Dublin, April 25, 2023 (GLOBE NEWSWIRE) — The “Global Electric Vehicle (EV) Fluids Market Outlook to 2028” report has been added to ResearchAndMarkets.com’s offers
According to the report, the global electric vehicle fluids market is expected to grow significantly during the forecast period. Factors such as increasing demand for electric vehicles due to rising fuel cost, rising pollution levels, and declining battery prices are expected to drive the need for the vehicle fluids market electric vehicles (EV) during the forecast period.
In addition, the increased demand for electric motors, which include battery electric vehicles, hybrids and plug-in hybrids, is due to a growing trend of sustainability in the energy and transportation sectors that drives the need for fluids to to electric vehicles (EV). market in the expected period.
In addition, technological focus of major EV OEMs, introduction of new models, and their relationship with lubricant suppliers are expected to drive demand for the global electric vehicle (EV) fluids market over the forecast period. However, the higher cost of electric vehicle fluids and the feasibility of developing immersed cooling battery systems are the major factors hindering the growth of the electric vehicle (EV) fluids market during the forecast period.
An increase in the demand for electric vehicles is expected to drive the growth of the electric vehicle fluids market. The development of the global electric vehicle fluids market is attributed to the growing demand for efficient and durable fluids for electric vehicles. In general, various components of an electric vehicle generate a lot of heat during operation, such as battery systems and electric motors.
New electric vehicle lubricants add additives and dielectric properties to make them suitable for electric vehicle mechanisms. The main types of fluids used to enhance electric vehicle applications are grease, heat transfer, drive system and brake. The acceleration of decarbonisation efforts in the commercial vehicle (CV) sector is promoting the deployment of low and zero emission technologies. Electrification remains a viable option for CV applications.
The electrification of CVs will drive technological innovation, as the performance requirements of the various fluids consumed in electric CVs are different from those used in conventional internal combustion engine (ICE) vehicles. Electric vehicles (EVs) will herald a new niche lubricant market focused on the lubrication needs of electric vehicles used specifically in commercial applications. With growing concern about tailpipe emissions and their harmful effects on the environment, strict standards have been put in place for CO2 and pollutants such as unburnt hydrocarbons, nitrogen oxide and particulate matter, making that hybrid and fully electric vehicles are no longer considered rare. , but the standard for the future.
Fluid is the main component of a vehicle, which can improve fuel economy and help reduce the car’s carbon footprint. Electric vehicle fluid lubricants help remove excess engine heat from the motor and keep it cool. Therefore, cold engines provide better fuel efficiency. In addition, the use of lubricating fluids to reduce heat maximizes the life of vehicles. Thus, the use of fluid lubricants for electric vehicles helps to provide durability to the motors.
Europe was the largest region for the electric vehicle fluids market. Asia-Pacific is expected to be the fastest growing region during the forecast period. Increasing government measures to control carbon dioxide and other pollutants such as nitrogen oxide, unburned hydrocarbons and other particulates are also driving the adoption of EVs.
Electric vehicle fluids meet ongoing efforts to minimize the greenhouse gas trend of reducing CO2 emissions and improving fuel economy. Electric motors are environmentally friendly and governments across the country are implementing various laws and offering incentives to promote the sale of electric motors. Refrigerants, used to regulate the temperature of the battery and other electronic components, are expected to be the fastest growing product type for electric vehicles during the forecast period.
The motor oil segment is expected to lead the global electric vehicle fluids market during the forecast period. This is due to the high demand for engine oil in hybrid electric vehicles during first fills and service. Motor oil has a much shorter replacement interval than other electric vehicle fluids, which leads to large-scale consumption. Unlike other EV fluids, high volume market share and high prices of motor oil will result in the largest market share during the forecast period.
Motor oil is not a preferred choice for electric vehicles to lubricate components because electric vehicles run on electric motors and electric vehicle batteries, which have higher technical requirements than internal combustion engine (ICE) vehicles. Therefore, EV fluid is specifically formulated to meet the broad performance requirements of EVs.
Fluids in electric vehicles perform several functions, including lubricating the transmission system, stabilizing battery temperature, cooling motors and electric gears, and reducing friction. In addition, it also provides insulation from electrical current while improving the life of the battery and other components of electric vehicles.
However, electric vehicles require lubricants for key electrical components, such as gear oils for differentials, coolants for the car’s battery, chassis, brake fluids, gear reducer, wheels, and grease for other components of the electric vehicle The heat transfer fluid market is expected to witness the highest growth during the forecast period due to its vital use in BEVs and PHEVs to cool the EV battery, maintain an optimal operating temperature range, and enable charging and proper discharge of electric vehicles. Also, it is used to extend battery life and protect EV vehicle components.
Major players in the market are 3M, Afton Chemicals, Engineered Fluids, Dober and Fuchs Petrolub.
In June 2022, FUCHS acquired the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, and will merge it with its subsidiary FUCHS LUBRICANTS SWEDEN AB from July 1, 2021, to strengthen its specialty business.
In November 2021, Petronas launched an advanced range of electric vehicle (EV) fluids called PETRONAS iona second generation. PETRONAS “Second Generation” Iona is designed to meet various challenges of electric vehicles, including thermal management, friction control and improved efficiency.
Key topics covered:
1. Executive summary
2. Scope and methodology of the research
3. Market analysis
4. Analysis of the industry
5. Market segmentation and forecasting
5.1 By type
5.1.1 Fat
5.1.2 Brake fluid
5.1.3 Heat transfer fluid
5.1.4 Drive system fluid
5.2 By type of propulsion
5.2.1 Electric vehicles with battery
5.2.2 Hybrid electric vehicles
5.3 By end-use industry
5.3.1 Thermal
5.3.2 Transmission
5.3.3 EV fat
6. Analysis of the regional market
7. Key company profiles
8. Competitive landscape
9. Conclusions and recommendations
A selection of the companies mentioned in this report includes
- 3M
- Afton Chemicals
- Engineering fluids
- well
- FUCHS
- Infineum International Limited
- Kluber Lubrication
- MI Materials Limited
- Motul PANOLIN International Inc.
- Phillips 66
- GS Caltex
- Gulf Oil International Ltd
- HP lubricants
- Idemitsu Kosan Co., Ltd.
- Repsol
For more information on this report, visit https://www.researchandmarkets.com/r/et3a4h
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