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Electric Vehicle Lubricants Market Segmentation by Product Type (Grease, Brake Fluid, Heat Transfer Fluid, Drive System Fluid), by Propulsion Type (Battery Electric Vehicles and Hybrid Electric Vehicles); and by Distribution Channels (OEMs and Aftermarket)– Global Demand Analysis and Opportunity Outlook 2021-2029

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Inflation And Looming Recession to Haunt Businesses:

In 2022 & 2023, market players expected to sail in rough waters; might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain. Further, U.S. economy is expected to grow merely by 3% in 2022.

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Purchasing power in the couPurchasing power in the country is expected to fell nearly by 2.5%. On the other hand, European countries to see the worst coming in the form of energy crisis especially in upcoming winters!! Right after COVID-19, inflation has started gripping the economies across the globe. Higher than anticipated inflation, especially in western world had raised concerns for national banks and financial institutions to control the economic loss and safeguard the interest of the businesses. Increased interest rates, strong USD inflated oil prices, looming prices for gas and energy resources due to Ukraine-Russia conflict, China economic slowdown (~4% in 2022) disrupting the production and global supply chain and other factors would impact each industry negatively.                                                         Request Insights

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Electric Vehicle Lubricants Market Highlights 2020-2029

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.

Electric Vehicle Lubricants Market

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. 

Electric Vehicle Lubricants Market Regional Synopsis

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

Electric Vehicle Lubricants Market

The global electric vehicle lubricants market is further classified on the basis of region as follows:

  • North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
  • Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
  • Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
  • Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
  • Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis

Market Segmentation

Our in-depth analysis of the global electric vehicle lubricants market includes the following segments:

By Product Type

  • Grease
  • Brake Fluid
  • Heat Transfer Fluid
  • Drive System Fluid

By Propulsion Type

  • Battery Electric Vehicles (BEVs)
  • Hybrid Electric Vehicles (HEVs)

By Distribution Channels

  • OEMs
  • Aftermarkets

Growth Drivers

  • Rising Demand for Electric Vehicles
  • Favorable Government Policies towards Electric Vehicles

Challenges

  • High Cost of Developing Battery Systems
  • Feasibility to Develop Immersion Cooling Batteries during Thermal Management

Top Featured Companies Dominating the Market

  • 3M Company
    • Company Overview
    • Business Strategy
    • Key Product Offerings
    • Financial Performance
    • Key Performance Indicators
    • Risk Analysis
    • Recent Development
    • Regional Presence
    • SWOT Analysis
  • Castrol
  • Electrolube
  • Exxon Mobil Corporation
  • Klüber Lubrication
  • M&I Materials Ltd
  • PANOLIN International Inc.
  • Valvoline Inc.
  • Afton Chemical Corporation

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