Dublin, May 23, 2023 (GLOBE NEWSWIRE) — The “Electric Vehicle Fluids Market: Global Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028F Segmented by Powertrain Type, by Vehicle Type , by product type, by distribution Channel, by region, competition report has been added.” ResearchAndMarkets.com’s offers
The global electric vehicle fluids market is expected to grow at an impressive rate till 2028
The number of electric vehicles sold was 6.6 million units in 2021. It is difficult to develop lubricants for electric vehicles because different OEMs have different electric motor design that requires a particular lubricant to meet your requirements for exceptional performance.
The technical requirements of EV lubricants are higher than those of ICEs. Lubricants provide insulating, anti-wear, friction reduction, electric motor and battery pack cooling and anti-wear performance. Electric vehicles (EVs) require lubricants in essential electrical components such as battery coolants, differential gear oils, brake fluids and greases.
Great strides are still being made in electric vehicles when it comes to personal transportation. Although global sales of new electric vehicles are growing rapidly and mass production of electric vehicles has been underway for several decades, research and development of specialized fluids and lubricants for them is just beginning.
Battery electric vehicles (BEVs) may not require conventional motor oils, but other electric vehicles still need a special variety of lubricants, fluids, and greases, especially hybrid electric vehicles that still include ICEs. Many of these lubricants must meet the same performance standards as regular cars.
The public health and economies of developing countries have been affected by the global COVID-19 pandemic. Most companies, including the automobile industry, were forced to close their manufacturing facilities for a considerable time as a result of the lockdowns that were implemented in several countries to reduce the danger of the spread of the virus. new coronavirus
In 2020 and 2021, the auto sector experienced a drop in sales as a result of slower economic growth. In addition, the growing trend towards zero-emission vehicles gives a boost to the electric vehicle industry, increasing the sales of electric vehicles in many countries, which increases the demand for electric vehicle fluids.
Increased demand for electric vehicles
As technology advances, there is a growing demand for electric vehicles, which drives the market size of electric vehicle industry fluids. The number of electric vehicles will double by 2021 to reach 6.6 million, according to the IEA Global Electric Vehicle Outlook. More than 3.3 million sales, triple the sales in 2020, were from China in 2021. There are numerous opportunities to create fluids for electric motor cooling and batteries.
Also, EVs have much more copper than ICE cars, which allows them to carry more current and remain compatible with lubricants and coolants directly. One of the main purposes of electrical fluids is to prevent corrosion of copper. As a result, the demand for electrical fluids is increasing rapidly.
Need to increase the efficiency of electric vehicles
The limited autonomy of electric vehicles and the negative public impression that accompanies it has been one of the biggest obstacles. Although the range of electric vehicles has increased dramatically in recent years, there is still a widespread belief that these cars would run out of battery and abandon their passengers stranded.
The typical driving distance of new BEVs has been increasing over time. The average range of an electric car with a new battery increased from 200 km in 2015 to approximately 350 km in 2020. Several oil and gas companies have begun to create fluids and coolants for electric vehicles that would be used to increase the production of the battery and deal with the problem of autonomy. anxiety Using these dielectric fluids could improve battery power and cell longevity.
The rising cost of EV fluids
Although electric vehicles are less expensive to maintain than internal combustion engines (ICEs), there are still many factors that contribute to a higher initial purchase cost. One such factor is the rapid development of electric vehicle fluids, such as heat transfer fluids and greases, which would be used in batteries and gears.
Many fluid manufacturing companies are working to reduce the price of these EV fluids through techniques that include cost absorption, using the same fluids for numerous functions within an EV, and reducing the frequency of changes. In addition, these factors restrict the growth of electric vehicle fluids.
Company profiles
Key players developing advanced technologies to remain competitive in the market and enhancing their product portfolio across regions to increase their customer reach.
- Afton Chemicals
- well
- Engineered Fluids Inc.
- ExxonMobil Corporation
- FUCHS Petrolub AG
- Castrol Limited
- Freudenberg Chemical Specialties SE & Co. KG
- M&I materials
- Petronas
- Shell plc
Scope of the report:
Global electric vehicle fluids market, by propulsion type:
- Battery Electric Vehicles (BEVs)
- Hybrid Electric Vehicles (HEV)
- Plug-in Hybrid Electric Vehicles (PHEV)
Global Electric Vehicle Fluids Market, by Vehicle Type:
- Passenger car
- Light commercial vehicle
- Medium and heavy commercial vehicle
Global Electric Vehicle Fluids Market, by Product Type:
- fat
- Heat transfer fluids
- Drive system fluids
Global Electric Vehicle Fluids Market, by Distribution Channel:
Global Electric Vehicle Fluids Market, by Region:
- Asia-Pacific
- china
- India
- Japan
- South Korea
- malaysia
- Indonesia
- Thailand
- Europe and CIS
- Germany
- Russia
- France
- Spain
- Italy
- United Kingdom
- poland
- Netherlands
- Norway
- North America
- United States
- canada
- Mexico
- South America
- Argentina
- brazil
- colombia
- Middle East and Africa
- South Africa
- Saudi Arabia
- United Arab Emirates
For more information on this report, visit https://www.researchandmarkets.com/r/b2tpcg
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