According to a recent report by TechSci Research titled “Electric Vehicle Fluid Market – Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F,” the global electric vehicle fluid market is experiencing rapid expansion. This growth can be attributed to the increased adoption of green vehicle technology and the rising demand for thermal stability management in electric vehicles. Furthermore, the market is being driven by advancements in efficiency and range increase. However, the development of lubricants for electric vehicles poses a challenge due to the unique electric motor designs of each original equipment manufacturer (OEM), which require specific lubricants to ensure exceptional performance.
Growing Demand for Electric Vehicle Fluids
As modern electric vehicle batteries become more energy-dense, exceeding the range of the vehicle, battery system overheating has emerged as a significant challenge for battery producers. To tackle this issue, liquid cooling is employed in electric vehicles to regulate thermal energy. New forms of coolants are being developed and distributed throughout the battery system to effectively reduce the temperature in the battery cells. These liquid cooling fluids are considered superior to air-cooling systems in terms of heat transfer capabilities, leading to increased demand for fluids in the electric vehicle market.
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However, the development of new technologies has resulted in an increase in the cost of electric vehicle fluids, posing a hurdle to market growth. Many organizations are investing in research and development efforts to reduce costs while maintaining high quality and meeting specifications. The demand for electric vehicle fluids has also surged due to the application of new fluids in various areas of electric vehicles.
Market Overview by Region and Segment
The Asia-Pacific region currently leads the global electric vehicle fluid market, having the highest number of electric vehicles on the road. It is followed by Europe and North America. Furthermore, several governments worldwide have implemented stringent standards and regulations for carbon emissions, which have further propelled the demand for electric vehicles. As a result, lubricant manufacturers are investing in research and development efforts to cater to the growing demand for fluids in electric vehicles.
The market can be segmented based on propulsion type, vehicle type, product type, distribution channel, region, and company. In terms of propulsion type, hybrid electric vehicles (HEVs) hold the largest market share due to the high number of these vehicles on the road, followed by battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). Among vehicle types, passenger cars capture the majority of the market share, followed by light commercial vehicles. Heat transfer fluids dominate the product type segment, followed by drive system fluids and grease. The market is further divided into original equipment manufacturer (OEM) and aftermarket distribution channels.
The global electric vehicle fluid market is witnessing robust growth, driven by the increasing adoption of green vehicle technology and the demand for thermal stability management in electric vehicles. While the development of lubricants for electric vehicles presents a challenge due to OEM-specific requirements, advancements in efficiency and range increase are fueling the expansion of the market. With the Asia-Pacific region leading the market and governments worldwide imposing strict emissions standards, lubricant manufacturers are investing in research and development efforts to meet the growing demand for electric vehicle fluids.
Some of the major companies operating in the global Electric Vehicle Fluid Market include:
- 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.
These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.
“The maximum number of electric vehicle sales were made in the Asia-Pacific, which propelled this region to be at the top of the worldwide electric car market. As China plans to convert 20% of its domestic market to electric vehicles by 2025, and 60% by 2030, the demand for electric vehicle fluid will rise in upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.
“Electric Vehicle Fluid Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has evaluated the future growth potential of global Electric Vehicle Fluid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.
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