Vancouver, British Columbia, March 18, 2021 (GLOBE NEWSWIRE) -- The global electric vehicle fluids and lubricants market size reached USD 1,178.8 Million in 2020 and is expected to register a CAGR of 18.7% during the forecast period, according to latest analysis by Emergen Research. Factors such as favorable government policies towards adoption of more environment-friendly and renewable energy resources and vehicles and increasing competition in the electric vehicle market to leverage opportunities emerging as a result of the steady shift towards EVs are some key factors driving market growth. In addition, rising focus on developing, manufacturing, and introducing more efficient and affordable EVs in the global market are other key factors expected to drive market growth going ahead.
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Battery systems and e-motors used in electric vehicle generate heat while the vehicle is being used, and development of more efficient thermal cooling systems is expected to support market growth going ahead. Furthermore, increasing focus on manufacture of electric vehicles by automakers in developing countries is expected to further augment market growth in the near future. For instance, Volkswagen Group declared its plan in 2018 to manufacture 22 million Electric vehicles by 2026, half of which will be manufactured in China.
However, challenges regarding feasibility of developing immersion cooling batteries during thermal management is expected to hamper growth of the global electric vehicle fluids and lubricants market to a certain extent over the forecast period.
Some Key Highlights in the Report
- Rising use of coolant fluid for thermal management systems in electric vehicles is driving growth of the heat transfer fluids segment, which is expected to register significant CAGR over the forecast period.
- In terms of revenue, the OEMs segment is expected to register significant growth over the forecast period due to increasing collaborations between automotive OEMs and major fluid suppliers to supply fluids for their electric vehicles to improve driving experience.
- In terms of market share, hybrid electric vehicles (HEVs)/plug-in hybrid electric vehicles (PHEVs) segment is expected to register significant growth during the forecast period due to rising adoption of HEVs in developed and developing countries to reduce carbon emissions.
- In terms of revenue, Asia Pacific is expected to register a significantly rapid CAGR during the forecast period due to increasing demand for electric vehicles in countries in the region.
- Key players in the market include 3M, Castrol, Royal Dutch Shell, Total Lubricants, Valvoline Inc., Motul, Fuchs Petrolub SE, Engineered Fluids Inc, Exxon Mobil Corporation, and Lubrizol Corporation.
- In September 2019, Exxon Mobil Corporation launched Mobil EV offering, which includes fluids and greases developed to address evolving needs in battery electric vehicles.
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Emergen Research has segmented the global electric vehicle fluids and lubricants market on the basis of product type, distribution channel, propulsion type, and region:
- Product Type Outlook (Revenue, USD Million; 2018–2028)
- Grease
- Brake Fluid
- Heat Transfer Fluid
- Drive System Fluid
- Distribution Channel Outlook (Revenue, USD Million; 2018–2028)
- OEMs
- Aftermarket
- Propulsion Type Outlook (Revenue, USD Million; 2018–2028)
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEVs)/Plug-In Hybrid Electric Vehicles (PHEVs)
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- Regional Outlook (Revenue, USD Million; 2018–2028)
- North America
- U.S.
- Canada
- Mexico
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- BENELUX
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Rest of LATAM
- Middle East & Africa
- Saudi Arabia
- UAE
- South Africa
- Turkey
- Rest of MEA
- North America
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About Emergen Research
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