Automotive

Global Electric Vehicle Fluid Market

March 23, 2020
ID: SR/AU-10
Format:Pdf
Pages:220

Global Electric Vehicle Fluid Market by Fluid Type (Drivetrain Fluid, Power Steering Fluid, Brake Fluid, Air Conditioning Coolant/Refrigerants, Grease and Others (Oil Additives, Washer Fluid)), By Vehicle Type (Passenger Vehicle (Hatch Back, Sedan Cars, LUV and SUV), Commercial Vehicle(Light Commercial Vehicle and Heavy Commercial Vehicle), Off-Road Vehicle(Agricultural Vehicle, Construction Vehicle and All-Terrain Vehicle), and Two-Wheeler), By Electric Vehicle Type (BEV, PHEV and HEV), By Price Segment(Economy , Medium and Luxury),By Sales Channel (OEM, and Aftermarket) and By Region (North America, Europe, Asia Pacific, South America, and Middle East & Africa)

Description

Global Electric Vehicle Fluid Market Overview:

The global electric vehicle fluid market was valued at USD 749 Million in 2021, and it is expected to reach USD 7,569 Million in 2028, with a CAGR of 31.2 % during the forecast period of 2022-2028.

Electric vehicles require lubricants that can meet the specific requirements of their powertrains. Electric cars are driven by electricity, and their power-generating devices are electric motors and batteries. Therefore, electric cars no longer need to use engine oil, usually known for its maintenance. However, not using oil does not mean that no other lubricating oil is needed. There are many parts of electric vehicles that require lubricating oil. Without the engine, electric vehicles also need to use a gearbox. These require gearbox oil to ensure the service life of the gearbox and also ensure a smoother power output.

Additionally, electric vehicles need to use brake fluid like fuel vehicles to ensure the safety of the brakes. Components such as steering wheels and steering gear need to use lubricants to reduce friction and help these components run more smoothly. These car lubricants used in electric cars need to be replaced and maintained regularly, like fuel cars.

In addition to lubricating oil, the front wheels, front-wheel bearings, brake pedal linkages, and steering systems of electric vehicles need to use grease, and these greases need to be replenished once a year. These E-Transmission Fluids, E-Thermal Fluids, and E-Greases will make battery Electric Vehicles perform better and be more efficient.

Global Electric Vehicle Fluid Market Insights

Global Electric Vehicle Fluid Market estimated to grow with a momentous rate during the forecast period, 2020-2027. The rise in demand for electric vehicles across the globe will fuel the global electric vehicle fluid market in the upcoming years. Additionally, the rise in demand for EV fluids to improve the performance of EVs, regulating EV’s battery temperature and power electronics, will lead to augmenting the global electric vehicle fluid market size in the future periods. According to International Organization of Motor Vehicle Manufacturers, Global Motorization accounts only for 14% of the global population and expected to grow to 23% by 2035. Most of the growth will come from Asia, followed by the Middle East & Africa.

Moreover, the regulatory environment and environmental challenges across the world to curb carbon emissions and fuel economy are forcing companies to move towards Electric vehicles and Hybrid vehicles. According to the international council on clean transportation, annual global EV sales surpassed 2 million/year in 2018 (5 million cumulative), and most of the sales are in China, Europe, and the US. Further, growing demand for EV fluids for functionalized coolants in the batteries and the need for shock absorber fluids, and brake fluids to stop, would estimate to influence the global electric vehicle fluid market share in the next few years.

Growth Driver

The surge in demand for Electric Vehicle

Driven by the dual pressures of emission regulations and energy consumption, electrification has become a recognized future evolution direction of the global automotive industry. From ternary lithium battery and lithium iron phosphate battery material technology, battles to the technology provider, and vehicle company’s tide control disputes, the entire industry is accelerating in full swing. The World Economic Forum (WEF) predicts that the global car parc could double by 2045, boosted by strong EV sales push initiatives such as Government subsidies of up to 20-25% of the vehicle’s cost in Europe, Japan’s drive to reduce greenhouse gas emissions by 80% by 2050, and improved charging infrastructure.

According to the China Automobile Association, China’s sales of new energy vehicles exceeded 1.25 million in 2018, accounted for more than half of the total sales of new energy vehicles in the world. By 2031, the production of electrified vehicles is expected to reach 50% of all vehicles made.

Growth demand for EV fluids to improve the performance of EV

With the rise of hybrid and electric vehicles (EVs), OEMs, delivering on consumers’ needs for vehicles that travel farther, drive better, and cost less than their predecessors. These fluids help in lubricate the gearbox and cool the electric motor. On the one hand, electric motors need a fluid that works quickly for proper gear protection, which requires additives to facilitate that process and provide thermal protection for motors while offering superior copper compatibility and electrical characteristics.

Fluid Type Segmental Analysis

Based on fluid type, the global Electric Vehicle Fluid market classified into Drivetrain Fluid, Power Steering Fluid, Brake Fluid, Air Conditioning Coolant/Refrigerants, Grease, and Others (Oil Additives, Washer Fluid). The Drivetrain Fluid segment prophesied to gain a significant share in the market by 2027, owing to the growing demand for the drivetrain fluid in EVs for marinating durability of gears and rolling bearings rotating at very high speed. It also shows optimal anti-foaming and air release properties throughout the entire lifetime of the vehicles.

The Brake Fluid segment will drive by its application to properly functioning brake system, maximize the brake effectiveness, and ensure that brakes are not eating away precious energy with unwanted rolling resistance.

Vehicle Type Segmental Analysis

Based on vehicle type, the global Electric Vehicle Fluid market categorized into Passenger Vehicle (Hatch Back, Sedan Cars, LUV, and SUV), Commercial Vehicle (Light Commercial Vehicle and Heavy Commercial Vehicle), Off-Road Vehicle (Agricultural Vehicle, Construction Vehicle, and All-Terrain Vehicles), and Two-Wheeler. The Passenger Vehicle estimated to dominate the market by 2027 due to the surge in disposable incomes along with favorable government policies and support in terms of subsidies and grants, tax rebates, and other non-financial benefits for buyers of electric vehicles.

The Commercial Vehicle segment will influence the growth of e-commerce, logistics, and shared mobility across the globe.

Electric Vehicle Type Segmental Analysis

Based on Electric Vehicle Type, the global Electric Vehicle Fluid market classified into BEV, PHEV, and HEV. The PHEV segment likely to lead the market attributed to hybrid plug-in vehicles has several benefits compared to conventional internal combustion engine vehicles such as lower operating and maintenance costs and produce little or no local air pollution. They reduce dependence on petroleum and may severally minimize greenhouse gas emissions, as motors are typically much more efficient than their engine equivalents.

BEV segment will boost, on account of, use electric motors and motor controllers and derive all power from battery packs. These vehicles have no gasoline engine, longer electric driving ranges compared to PHEVs, and never produce tailpipe emissions.

Price Segmental Analysis

Based on price, the global Electric Vehicle Fluid market categorized into Economy, Medium, and Luxury. The medium segment expected to gain maximum revenue by 2027 as it has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features.

The Economy EV market revenue will enhance by the sales of three vehicles in the commercial industry for transportation.

Sales Channel Segmental Analysis

Based on Sales Channel, the global Electric Vehicle Fluid market bifurcated into OEM and Aftermarket. Aftermarket segment accounted for a significant share in 2019 and estimated to maintain its market share by 2027, owing to the technology developed to provide oil for the Electric vehicles industry to maintain proper maintenance of their powertrain drive.

Region Segmental Analysis

Based on geography, the global Electric Vehicle Fluid market segmented into North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America estimated to occupy the lion’s market share by 2027, owing to increasing investments in the manufacturing of electric vehicles and with top electric vehicle manufacturers such as Tesla, Ford Motors, and General Motors headquartered in the USA. The major factors that have driven the US market are the rising demand for electric cars, government initiatives, and high disposable income.

The Asia Pacific expected to be the fastest-growing region based on expansion of the electric vehicle in the region, especially in Japan China, and South Korea. The growth is supported by government policies and automakers’ efforts to boost EV infrastructure.

Competitor Analysis

Companies such as Total S.A., Royal Dutch Shell PLC, Castrol Limited, Valvoline Inc., Exxon Mobil Corporation, PETRONAS, Lubrizol Corporation, 3M, Idemitsu Kosan Co., Ltd, and Norma Group are the key players in the Global Electric Vehicle Fluid Market.

New Investment Analysis

In June 2019, Shell launched a new range of fluids specifically designed to work in battery electric vehicles (EVs). These E-Transmission Fluids, E-Thermal Fluids, and E-Greases will make battery EVs perform better and be more efficient. It is part of Shell’s ongoing drive to support electric mobility and offer more and cleaner energy solutions for customers.
In Sept 2019, Valvoline announced the first of its electric vehicle-specific product and service offerings with the introduction of Valvoline EV Performance Fluids. The global product line, which includes ValvolineTM EV Heat Transfer Fluid, ValvolineTM EV Drive System Fluid, ValvolineTM EV Brake Fluid, and ValvolineTM EV Grease — is designed for the distinct needs of the expanding number of EVs on the road.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Electric Vehicle Fluid manufacturing firm
Research organizations and consulting companies
Organizations, associations, and alliances related to Electric Vehicle Fluid
Regulatory bodies
Suppliers
Retailers

The objective of the Research

Market modeling starts with identifying a target market where historical data exists. A Market can include prediction problems, economic factors, analyzing customer behavior, and identifying new patterns from past events, which helps our client to have deep dive into the market.
Product analysis involves steps such as examining product features, costs, availability, quality, and other aspects. Product analysis is conducted to understand potential buyers and measure competition in the market.
Market Trend and Economic Factors Analysis helps in assessing potential changes to an economy’s inflation rate, taxes, interest rates, exchange rates, trading regulations, and excise duties that can or have a major effect on the target market.
Market Segmental Analysis defines in-depth scenario of the target market by the process of grouping consumers into naturally existing created segments of consumers who share similar product preferences or characteristics
The geographical mapping approach helps our clients to understand national or international markets because different consumers in different regions have different needs wants, and cultural characteristics that can be specifically targeted.

Report Attribute	Details
Market Size Value in 2021	USD 749 Million
The revenue forecast in 2028	USD 7,569 Million
Growth Rate	CAGR of 5.6 % from 2022 to 2028.
Historical data	2017 – 2020
Forecast period	2022 – 2028
Region covered	North America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	The Companies include Total S.A., Royal Dutch Shell PLC, Castrol Limited, Valvoline Inc., Exxon Mobil Corporation, PETRONAS, Lubrizol Corporation, 3M and Idemitsu Kosan Co., Ltd, are the key players.

Market Modelling

By Fluid Type

By Vehicle Type

Passenger Vehicle
- Hatch Back
- Sedan Cars
- LUV
- SUV
Commercial Vehicle
- Light Commercial Vehicle
- Heavy Commercial Vehicle
Off Road Vehicles
- Agricultural Vehicle
- Construction Vehicle
- All-Terrain Vehicle
Two-Wheeler

By Electric Vehicle Type

BEV
PHEV
HEV

By Price Segment

Economy
Medium
Luxury

By Sales Channel

OEM
Aftermarket

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is electric vehicle fluid?

What is the growth rate of the global electric vehicle fluid market?

The global electric vehicle fluid market was valued at USD 749 Million in 2021, and it is expected to reach USD 7,569 Million in 2028, with a CAGR of 31.2 % during the forecast period of 2022-2028.

What are the growth drivers in the global electric fluid market?

With the dual pressures of emission regulations and energy consumption, electrification has become a recognized future evolution direction of the global automotive industry.

Who are the key players in the global electric fluid market?

The Companies include Total S.A., Royal Dutch Shell PLC, Castrol Limited, Valvoline Inc., Exxon Mobil Corporation, PETRONAS, Lubrizol Corporation, 3M and Idemitsu Kosan Co., Ltd, are the key players in the global electric fluid market.

Which region is expected to have the largest share in the global electric fluid market?

North America is expected to have the largest share in the global electric fluid market.

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