Global Electric Vehicle (EV) Fluid Market Size and Forecast by 2028

Increasing adoption of green vehicles and demand of thermal management in electric vehicles drives the global Electric Vehicle Fluid Market through 2028.

According to TechSci Research report, “Electric Vehicle Fluid Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2018-2028F.” Global Electric Vehicle Fluid Market growing at rapid pace is the result of increased adoption of green vehicle technology and rising demand of thermal stability management in electric vehicles. The market for electric vehicles' fluids is expanding due to development in efficiency and range increase. It is difficult to develop lubricants for EVs since each original equipment manufacturer has a distinct electric motor design that requires a specific lubricant to satisfy their standards for exceptional performance. Electric vehicles are still being developed for mass manufacturing. Therefore, in upcoming year electric vehicle fluids shows strong growth.

As modern electric vehicle batteries became more energy-dense to exceed the range of the vehicle, battery system overheating became a significant challenge for battery producers. To regulate thermal energy, liquid cooling is employed in electric vehicles. To reduce the temperature in the battery cells, new forms of coolants are distributed throughout the battery system.  These liquid cooling fluids are considered to transfer heat in battery systems more effectively than air-cooling systems. The market for fluids for electric vehicles is also seeing a growth in demand due to the development of numerous techniques and fluids. With new technology development, cost of EV fluids has increased becoming big hurdle in the growth of electric vehicle fluid market. Many organizations investing in reducing cost while maintaining its quality and specification. Owing to applications of new fluids in multiple areas of electric vehicles have led to upsurge in demand.

With largest number of electric vehicles on the road, the Asia-Pacific region leads the market, followed by Europe and North America. Additionally, several governments throughout the world have imposed tough standards and regulations for carbon emissions, which has increased demand for electric vehicles. Therefore, lubricant manufacturers are investing in research and development of fluids for electric vehicles.

Based on propulsion type, hybrid electric vehicles has more shares due to large number of vehicles on road followed by battery electric vehicles. Based on vehicle types, majorities of share is captured by passenger car segment followed by light commercial vehicles. In Product types, heat transfer fluids dominate the market which is followed by drive system fluids, then grease.

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The global Electric Vehicle Fluid Market can be segmented based on propulsion type, vehicle type, product type, distribution channel, region, and by company. Based on propulsion type, it is divided into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-In Hybrid Electric Vehicles (PHEVs). Based on vehicle type, the market is segmented into Passenger Car, Light Commercial Vehicle, and Medium & Heavy Commercial Vehicle. Based on product type, the Electric Vehicle Fluid Market is divided into Grease, Heat Transfer Fluids, and Drive System Fluid. Based on distribution channel is it further divided into OEM and Aftermarket.

Some of the major companies operating in the global Electric Vehicle Fluid Market include:

• 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.

These are the key players developing advanced technologies and launching new products to stay competitive in the market. Other competitive strategies include mergers with tech firms, new product developments, and marketing activities to increase customer outreach.

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“The maximum number of electric vehicle sales were made in the Asia-Pacific, which propelled this region to be at the top of the worldwide electric car market. As China plans to convert 20% of its domestic market to electric vehicles by 2025, and 60% by 2030, the demand for electric vehicle fluid will rise in upcoming years.” said Mr. Karan Chechi, Research Director with TechSci Research, a research-based global management consulting firm.

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“Electric Vehicle Fluid Market- Global Industry Size, Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has evaluated the future growth potential of global Electric Vehicle Fluid Market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in the global automotive battery management system market.

 

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