The growing application areas for new fluids in an electric vehicle (EVs) have led to the demand for various lubricants and coolants. Automotive OEMs have partnered with several fluid providers for sourcing fluids for their electric vehicles to improve the driving experience, which can increase the electric vehicle sales, which is expected to drive the market growth during the forecast period. Factors such as favourable government policies towards more environment-friendly resources and increasing competition in the electric vehicle market to leverage opportunities emerging due to the steady shift towards EVs are some key factors driving the market growth. The rising focus on developing and manufacturing efficient and affordable EVs in the market are other key factors expected to drive market growth. Battery systems and e-motors used in electric vehicles generate heat while the vehicle is being used, and the development of more efficient thermal cooling systems is expected to support market growth going ahead.
In 2018, Volkswagen Group declared to manufacture 22 million Electric vehicles by the year 2026, half of which are anticipated to be manufactured in China.
Based on the propulsion type, the market is segmented by propulsion type into battery electric vehicles (BEVs) and hybrid electric vehicles (HEVs). The hybrid electric vehicles (HEVs) segment is anticipated to hold the largest share among all segments due to the rising adoption of HEVs to reduce carbon emissions in developed and developing countries.
Geographically, the market is segmented into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa region. The market in the Asia Pacific is predicted to grow at the highest CAGR over the forecast period owing to the rising demand for electric vehicles in countries in the APAC region. The supportive regulations of the government in the country are also responsible for the growth of the electric vehicle lubricants market in the Asia Pacific. CLICK TO DOWNLOAD SAMPLE REPORT
The global electric vehicle lubricants market is further classified on the basis of region as follows:
Our in-depth analysis of the global electric vehicle lubricants market includes the following segments:
FREQUENTLY ASKED QUESTIONS
Rising demand for electric vehicles and favourable government policies towards electric vehicles are the key factors driving market growth.
The market is anticipated to attain a moderate CAGR of ~26.42% over the forecast period, i.e., 2021-2029.
High cost of developing immersion cooling battery systems and feasibility to develop immersion cooling batteries during thermal management are estimated to hamper market growth.
The market in Asia Pacific region will provide ample growth opportunities due to the increasing demand for electric vehicles in the region.
The major players dominating the electric vehicle lubricants market are 3M Company, Exxon Mobil Corporation, Klüber Lubrication, M&I Materials Ltd and PANOLIN International Inc. among others.
The company profiles are selected on the basis of revenues generated from the product segment, geographical presence of the company, which determines the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, propulsion type, application and region.
With respect to propulsion type, hybrid electric vehicles segment is anticipated to hold the largest share due to the increasing adoption of HEVs in developed and developing countries to reduce carbon emissions.
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