Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) — The report “APAC Electric Vehicle Fluids and Lubricants Market: Regional Analysis: Focus on Application, Product and Region – Analysis and Forecast, 2022-2031″ has been added ” a ResearchAndMarkets.com’s offers
The APAC electric vehicle fluids and lubricants market is projected to reach USD 2,363.8 million by 2031 from USD 182.8 million by 2022, growing at a CAGR of 32.89% during the period of forecast 2022-2031.
Lubricating an electric vehicle is very different from lubricating a conventional internal combustion (IC) engine vehicle. In IC engine vehicles, oils are used to reduce engine friction. These oils gradually degrade as they become contaminated with combustion gases and need periodic replacement. The fluids needed for electric vehicles would be exposed to high voltages and temperatures.
Longevity of fluids is also essential to reduce maintenance costs and increase the commercialization of electric vehicles. Since electric vehicles have several power electronic components, the fluids must ensure the safety of these circuits and flow easily through different parts with lower viscosity.
In addition, these fluids must have anti-corrosive properties. Increasing sales of electric two-wheelers in India and Vietnam is expected to drive the market growth in the coming years.
Market life cycle stage
Electric vehicle fluids and lubricants are in high demand due to the increasing number of new fluid applications in electric vehicles. Several electric vehicle fluid and lubricant manufacturers are collaborating with various electric vehicle powertrain and battery technology suppliers to study and commercialize battery cooling technologies.
In addition, government subsidies and infrastructure development aimed at promoting electric vehicles to reduce carbon dioxide emissions drive the APAC fluids and lubricants market for electric vehicles.
Synopsis of key market players and competition
The companies profiled have been selected based on input gathered from leading experts and by analyzing company coverage, product portfolio and market penetration.
The APAC electric vehicle fluids and lubricants market has been segmented into different product types, among which Grease captured around 11.4% of the market as of 2021. The fluids segment thermals/coolants accounted for about 18.5%, the drive system fluids/transmission fluids segment accounted for 56.7%, and brake fluids accounted for 13.4% of total demand in 2021 in value
Impact of COVID-19
COVID-19 had an immediate and significant impact on the APAC electric vehicle fluids and lubricants market due to nationwide manufacturing site closures, labor shortages and disruptions in global supply and demand chains, which distorted the market.
Lockdowns imposed by governments significantly reduced commodity productivity due to operational shortages in many regions of the world. However, the market is expected to recover and is expected to increase substantially during the forecast period.
Market segmentation
Type of vehicle
The application of electric vehicle fluids and lubricants is mainly classified into five types of electric vehicles, namely two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles and heavy commercial vehicles. Heavy commercial vehicles consist of heavy buses and heavy trucks.
The production and sales of passenger vehicles are expected to exceed those of commercial vehicles as more users are rapidly adopting electric vehicles and exchanging their IC engine vehicles for electric vehicles due to their cost-effectiveness and various subsidies governmental, among others. The passenger vehicle segment is expected to lead the market during the forecast period in B-type vehicle type, as sales of passenger electric vehicles are expected to increase in the APAC region.
Three-wheelers are the prominent segment in the A-type vehicle type forecast period, accounting for more than one-fifth of the total A-type vehicle type volume market share. By the year 2021, the passenger vehicle segment dominated the B-type vehicle segment and the three-wheeler segment dominated the A-type vehicle segment.
Type of propulsion
HEVs dominated the drive type segment in the APAC fluids and lubricants market for electric vehicles in 2021. These vehicle types are two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles and heavy commercial vehicles.
While HEV and PHEV models have been on the market for many years, the development of battery technology, along with government regulations to increase vehicle efficiency, has led to an increase in HEV adoption, as only they work with the vehicle’s battery systems.
The increase in HEV sales makes them more crucial for automotive OEMs to ensure that electric vehicle fluids can optimize thermal management and drive system. The HEV segment is expected to dominate the APAC electric vehicle fluids and lubricants market during the forecast period.
Product Type
Notable fluids developed for electric vehicle application are greases, thermal fluids, driver system fluids, and brake fluids. These fluids are applied in various components such as electric motors, battery systems, bearings, constant speed joints, power electronics, gears and the braking system of electric vehicles.
In general, various components of an electric vehicle generate a lot of heat during vehicle operation, such as the battery system and electric motors. These components have given rise to the need for better thermal management in these vehicles. The new EV fluids have added additives and dielectric properties, making them suitable for application in electric vehicle components.
These specialized fluids are capable of providing better thermal management properties than conventional coolants to electric vehicle powertrain components. Drive system fluids are expected to be the largest segment as they are essential for electric vehicles to cool the electrical components of the powertrain and increase their range. By 2021, the drive system fluids segment dominated the APAC electric vehicle fluids and lubricants market and was also expected to be the dominant segment throughout the forecast period.
Distribution channel
The APAC electric vehicle fluids and lubricants market includes two main types of distribution channels: OEMs and the aftermarket.
The OEM channel is expected to dominate the APAC electric vehicle fluids and lubricants market during the forecast period as most of the fluids have a very low replacement rate and higher production of electric vehicles.
As EV fluid technology evolves, the longevity and efficiency of these fluids in electric vehicles also increases. Only a few EV fluids that might need to be replaced or changed due to vehicle servicing would be sourced through the aftermarket. By 2021, the OEM segment dominated the APAC electric vehicle fluids and lubricants market.
region
Demand for electric vehicle fluids varies by region. By 2021, Japan was the largest region in the APAC electric vehicle fluids and lubricants market due to an increase in hybrid electric vehicle (HEV) sales in that country during the ‘year. However, India’s electric vehicle fluids and lubricants market is expected to grow at a high growth rate during the forecast period (2022-2031).
As sales of electric two-wheelers, three-wheelers and passenger vehicles grow rapidly, India’s electric vehicle fluids and lubricants market is expected to grow at a high rate. Japan is expected to dominate the APAC electric vehicle fluids and lubricants market during the forecast period.
Key metrics
| Report attribute | Details |
| Number of pages | 215 |
| Forecast period | 2022-2031 |
| Estimated market value (USD) in 2022 | 182.8 million dollars |
| Projected market value (USD) for 2031 | 2363.8 million dollars |
| Compound annual growth rate | 32.9% |
| Regions covered | Asia Pacific |
Profile of key companies
Type 1 companies (Product offers): Private companies
- SK Lubricants Co., Ltd. (SK Inc.)
- GS Caltex Corporation
- S-OIL CORPORATION
- Kluber Lubrication
- Panolin AG
Type 2 Companies (Product Offers): Public companies
- Idemitsu Kosan Co., Ltd.
- Exxon Mobil Corporation
- Repsol S.A
- ENEOS Corporation (ENEOS Holdings, Inc.)
- The Lubrizol Corporation
- Petroliam Nasional Berhad (PETRONAS)
- Shell plc
- TotalEnergies SE
- Valvoline Inc.
- FUCHS
Sector perspectives
Trends: current and future
- Supply Chain Network/MAP
- Attractiveness of the industry
- Analysis of supply and demand
- Profit margin analysis
- Additives for fluids in electric vehicle batteries
Ecosystem/Programs in progress
- Consortia, Associations and Regulatory Bodies
- Government programs and initiatives
Business dynamics
Business drivers
- Need for corrosion-resistant solutions in electric vehicle batteries
- Increasing demand to further extend the range of electric vehicles
- Rapid adoption of immersion cooling for electric vehicle batteries
- Improving the durability of the drive train in electric vehicles
- Increased demand for high performance grease in HEV vehicles
- Growing need for improved electrification components
- Rapid increase in fleet of electric two-wheelers and three-wheelers
Business challenges
- Higher cost of EV fluids
- Energy efficiency challenges
- Development of environmentally friendly electric vehicle fluids
- Lack of EV/HEV performance optimized to improve thermal conductivity
- Inadequate electric vehicle charging infrastructure
Business strategies
- Product developments
- Market evolution
- Corporate strategies
- Mergers and acquisitions
- Associations, collaborations, joint ventures and alliances
Business opportunities
- Coolants for EV electronics and charging port cables
- Growing trend of autonomous vehicle development
- Strict regulations from government bodies for the environment of sustainable electric vehicles
region
- Japan
- market
- application
- product
- South Korea
- India
- Australia
- Thailand
- Indonesia
- malaysia
- vietnam
For more information on this report, visit https://www.researchandmarkets.com/r/atlz2d-fluids-and?w=12
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world’s leading source of international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, top companies, new products and the latest trends.
-
APAC market for fluids and lubricants
