Segmented by propulsion type (battery electric vehicles (BEV), hybrid electric vehicles (HEV), plug-in hybrid electric vehicles (PHEV)), by vehicle type (passenger car, light commercial vehicle, medium and heavy commercial vehicle), by Product Type (Grease, Heat Transfer Fluids, Drive System Fluid), by Distribution Channel (OEM, Aftermarket), by Region, Competition.
New York, May 26, 2023 (GLOBE NEWSWIRE) — Reportlinker.com announces the launch of the “Electric Vehicle Fluids Market: Global Industry Size, Share, Trends, Opportunities and Forecast, 2018-2028F” report. – https://www.reportlinker.com/p06458742/?utm_source=GNW
The global electric vehicle fluids market is expected to grow at an impressive rate until 2028. The number of electric vehicles sold was 6.6 million units in 2021. It is difficult to develop lubricants for electric vehicles, already that different OEMs have a different electric motor design that requires a particular lubricant to meet their requirements for exceptional performance. The technical requirements of EV lubricants are higher than those of ICE. 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 shut down their manufacturing facilities for a considerable period of time as a result of the lockdowns that were implemented everywhere. several countries to reduce the danger of the spread of the 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 main 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 leave their passengers stranded.
The typical driving distance of new BEVs has been increasing over time. The average range of a new battery electric car increased from 200 km in 2015 to approximately 350 km in 2020.
Several oil and gas companies have begun creating electric vehicle fluids and coolants that would be used to increase battery output and address the issue of range anxiety. Using these dielectric fluids could improve battery power and cell longevity.
The rising cost of EV fluids
Although EV maintenance is less expensive than internal combustion engine (ICE) maintenance, there are still many factors that contribute to a higher initial purchase cost. The rapidly developing electric vehicle fluids, such as heat transfer fluids and greases, that would be used. in batteries and gears are one such factor.
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.
Market segmentation
The global electric vehicle fluids market is segmented by powertrain type, vehicle type, product type, distribution channel, and by region. On the basis of propulsion type, the market is segmented into Battery Electric Vehicles (BEV), Hybrid Electric Vehicles (HEV) and Plug-in Hybrid Electric Vehicles (PHEV).
Based on vehicle type, the market is segmented into passenger cars, light commercial vehicles, and medium and heavy commercial vehicles. Based on product type, the market is segmented into grease, heat transfer fluids, and drive system fluids.
The distribution channel segments the market into OEM and Aftermarket. The market analysis also studies the regional segmentation to devise a regional market divided into Asia-Pacific, Europe, North America, South America, Middle East and Africa.
Company profiles
Afton Chemicals Corporation, Dover Fueling Solutions, Engineered Fluids Inc., ExxonMobil Corporation, Fuchs Petrolub SE, Castrol, Freudenberg Chemical Specialties SE & Co. KG, M&I Materials Limited, Shell plc are the key players developing advanced technologies to stay competitive in the market and enhance their product portfolio across regions to increase their customer reach.
Scope of the report:
In this report, the global Electric Vehicle Fluids market has been segmented into the following categories in addition to industry trends, which have also been detailed below:
• Global electric vehicle fluid market, by propulsion type:
o Battery Electric Vehicles (BEV)
o Hybrid electric vehicles (HEV)
o Plug-in hybrid electric vehicles (PHEV)
• Global electric vehicle fluids market, by vehicle type:
o Passenger car
o Light commercial vehicle
o Medium and heavy commercial vehicle
• Global electric vehicle fluids market, by product type:
or Fat
o Heat transfer fluids
o Drive system fluids
• Global electric vehicle fluid market, by distribution channel:
or OEM
o Aftermarket
• Global electric vehicle fluids market, by region:
or Asia-Pacific
china
India
Japan
South Korea
malaysia
Indonesia
Thailand
or Europe and CIS
Germany
Russia
France
Spain
Italy
United Kingdom
poland
Netherlands
Norway
or North America
United States
canada
Mexico
or South America
Argentina
brazil
colombia
or the Middle East and Africa
South Africa
Saudi Arabia
United Arab Emirates
Competitive landscape
Company Profiles: Detailed analysis of the major companies present in the global electric vehicle fluids market.
Customizations available:
With the market data provided, we offer customizations according to the specific needs of the company. The following customization options are available for the report:
Company information
• Detailed analysis and profiles of additional market agents (up to five).
Read the full report: https://www.reportlinker.com/p06458742/?utm_source=GNW
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