Electric Vehicle Fluids & Lubricants Market was estimated at USD 1,387.7 Million in 2021, which is expected to grow with a CAGR of 28.81% and reach USD 17,412.9 Million by 2031

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The growth of the electric vehicle fluids and lubricants market is expected to be driven by increasing sales of electric vehicles globally. Market life cycle stage. The electric vehicle fluids and lubricants market is in its infancy and growing rapidly.

New York, June 17, 2022 (GLOBE NEWSWIRE) — Reportlinker.com announces the publication of the report “Electric Vehicle Fluids and Lubricants Market – A Global and Regional Analysis: Focus on Product Types and Their Applications, Vehicle Type, propulsion type, distribution channel and countries – Analysis and forecast, 2022-2031” – https://www.reportlinker.com/p06287392/?utm_source=GNW
Ongoing research and development activities in the manufacture of efficient, anti-wear and temperature-optimal fluids are expected to boost key market development activities.

The market for fluids and lubricants for electric vehicles is in a growth phase. A growing fleet of electric vehicles (EV) consumes more and more EV fluids.

As a result, the electric vehicle fluids and lubricants market is expected to flourish during the forecast period 2022-2031.

Impact

• Huge investments in the form of subsidies and infrastructure development by government and federal agencies to promote electric vehicles to reduce carbon dioxide emissions are propelling the growth of electric vehicle fluids and lubricants.
• According to CALSTART’s Zero-Emission Technology Inventory, the North American market will have 54 manufacturers offering more than 100 models of electric heavy-duty vehicles by 2022, which will drive the market for fluids and lubricants for electric vehicles. Sales of electric heavy-duty vehicles will lead to increased consumption of fluids and lubricants. Compared to normal electric cars, heavy-duty vehicles require more maintenance, which can boost aftermarket sales.

Impact of COVID-19

The impact of the COVID-19 pandemic on the electric vehicle fluids and lubricants market has been negligible. Despite the pandemic, there has been a slight increase in the consumption of fluids and lubricants for electric vehicles.

COVID-19 has heightened environmental awareness. For this reason, more and more people are considering buying durable vehicles.

This will propel the electric vehicle fluids and lubricants market.

Market segmentation :
Segmentation 1: by type of propulsion
• Battery Electric Vehicles (BEV)
• Hybrid Electric Vehicles (HEV)
• Plug-in hybrid electric vehicles (PHEV)

Segmentation 2: by type of vehicle
• Passenger vehicles
• Light commercial vehicles
• Heavy duty vehicles

The electric vehicle fluids and lubricants market in the propulsion type segment is expected to be dominated by the hybrid electric vehicle segment. In terms of vehicle type, passenger vehicle will dominate the electric vehicle fluids and lubricants market owing to the large fleet of these vehicles.

Segmentation 3: by product type
• Fat
o Electric motors
Bearings
o Constant velocity joints (CV joints)
o Others
• Thermal fluids
o Batteries
o Electric motors
o Power electronics
o Others
• Drive system fluids
o Equipment
o Electric motors
o Others
• Brake fluids

The thermal fluids segment dominates the electric vehicle fluids and lubricants market due to the higher volume and cost per liter of this fluid.

Segmentation 4: by distribution channel
• OEM
• Secondary market

The OEM channel is expected to dominate the global electric vehicle fluids and lubricants market, as most fluids have a very low replacement rate and can last the lifetime of the electric vehicle without being drained.

Segmentation 5: by Region

• North America
• Asia-Pacific and Japan
• China
• Europe
• South America
• Middle East and Africa

China generated the highest revenue of $571.2 million in 2021, which is attributed to the increase in electric vehicle sales and the high cost of fluids/litre in the Chinese region. The electric vehicle fluids and lubricants market is attractive in China owing to the availability of various market segments.

Recent Developments in the Electric Vehicle Fluids and Lubricants Market

• In March 2022, Afton invested approximately $400 million in the Singapore chemical additive manufacturing plant as part of the Phase 3 expansion to expand its GPA blending capabilities.
• In November 2021, the FUCHS Group unveiled a new design for automotive lubricants that offers improved orientation, handling and resource conservation.
• In September 2021, Infineum International Ltd announced the launch of a broad portfolio of fluids dedicated to electric mobility, covering all major models of hybrid and full battery electric vehicles.
• In February 2020, Kluber Lubrication launched specialty lubricants for electric vehicles.
• In November 2021, Petronas unveiled its line of next-generation electric vehicle fluid solutions at its Global Research and Technology Center in Turin, Italy.

Demand – Drivers and Limits

The following are the demand drivers for the electric vehicle fluids and lubricants market:
• Need for corrosion resistant solutions in electric vehicle batteries
• Rise in demand to further extend the range of electric vehicles
• Rapid adoption of immersive cooling for electric vehicle batteries
• Improved powertrain durability in electric vehicles
• Increased demand for high performance grease in HEVs
• Growing need for improved electrification components

The market is also expected to face some limitations owing to the following challenges:
• Higher cost of EV fluids
• Energy efficiency challenges
• Develop fluids for electric vehicles that respect the environment
• Lack of optimized EV/HEV performance to improve thermal conductivity

How can this report add value to an organization?

Product/Innovation Strategy: The product segment helps the reader understand the different types of electric vehicle fluids and lubricants available based on the type of propulsion (battery electric vehicles (BEVs), hybrid electric vehicles (HEVs) and plug-in hybrid electric vehicles (PHEVs), vehicle type (passenger vehicles, light-duty vehicles and heavy-duty vehicles), product type (thermal fluid, drive system fluid, brake fluid and grease) and distribution channel (OEM and aftermarket). Growing demand for cooling batteries and high temperature parts in electric vehicles pushing the consumption of electric vehicle fluids and lubricants.

Therefore, the electric vehicle fluids and lubricants market is a high-investment and revenue-generating model.

Growth/Marketing Strategy: The electric vehicle fluids and lubricants market is an exponentially growing market that offers huge opportunities for market players. Some of the strategies covered by this segment are product launches, partnerships and collaborations, business expansions and investments.

The companies’ preferred strategy has been product launches, partnerships and collaborations to strengthen their positions in the global EV fluids and lubricants market.

Competitive Strategy: The major Electric Vehicle Fluids & Lubricants market players analyzed and profiled in the study involve manufacturers of Electric Vehicle Fluids & Lubricants products that supply raw or processed products. Besides, a detailed competitive benchmark of players operating in the Electric Vehicle Fluids and Lubricants market has been done to help the reader to understand how the players compare against each other, presenting a clear market landscape.

Moreover, comprehensive competitive strategies such as partnerships, agreements, and collaborations will help the reader understand the untapped revenue pockets in the market.

Key Market Players and Competition Summary

The companies profiled have been selected based on input gathered from primary experts and analysis of company coverage, product portfolio and market penetration.

Public companies are leaders in the market for fluids and lubricants for electric vehicles. For the base year 2021, market private companies capture around 5% of the market share, while market-owned companies capture around 95% of the market share in the global electric vehicle fluids and lubricants market .

Some of the most prominent established names in this market are:
Business Type 1: Private Businesses

• Afton Chemicals
• Technical fluids
• Dober
• Infineum International Limited
• Klüber lubrication
• M&I Materials Limited
• Panolin AG

Company type 2: Public companies

• CASTROL Limited
• 3M
• Motul
• Electrolube
• Exxon Mobil Corporation
• The company Lubrizol
• Petronas
• PolySi Technologies inc.
• Shell plc
• TotalEnergies SE
• Valvoline Inc.
• FUCHS

Countries covered
• North America
• WE
• Canada
• Europe
• UK
• Germany
• France
• Italy
• Spain
• Rest of Europe
• China
• Asia-Pacific and Japan
• Japan
• South Korea
• Rest of Asia-Pacific and Japan
• South America
• Brazil
• Rest of South America
• Middle East and Africa
Read the full report: https://www.reportlinker.com/p06287392/?utm_source=GNW

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