Global Electric Vehicle Fluid Markets Report 2023-2028: Hybrid EVs and Lubricants - Bridging the Gap Between Electric and Combustion Engines

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Oct 11, 2023, 19:45 ET

DUBLIN, Oct. 11, 2023 /PRNewswire/ -- The "Electric Vehicle Fluid Market - Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028F Segmented By Propulsion Type, By Vehicle Type, By Product Type, By Distribution Channel, By Region, Competition" report has been added to ResearchAndMarkets.com's offering.

Global electric vehicle fluids market is forecast to grow at an impressive rate through 2028

Developing lubricants for electric vehicles (EVs) presents a unique challenge due to the distinct electric motor designs of various original equipment manufacturers (OEMs).

Each OEM may require a specific lubricant formulation to meet their requirements for optimal performance. The technical demands for EV lubricants are higher compared to internal combustion engines (ICEs) because they must provide insulating properties, anti-wear performance, friction reduction, cooling for electric motors and battery packs, and resistance to wear.

While battery electric vehicles (BEVs) may not require conventional engine oils, other types of EVs, including hybrid EVs that still incorporate internal combustion engines (ICEs), demand specialized lubricants, fluids, and greases. These lubricants often need to meet the same performance standards as those for traditional vehicles.

The research and development of these specialized fluids and lubricants for EVs have only recently begun to gain momentum. This is because the EV market is still experiencing significant growth and innovation, particularly in personal transportation. While global EV sales are increasing rapidly, mass production of EVs has only been in place for a few decades.

The COVID-19 pandemic had a significant impact on various industries, including the automobile sector. Lockdowns and restrictions forced many businesses, including automobile manufacturers, to temporarily close their facilities, affecting production.

Despite these challenges, the trend towards zero-emission vehicles, driven by environmental concerns and government regulations, has contributed to the growth of the EV industry. As a result, there is an increasing demand for EV fluids and lubricants to support the expanding electric vehicle market.

Market Trends

The electric vehicle (EV) industry is experiencing significant growth, driving demand for specialized fluids in this market. In 2021, the number of electric vehicles doubled to reach approximately 6.6 million, with China accounting for over 3.3 million sales, which is three times the sales in 2020. This growth presents opportunities for creating fluids for electric motor and battery cooling.

EVs contain more copper than internal combustion engine (ICE) cars, enabling them to carry more current and remain compatible with lubricants and coolants. Preventing copper corrosion is a key goal for electric fluids, and the demand for such fluids is rising rapidly.

Efficiency improvements in EVs are essential to address concerns about limited driving range and "range anxiety." While the average range of new battery electric vehicles (BEVs) has increased significantly, there is still a perception that they might run out of battery power and leave drivers stranded. Oil and gas companies are developing fluids and coolants for EVs to enhance battery performance and address this issue. These dielectric fluids can improve battery power and cell longevity.

However, it's important to note that the increasing cost of EV fluids is a consideration. While EV maintenance costs are generally lower than those of ICE vehicles, the initial purchase cost of EVs can be higher. The development of specialized EV fluids, such as heat transfer fluids and greases for batteries and gears, contributes to this cost.

To mitigate this, fluid manufacturers are working on strategies like cost absorption, using the same fluids for multiple functions within an EV, and reducing the frequency of fluid changes to make EV ownership more cost-effective.

Competitive Landscape

Key players developing advanced technologies to stay competitive in the market and enhancing their product portfolio in the regions to increase their customer outreach.

Company Profiles: Detailed analysis of the major companies present in global Electric Vehicle Fluid Market.

Afton Chemicals
Dober
Engineered Fluids Inc.
ExxonMobil Corporation
FUCHS Petrolub AG
Castrol Limited
Freudenberg Chemical Specialities SE & Co. KG
M&I Materials
Petronas
Shell plc

Report Scope:

Voice of Customer

Factors Influencing Purchase Decision
Brand Awareness
Brand Satisfaction Level

Global Electric Vehicle Fluid Market, By Propulsion Type:

Battery Electric Vehicles (BEVs)
Hybrid Electric Vehicles (HEVs)
Plug-In Hybrid Electric Vehicles (PHEVs)

Global Electric Vehicle Fluid Market, By Vehicle Type:

Passenger Car
Light Commercial Vehicle
Medium & Heavy Commercial Vehicle

Global Electric Vehicle Fluid Market, By Product Type:

Grease
Heat Transfer Fluids
Drive System Fluids

Global Electric Vehicle Fluid Market, By Distribution Channel:

OEM
Aftermarket

Global Electric Vehicle Fluid Market, By Region:

Asia-Pacific
China
India
Japan
South Korea
Malaysia
Indonesia
Thailand
Europe & CIS
Germany
Russia
France
Spain
Italy
United Kingdom
Poland
Netherland
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 about this report visit https://www.researchandmarkets.com/r/d8hlgk

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