DUBLIN--(BUSINESS WIRE)--The "Fluids and Lubricants Market for Electric Vehicles - A Global and Regional Analysis: Focus on Product Types and Their Applications, Vehicle Type, Propulsion Type, Distribution Channel, and Countries - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The fluids and lubricants market for electric vehicles was estimated to be at $1,387.7 million in 2021, which is expected to grow with a CAGR of 28.81% and reach $17,412.9 million by 2031. The growth in the fluids and lubricants market for electric vehicles is expected to be driven by increasing sales of electric vehicles around the world.
Market Lifecycle Stage
The fluids and lubricants market for electric vehicles is at an early stage and is growing swiftly. Ongoing research and development activities in manufacturing efficient, anti-wear, and optimal temperature fluids are expected to boost key market development activities.
The fluids and lubricants market for electric vehicles is in the growth phase. A growing fleet of electric vehicles (EVs) is consuming more and more EV fluids. As a result, the fluids and lubricants market for electric vehicles is expected to flourish in the forecast period 2022-2031.
Impact of COVID-19
The COVID-19 pandemic impact on the fluids and lubricants market for electric vehicles has been negligible. Despite the pandemic, there was a slight increase in electric vehicle fluids and lubricants consumption. COVID-19 has enhanced awareness of the environment. Because of this, more and more people are planning to purchase sustainable vehicles. This will propel the fluids and lubricants market for electric vehicles.
Recent Developments in Fluids and Lubricants Market for Electric Vehicles
- In March 2022, Afton invested approximately $400 million in the Singapore chemical additive manufacturing facility under phase 3 expansion to expand its GPA blending capabilities.
- In November 2021, the FUCHS Group unveiled a new design for automotive lubricants that features improved orientation, handling, and resource conservation.
- In September 2021, Infineum International Ltd announced the launch of a broad portfolio of dedicated e-mobility fluids, covering all of the major hybrid and full battery electric vehicle models.
- In February 2020, Kluber Lubrication launched specialty lubes for EVs.
- In November 2021, Petronas unveiled its next-generation range of electric vehicle fluid solutions at its Global Research & Technology Centre in Turin, Italy.
- Need for Corrosion Resistant Solutions in the Electric Vehicle Batteries
- Increasing Demand to Further Extend the Range of the Electric Vehicles
- Rapid Adoption of Immersive Cooling for the Electric Vehicle Batteries
- Improved Durability of Powertrain in Electric Vehicles
- Increasing Demand for High-Performance Grease in HEVs
- Growing Need for Enhanced Electrification Components
- Higher Cost of EV Fluids
- Energy Efficiency Challenges
- Developing Environment-Friendly Electric Vehicle Fluids
- Lack of Optimized EV/HEV Performance for Improving Thermal Conductivity
- Coolants for EV Electronics and Charging Port Cables
- Growing Trend for Development of Autonomous Vehicles
- Stringent Regulations by Government Bodies for Sustainable EV Environment
by Propulsion Type
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)
- Plug-In Hybrid Electric Vehicles (PHEVs)
by Vehicle Type
- Passenger Vehicles
- Light Commercial Vehicles
- Heavy Commercial Vehicles
The fluids and lubricants market for electric vehicles in the propulsion type segment is expected to be dominated by the hybrid electric vehicles segment. In terms of vehicle type, passenger vehicle will dominate the Fluids and lubricants market for electric vehicles due to the large fleet of these vehicles.
by Product Type (Grease, Thermal Fluids, Drive System Fluids, Brake Fluids)
The thermal fluids segment dominates the fluids and lubricants market for electric vehicles due to the higher volume and per liter cost of this fluid.
by Distribution Channel (OEMs, Aftermarket)
The OEMs channel is anticipated to dominate the global fluids and lubricants market for EVs as most of the fluids have a very low replacement rate and can last for the entire electric vehicle's lifetime without being flushed.
- North America
- Asia-Pacific and Japan
- South America
- Middle East and Africa
China generated the highest revenue of $571.2 million in 2021, which is attributed to the increase in sales of electric vehicles and the high cost of fluids/liter in the China region. The fluids and lubricants market for electric vehicles is attractive in China due to the availability of diverse market segments.
- Afton Chemicals
- Engineered Fluids
- Infineum International Limited
- Kluber Lubrication
- M&I Materials Limited
- Panolin AG
- CASTROL Limited
- Exxon Mobil Corporation
- The Lubrizol Corporation
- PolySi Technologies Inc.
- Shell plc
- TotalEnergies SE
- Valvoline Inc.
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