Growth of the global electric vehicle fluid market is attributed to increasing demand for efficient and durable fluids for electric vehicles. Generally, various components of an electric vehicle generate a lot of heat during operation, such as battery system and e-motors. New electric vehicle lubricants have additives and dielectric properties added to make them appropriate for electric vehicle mechanisms. Main fluid types used to enhance electric vehicle applications are grease, heat transfer fluid, drive system fluid, and brake fluid. Battery system and electric motor used in electric vehicles generate heat when a vehicle is used and is expected that development of more efficient thermal cooling systems would support the future market growth.
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Enhanced cooperation between automotive OEMs and major fluid suppliers to supply fluids for their electric vehicles to improve driving experience is expected to propel growth of the OEM segment. In addition, growing focus on electric vehicle manufacturing by car manufacturers in developing countries is expected to further promote growth of the electric vehicle fluid lubricants market in the future.
Favorable government policies, adoption of more environmentally friendly and renewable energy and vehicles, and increase in competition in the electric vehicle market are expected to propel the market growth.
COVID-19 Impact analysis
In COVID-19, some industries are struggling while others are thriving. Overall, almost every sector is anticipated to be impacted. The pandemic has restricted travel and use of vehicles. These are expected to restart only when situation becomes stable. Original equipment manufacturers (OEMs) have also halted production, owing to shortage of the workforce and disruption of supply chain, which has further decreased demand for electric vehicle fluid lubricants. Transportation restrictions, maintenance issues, and high prices are expected to hamper steady growth of the electric vehicle fluid lubricants market. The automotive sector faces pressure not only from the supply side but also from the demand and exports side during COVID-19, which impacts the market growth.
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Top Impacting Factors
- Anti-corrosion properties, improved durability of engines, need to increase driving range, and thermal management propel growth of the market.
- Higher cost of electric vehicle fluids and feasibility of developing immersed cooling battery systems are the main factors that hinder the market growth.
- Rise in demand for ADAS standards, growing trend for development of autonomous vehicles, and increasing demand for convenience and safety are expected to provide opportunities for the global electric vehicle fluid lubricants market.
The electric vehicle fluid lubricants market trends are as follows:
Improved durability of engines
Growth in electric vehicle production and sales drive demand for electric vehicle fluid lubricants. Fluid is the main component of a vehicle, which can improve fuel economy and help in reducing carbon footprints in vehicles. For instance, a program launched by California Air Resources Board (CARB) also includes guidelines for manufacturers to produce and deliver zero-emission vehicles (ZEVs). Electric vehicle fluid lubricants help remove excess heat from engine motor and keeps it cool. Hence, cool engines provide better fuel efficiency. Moreover, use of fluid lubricants to reduce heat maximizes life of vehicles. Thus, use of electric vehicle fluid lubricants helps in providing durability to engines.
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Key benefits of the report:
- This study presents the analytical depiction of the electric vehicle fluid lubricants industry along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with challenges of the electric vehicle fluid lubricants market.
- The current market is quantitatively analyzed to highlight the electric vehicle fluid lubricants market growth scenario.
- The report provides a detailed electric vehicle fluid lubricants market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the electric vehicle fluid lubricants market research report:
- Which are the leading market players active in the electric vehicle fluid lubricants market?
- What would be the detailed impact of COVID-19 on the market?
- What current trends would influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the electric vehicle fluid lubricants market?
- What are the projections for the future that would help in taking further strategic steps?
Electric Vehicle Fluid Lubricants Market Report Highlights
| Aspects | Details |
| By Type | Grease Brake Fluid Heat Transfer Fluid Drive System Fluid |
| By Propulsion Type | Battery Electric Vehicles Hybrid Electric Vehicles |
| By Region | North America (U.S., Canada, Mexico) Europe (France, Germany, UK, Russia, Rest of Europe) Asia-Pacific (China, Japan, India, Australia, Rest of Asia-Pacific) LAMEA (Latin America, Middle East, Africa) |
| Key Market Players | Infineum International Limited, M&I Materials Limited, Dober, FUCHS, Kluber Lubrication, Motul PANOLIN International Inc., Engineered Fluids, 3M, Afton Chemicals |
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