The global fluids market for electric vehicles accounted for $850.9 million in 2018 and is expected to reach $5.74 billion by 2029. The market is anticipated to grow at a CAGR of 18.66% during the forecast period 2019 to 2029. The increasing application areas for new fluids in an electric vehicle have led to the surging demand for various types of coolants and lubricants. Automotive OEMs have partnered with various fluid providers for sourcing fluids for their electric vehicles to improve the driving experience, which in turn, can increase the electric vehicle sales, which is expected to drive the market growth during the forecast period.
BIS Research, states, " The increasing application areas for new fluids in an electric vehicle have led to the surging demand for various types of coolants and lubricants. Automotive OEMs have partnered with various fluid providers for sourcing fluids for their electric vehicles to improve the driving experience, which in turn, can increase the electric vehicle sales. Moreover, huge investments in the form of subsidies and infrastructure development by government and federal agencies to promote electric vehicles to cut down carbon dioxide emission are further propelling the growth of electric vehicle fluids.”
The growth in the global fluids market for electric vehicles is attributable to the rising demand for efficient and durable fluids for electric vehicles. Generally, various components of an electric vehicle generate a lot of heat during the operation of the vehicle, such as the battery system and the e-motors. This has further led to the need for better thermal management in these vehicles. The new EV fluids have added additives and dielectric properties which makes them suitable for application in electric vehicle components.
The major factor hindering the market growth are certain technical challenges, such as higher cost and the viability of developing immersion cooling battery systems.
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The global fluids market for electric vehicles is mainly segmented on the basis of product type, vehicle type, and propulsion type, and distribution channel type. This research also analyzes the adoption of electric vehicle fluids market in different regions and countries. The prominent types of fluids which are being adopted for enhanced application in electric vehicles are greases, heat transfer fluids, driver system fluids, and brake fluids. The application of these types of fluids is in various components such as e-motors, battery systems, bearings, constant velocity joints, power electronics, gears, and the braking system of electric vehicles.
Competitive Landscape
The competitive landscape of the fluids market for electric vehicles consists of different strategies undertaken by major players across the oil & gas and lubrication industry to gain market presence. Some of the strategies adopted by electric vehicle fluids manufacturers are new product launches, business expansions, and partnerships, and collaborations. Among all the strategies adopted, new product launches are the leading choice of strategy implemented in the competitive landscape. ExxonMobil, Total, Shell, Castrol, Valvoline, and Lubrizol are some of the leading players in the global fluids market for electric vehicles. Engineered Fluids, M&I Materials, and Dober are some of the emerging private companies which have remained in the limelight since last few years in the field of fluids market for electric vehicles.
Asia-Pacific to Witness Fastest Growth in Global Fluids and Lubricants Market for EVs
The demand for electric vehicle fluids varies according to various geographical regions. Asia-Pacific is currently the largest region in the fluids market for electric vehicles. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and presence of major EV manufacturing companies are some of the major drivers that are propelling the growth of
the market in the region. Rising CO2 emissions in China and Japan have led to several concerns from the countries’ governments.
Therefore, various government initiatives have been undertaken to promote the adoption and manufacturing of electric vehicles, as they may help in the reduction of vehicular emissions and act as a potential substitute for the petrol and diesel engine-based cars.
Key Questions Answered in this Report:
• Which EV fluid type segment is expected to witness the maximum demand growth in the global fluids market for electric vehicles during 2019-2029?
• What is the patent landscape for the global fluids and lubricants market for electric vehicles?
• Which are the key EV parts that generate demand for different types of fluids and lubricants and which of these parts would help foster the future demand for different types of fluids and lubricants?
• Which are the players that are catering to the demand for different EV fluids?
• What are the key offerings of the prominent companies in the market for fluids for electric vehicles?
• Which regions and countries are leading in terms of consumption of global fluids market for electric vehicles, and which of them are expected to witness high demand growth from 2019 to 2029?
• How does the pricing of different fluids and lubricants vary across regions and countries?
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