According to recent findings, the Global Fluid and Lubricants for Electric Vehicle Market size is estimated to grow at a CAGR of around 30.4% during the forecast period, i.e., 2024-30.
At MarkNtel Advisors, we continuously monitor and analyze industry trends to provide reliable insights that support informed decision-making and the key factors contributing to the market’s promising outlook.
Fluid and Lubricants for Electric Vehicle Overview:
The market has been experiencing robust growth due to the rising demand for efficient and long-lasting fluids tailored for electric vehicles (EVs). Key components within an EV, such as battery systems and electric motors, generate considerable heat during operation. This has led to the development of innovative lubricants equipped with specific additives and dielectric properties that are suited to the unique mechanics of electric vehicles. Common fluid types designed to optimize EV functionality include greases, heat transfer fluids, drive system fluids, and brake fluids. As the industry continues to advance, there is a growing emphasis on creating more effective thermal cooling systems, which are crucial for supporting future market growth & expansion.
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Fluid and Lubricants for Electric Vehicle Outlook and Future Trends :
Rising Inclination Towards Bio-Based & Biodegradable Lubricants & Fluids – In recent years, consumers across the globe have become more conscious about their carbon footprint and transitioning towards sustainability. Therefore, they are increasingly shifting towards bio-based products rather than chemical lubricants. These biodegradable fluids for the EVs offer excellent heat dissipation and high resistance to oxidation. Therefore, it is suitable for the components, such as batteries, electric motors, or inverters and consumers increasingly prefer these types of fluids & lubricants over conventional products.
Along with this, the top companies are capitalizing on this emerging trend of bio-based products. As a result, they are increasingly launching biodegradable & bio-based dielectric fluids for several electric vehicle models. These fluids help the customers to achieve better car performance. Thus, the increasing introduction of these bio-lubricants & bio-fluids would continue to gain the attention of the customers, supporting market growth.
Global Fluid and Lubricants for Electric Vehicle Segmentation Analysis:
By Product Type
- Engine Oil- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Greases- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Heat Transfer Fluid- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Coolants- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Others (Transmission Fluids, Brake Fluids, etc.) – Market Size & Forecast 2019-2030F, (Thousand Tons)
By Demand Type
- OEM- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Aftermarket- Market Size & Forecast 2019-2030F, (Thousand Tons)
By Vehicle Type
- Passenger Vehicle – Market Size & Forecast 2019-2030F, (Thousand Tons)
- Commercial Vehicle- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Light Commercial Vehicle- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Medium & Heavy Commercial Vehicle- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Others (Two-Wheeler Vehicle, Three-Wheeler Vehicle, etc.)- Market Size & Forecast 2019-2030F, (Thousand Tons)
According to reports, Among them, the passenger vehicle segment in the electric vehicle (EV) product category commands a significant market share due to its widespread consumer acceptance and the high volume of sales compared to other types such as commercial vehicles and two- or three-wheelers.
By Propulsion Type
- Battery Electric Vehicles (BEVs)- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Hybrid Electric Vehicles (HEVs)- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Plug-In Hybrid Electric Vehicles (PHEVs)- Market Size & Forecast 2019-2030F, (Thousand Tons)
According to reports, Of them, the BEVs (Battery Electric Vehicles) segment holds a considerable market share due to the continuous rise in their sales and strong support from the companies.
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
According to reports, Geographically, Asia-Pacific holds a considerable market share due to a cultural shift towards a more environmentally conscious lifestyle in response to rising CO2 emissions from rapidly growing cities and industries in developing countries like India, China, and Malaysia.
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Some of the Market players in the Global Fluid and Lubricants for Electric Vehicle are:
- 3M
- Exxon Mobil Corporation
- Valvoline Inc.
- Afton Chemicals
- Dober
- Infinium International
- Klüber Lubrication
- M&I Materials Limited
- Motul
- FUCHS
- Engineered Fluids
- PolySi Technologies Inc.
- Lubrizol
- Castrol
- Panolin International Inc.
- Petronas
- Royal Dutch Shell
- Total Lubricants
- Others.
Fluid and Lubricants for Electric Vehicle Recent Development:
- 2024: Lubrizol announced a new low-SAPS heavy-duty lubricant technology that can be used for multiple viscosity profiles, and provides a higher level of performance
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