personal transportation. Even though global sales of new EVs are growing quickly and mass production of electric vehicles has been in place for a few decades, the research and development of specialized fluids and lubricants for them has just started to take place.
Battery Electric Vehicles (BEVs) may not require conventional engine oils, but other EVs still need a special variety of lubricants, fluids, and greases, especially the hybrid EVs that still include ICEs. Many of those lubricants must meet the same performance standards as regular cars.
The public health and economies of creating countries have been affected by the global COVID-19 pandemic. Most businesses, including the automobile industry, were forced to shut down their manufacturing facilities for a considerable amount of time as a result of lockdowns that were implemented across multiple countries to reduce the danger of spreading the new coronavirus.
In 2020 and 2021, the automobile sector experienced a fall in sales as a result of slower economic growth. Furthermore, the increasing trend towards zero-emission vehicles gives a boost to the electric vehicle industry, increasing sales of electric vehicles across many countries which results in increasing demand for Electric Vehicles Fluids.
Rising Demand for Electric Vehicles
As technology progresses, there is a growing demand for electric vehicles, which drives the size of the electric vehicle industry fluid market. The number of electric vehicles will double in 2021 to reach around 6.6 million, according to the IEA Global Electric Vehicle Outlook. More than 3.3 million sales, which is three times of sales in 2020, were from China in 2021. There are numerous opportunities to create fluids for e-motor and battery cooling.
Additionally, EVs have significantly more copper than ICE cars, which allows them to carry more current and remain compatible with lubricants and coolants directly. One of the top goals of electric fluids is to prevent copper from corroding. As a result, the demand for electric fluids is rising rapidly.
Need to increase the efficiency of electric vehicles
The limited range of electric vehicles and the negative public impression that goes along with it has been one of the major obstacles. Although EV driving range has dramatically increased in recent years, there is still a widespread belief that these cars would run out of battery and abandon their passengers stranded.
The typical driving distance of new BEVs has been rising over time. A new battery electric car's average range increased from 200 km in 2015 to roughly 350 km in 2020. Several oil and gas businesses have begun to create fluids and coolants for electric vehicles that would be used to boost battery output and deal with the issue of range anxiety. The battery power and cell longevity could both be improved with the use of these dielectric fluids.
The increasing cost of EV fluids
Although maintaining electric vehicles is less expensive than maintaining internal combustion engines (ICE), there are still many factors that contribute to a greater initial cost of purchase. Rapidly developing electric vehicle fluids, such as heat transfer fluids, and greases, that would be utilized in batteries and gears are one of these factors.
Many fluid manufacturing companies are working to bring down the price of these EV fluids using techniques including cost absorption, utilizing the same fluids for numerous functions within an EV, and reducing the frequency of changes. Moreover, these factors restrict the growth of electric vehicle fluids.
Company Profiles
Key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.
- Afton Chemicals
- Dober
- Engineered Fluids Inc.
- ExxonMobil Corporation
- FUCHS Petrolub AG
- Castrol Limited
- Freudenberg Chemical Specialities SE & Co. KG
- M&I Materials
- Petronas
- Shell plc
Report Scope:
Global Electric Vehicle Fluid Market, By Propulsion Type:
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
Global Electric Vehicle Fluid Market, By Vehicle Type:
- Passenger Car
- Light Commercial Vehicle
- Medium & Heavy Commercial Vehicle
Global Electric Vehicle Fluid Market, By Product Type:
- Grease
- Heat Transfer Fluids
- Drive System Fluids
Global Electric Vehicle Fluid Market, By Distribution Channel:
- OEM
- Aftermarket
Global Electric Vehicle Fluid Market, By Region:
- Asia-Pacific
- China
- India
- Japan
- South Korea
- Malaysia
- Indonesia
- Thailand
- Europe & CIS
- Germany
- Russia
- France
- Spain
- Italy
- United Kingdom
- Poland
- Netherland
- Norway
- North America
- United States
- Canada
- Mexico
- South America
- Argentina
- Brazil
- Colombia
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
For more information about this report visit https://www.researchandmarkets.com/r/b2tpcg
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