Global Electric Vehicle Fluids Market is Segmented By Product (Transmission Oil, Brake Fluid, Battery Coolant, Synthetic Grease), By Propulsion (Battery Electric Vehicle (BEV), Plug-In Hybrid Electric Vehicle (PHEV)), By Vehicle (Passenger Vehicle, Light Commercial Vehicle (LCV), Heavy Commercial Vehicle (HCV)), By Fill (Factory Fill, Service Fill), By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030
Electric Vehicle Fluids Market Size
The Global Electric Vehicle Fluids Market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of XX% during the forecast period (2023-2030). An Electric Vehicle (EV) is a vehicle that uses an electric motor powertrain for propulsion.
The electric powertrain consists of a battery pack as the power source, an AC/DC converter that converts the DC supply of the battery into AC for the electric motor, which supplies the power to the wheels for propelling the vehicle forward, and the onboard charger, which is used for recharging the battery pack.
Various fluids are required for the smooth functioning of the EV. Transmission oil is used to lubricate the vehicle's transmission to ensure optimum performance. Brake fluid is a type of hydraulic fluid used for the braking system. The fluid transmits pressure on the brake pedal to the brakes and amplifies the braking force. A battery coolant fluid is used for heat exchange and maintaining the thermal stability of the electric battery. Synthetic grease is used for lubricating various moving mechanical components such as ball bearings.
Electric Vehicle Fluids Market Scope
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Metrics |
Details |
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Market CAGR |
High |
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Segments Covered |
By Product, By Propulsion, By Vehicle, By Fill, and By Region |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, and Other vital insights. |
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Fastest Growing Region |
Asia Pacific |
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Largest Market Share |
North America |
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Source: DataM Intelligence Analysis (2023)
Electric Vehicle Fluids Market Dynamics and Trends
The demand for the construction lubricants market is driven by electric vehicles' comprehensive and ever-growing adoption. Consumers become ever more climate-conscious and the drive to decarbonize transportation gathers pace. The high cost of EVs prevents their wider adoption and represents a key challenge for the growth of this market.
Growing adoption of electric vehicles
Consumers and governments globally are becoming more climate-conscious. A major push is underway to decarbonize transportation to avoid the most severe effects of global warming and man-made climate change. Recently, at the COP26 climate conference in Glasgow in November 2021, many governments have pledged net-zero carbon emission targets for the middle of the century. It is bound to accelerate the adoption of carbon-free mobility solutions such as EVs.
The increasing adoption of EVs will see a significant boost, particularly in laggard markets such as South America, the Middle East, and Africa. Recent advances in electric battery technology, government subsidies, and reduced costs due to economies of scale are factors that incentivize automotive companies to shift production to EVs. Consumers are attracted by the lower running and maintenance costs. Such factors will accelerate the switch from conventional vehicles to EVs in the medium and long term, thus driving the electric vehicle fluids market.
Technological advancements in electric vehicles
Electric vehicles are undergoing various types of advancements. Electric powertrains are now being developed to run at high performance with fewer service intervals and with optimization for the frugal use of transmission fluids. Electric battery packs also have automated intelligent control systems that constantly monitor battery temperature and optimize battery coolant as per the situation. It results in less frequent coolant changes.
Incorporating various technological advancements in electric vehicles is expected to decrease maintenance intervals and other service costs to make them a more attractive option to conventional cars. The technological advancements will increase service intervals, reducing the overall demand for fluids, thereby presenting a key challenge for the market's growth.
COVID-19 impact on Electric Vehicle Fluids Market Growth
The global electric vehicle fluids market experienced a sharp decline in 2020 due to the COVID-19 pandemic. The pandemic led to a sharp decline in global oil production and a complete halt to oil trading. Since crude oil and petroleum are the primary sources of lubricants, it led to a drastic decline in production in 2020. Global production is not expected to recover until early 2021.
Due to the COVID-19 pandemic, the EV industry saw significant declines in production and sales in 2020. To halt the spread of the pandemic, various governments around the world imposed lockdowns, and many manufacturers were forced to halt operations temporarily. Because industrial manufacturing is a capital-intensive business, many component manufacturers faced bankruptcy. After the lockdowns were lifted, vehicle production in Europe and North America resumed at a limited capacity. Production was unaffected in Asia-Pacific, as the region's largest EV producer, China, lifted lockdowns early, and economic activity has nearly returned to pre-pandemic levels.
The COVID-19 pandemics' knock-on effects on global supply chains have resulted in shortages of critical components for the EV industry. Even after lifting pandemic-related restrictions, it has resulted in long lead times and reduced production rates. The pandemic will have a negligible impact on the long-term growth of the construction lubricants market since the demand for EVs will continue to grow significantly in the coming years.
Electric Vehicle Fluids Market Segmentation Analysis
The construction lubricants market is segmented into product, propulsion, vehicle, fill, and region. The global construction lubricants market is segmented into passenger vehicles, light commercial vehicles, and heavy commercial vehicles based on the end user. Passenger vehicles are leading in this segment since they make up most of the all-electric vehicle sales, far outpacing commercial vehicle sales.
Source: DataM Intelligence Analysis (2023)
Global Electric Vehicle Fluids Market Geographical Share
Asia-Pacific is leading in the global electric vehicle fluid market. The region accounts for the largest market share, primarily due to the presence of China, as it is the largest EV consumer globally. China produced about 4.6 million vehicles from 2010 to 2020 and accounted for 44% of the EVs sold during the same period. The most notable instance is Tesla setting up an integrated full-cycle assembly unit in Shanghai in 2020.
Source: DataM Intelligence Analysis (2023)
Electric Vehicle Fluids Companies and Competitive Landscape
The global construction lubricants market is highly competitive due to the availability of different types of proprietary fluids for various applications. Some of the major players contributing to the growth in the segment are TotalEnergies, Royal Dutch Shell PLC, Exxon Mobil Corporation, BP PLC, FUCHS Petrolub SE, Valvoline Inc., Repsol S.A., China National Petroleum Corporation, Kluber Lubrication GmBH, and Chevron Corporation. The major players adopt several growth strategies such as new product launches, joint ventures, and collaborations, contributing to global growth in the industry.
TotalEnergies
Overview: TotalEnergies is a multinational integrated oil and gas company. The company's business range from crude oil and natural gas exploration and production to refining, marketing, commodity trading, and power generation. TotalEnergies was founded in 1924 and is headquartered in Paris, France.
Product Portfolio:
- Quartz Ev Drive MP is an electric vehicle fluid designed for transmission and electric motors. It provides optimum temperature control for the battery and power electronics during fast charging and has excellent anti-wear properties.
Key Developments:
- In 2020, the company released Quartz Ev Drive R, a transmission fluid specially designed for electric drivetrains.
The global construction lubricants market report would provide access to approx.: 65 market data tables, 69 figures, and 180 pages.
