New York, USA, Jan. 17, 2023 (GLOBE NEWSWIRE) -- e-fluids Market Overview:
According to a Comprehensive Research Report by Market Research Future (MRFR), “e-fluids Market Information by Product Type, Vehicle Type, Propulsion, Fill Type and Region - Forecast till 2030”, the market is estimated to grow at a 27.08% CAGR to reach USD 8.83 Billion by 2030.
Market Scope:
As more electric cars hit the road, the market for fluids for electric vehicles is expected to grow. A battery pack stores the electricity that runs the motor of an electric car. The ability of the fluids in the engines of electric vehicles to get rid of heat helps the motors. So, having a cold engine makes it more efficient. Fluids can also be used to control the temperature, which can help a car last longer. Right now, the market is mostly in China and Europe, but it is growing in other places, like the United States and South Korea, and it will soon spread to developing countries like India, etc.
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Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 8.83 Billion |
| CAGR | 27.08% (2022–2030) |
| Base Year | 2021 |
| Forecast Period | 2022–2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Product Type, Vehicle Type, Propulsion, Fill Type and Region |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | The market for electric vehicle fluids is anticipated to expand as the number of electric vehicles on the road rises. |
| Stringent mandates made by the government are boosting R&D investment |
Competitive Dynamics:
Lubricant companies are optimistic about the future of e-fluids. In response to the growing number of electric cars on the road, many companies are adding e-fluids to their line of lubricants. Total sells both e-transmission fluids and e-thermal fluids, while Fuchs only sells e-transmission fluids right now. Shell, Castrol, and ExxonMobil only sell e-transmission fluids.
- Royal Dutch Shell Plc
- ExxonMobil Corporation, BP Plc.
- TotalEnergies SE
- FUCHS Petrolub AG
- Repsol S.A.
- ENEOS Corp.
- Valvoline Inc.
- PTT
- Petronas.
Market USP:
Market Drivers
As electric cars become more popular, they are shaking up the whole supply chain. The market for fluids and lubricants won't be immune to change, and companies in the field will have to come up with new products to meet the needs of this growing market segment.
Fluids made for high-voltage hybrids and electric vehicles (EVs) should have the right electrical properties and work well with materials that insulate. Also, BEVs have up to four times as much copper as ICE cars, so an electric driveline fluid should also protect against copper corrosion.
The market for fluids used in electric vehicles is changing because more money is going into research and development, making new products, and making existing ones better. Market-based R&D aims to improve processes. In 2021, Gulf Oil, an Indian company that makes greases and lubricants for cars, came out with a new line of e-fluids for Hybrid and Electric (EV) passenger vehicles. These e-fluids are made to improve the vehicle's efficiency and safety in different ways, such as by making the brakes work better and preventing corrosion. Coolant is also used to keep the batteries in electric vehicles at a cool temperature.
At the moment, European and American companies have the most market share in the market for fluids for electric vehicles. Almost all of the big oil companies have recently released new products for the growing market for electric vehicles (EVs). Most companies that make fluids for EVs make fluids for the three main uses of an EV: e-transmissions, keeping the battery cool, and greases.
Market Restraints
Electric cars that are on the market now cost more than regular cars that run on gasoline or diesel. This higher price may make it harder for them to get into the market. At the moment, the prices of EVs are still higher than those of similar cars that run on gas. A big reason is the expensive battery pack, but another is the lack of economies of scale.
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COVID-19 Analysis:
Since the COVID-19 (C-19) pandemic, the world has seen health crises and economic, social, and political changes that have never happened before. The international community is currently trying to figure out what the immediate effects of C-19 will be on all fields. Before the financial crisis, China and other industrialized countries in Europe and North America led the way in increasing sales of electric vehicles (EVs). Regulations have been put in place that make it necessary to cut emissions by a lot. In the early stages of the growth of EVs, governments gave people a lot of money and other incentives to switch to them.
Market Segmentation:
By Product Type
Transmission Fluids segment is expected to record substantial growth over the review period.
By Vehicle Type
On-highway Vehicle segment is poised to witness the highest demand over the review period.
By Propulsion
Hybrid EV segment is slated to rise at a notable CAGR over the review period.
By Fill Type
Service Fill segment is likely to observe significant growth over the forecast period.
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Regional Analysis:
The e-fluids market is divided into five main geographic areas: North America, Europe, Asia-Pacific, the Middle East, Africa, and Latin America. Recent estimates say that by 2025, the eight countries with the most electric vehicles (Germany, France, the United Kingdom, Norway, the Netherlands, China, the United States, and Japan) will have sold nearly 40 million liters of electric transmission fluids, electric thermal fluids, and electric greases.
Asia-Pacific is the clear market leader, with a value share of more than 45%. To improve the region's supply chain for electric cars and electric vehicle parts, the regional government has set up incentives for the auto industry, battery and fluid suppliers, and businesses that help them. Under the Paris Agreement of 2015, the European area plans to have net-zero carbon emissions by 2050. By 2030, it is expected that half of all vehicles made in Europe will be electric. European governments have started many projects, such as the European battery alliance, Charge anywhere, wireless charging for electric vehicles, etc.
In North America, where automakers have promised to release over 200 new EV models in the next few years, EVs may be used by a lot of people. In many Latin American countries, electric vehicles are encouraged by discounts on the cost of buying them, tariffs on the environment and imports, and "feebates" that punish polluting cars and reward clean ones. Several companies in Latin America have started mass-producing new fluids that can make electric and hybrid cars run better and use less energy.
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