1. 3M Company
2. Shell plc
3. BP p.l.c.
4. Valvoline Inc.
5. Totalenergies SE
Electric vehicles are expected to become mainstream transportation by the forecast period. The Asia-Pacific government has supported the zero-emission electric vehicle market with generous direct subsidies to offset higher electric vehicle costs. To enhance the production of electric vehicle, government has introduced industry incentive. Industry incentives are focused on vehicle manufacturers, battery & fluid producers and ancillary companies to encourage the production of electric vehicle and component parts of electric vehicle value chain. Another significant Asian government incentive is charging infrastructure which includes financial incentives, spatial planning and regulatory framework to support the development of charging stations reducing range anxiety. Electric vehicle fluids are essential element of electric vehicle to improve the vehicle performance. Automotive original equipment manufacturers (OEMS) present in Asia-Pacific region are making massive investments in developing electric vehicle technology that needs lubricant formulators to meet the requirements. Electric vehicle fluids must balance e-module lubrication with thermal management and electrical properties. Increasing developments into electric vehicle industry directs towards the rising adoption of electric vehicle which further propels the EV fluids market.
According to the research report “Asia-Pacific Electric Vehicle Fluids Market Outlook, 2027" published by Actual Market Research, electric vehicle fluids market is forecasted to have significant market growth with 30.05% CAGR. The rising shift of Asia-Pacific consumers towards environment-friendly lifestyles due to the alarming rate of carbon emissions is expected to drive the market. Asia-Pacific electric vehicle fluids market is segmented into five major countries which are China, India, Japan, Australia and South Korea. Among these countries, China is anticipated to have maximum market share with more than 50%. In China, rising government initiatives to provide subsidies for electric vehicle and rapid penetration of electric vehicles into the automotive industry are responsible for increasing market growth. Electric vehicle fluids are majorly segmented into four types which are grease, brake fluid, heat transfer fluid and drive system fluid. In Asia-Pacific electric vehicle fluids market, heat transfer fluid segment is expected to lead the market during the forecast period. Increasing adoption of EVs in Asia-Pacific region directs towards the rising demands for electric vehicle battery. This creates prominent growth for heat transfer fluid in Asia-Pacific region as it is essential component to optimize the temperature of battery and electric vehicle.
According to the report, Asia-Pacific electric vehicle fluids market is segmented into three major types which are battery electric vehicle, plug-in hybrid electric vehicle and hybrid electric vehicle. Among these propulsion types, battery electric vehicle type is anticipated to lead the market with more than 55% during the forecast period. Presence of major market players in this region drives the overall market in Asia-Pacific region. Population across the region have adopted battery electric vehicle widely due to easy to adapt technology. Higher petroleum prices and lack of charging stations are restraining factors for adoption of hybrid electric vehicle. Further, electric vehicle fluids market is segmented into passenger type and commercial type of vehicles. Passenger type of vehicle is forecasted to lead the market with more than 80% market share. With that commercial type of vehicles are anticipated to have prominent market growth during the forecast period.
Impact of Covid-19 on Asia-Pacific Electric Vehicle Fluids market:
The Covid-19 pandemic severely impacted several sectors including automotive sector in Asia-Pacific region. Major manufactures were shutting down their operations completely or operating at reduced capacities. Complete lockdowns and quarantines have heavily affected electric vehicle and electric vehicle fluids market. Uncertainty regarding the duration of lockdown situations and supply chain disruption made it more difficult. Though, pandemic had reshaped the urban transport access in Asia-Pacific region. Pandemic helped region to focus on clean energy transport and zero-emission vehicles. This implies towards the increasing market growth for electric vehicle fluids market during the forecast period.
Major Companies present in the market:
Shell Plc, Valvoline Inc., Totalenergies Se, Exxonmobil Corporation, Fuchs Petrolub Se, And Petroliam Nasional Berhad (Petronas), Repsol S.A, Castrol Limited, Afton Chemicals, Motul, Dober, Infineum International Limited, Eneos Corporation, The Lubrizol Corporation, Engineered Fluids Inc.
Considered in this report
• Geography: Asia-Pacific
• Base year: 2021
• Estimated year: 2022
• Forecast year: 2027
Aspects covered in this report
• Asia-Pacific Electric Vehicle Fluid market with its value and forecast along with its segments
• Country-wise electric vehicle fluid market analysis
• Various drivers and challenges
• On-going trends and developments
• Top profiled companies
• Strategic recommendation
Regions covered in the report
• South Korea
Types of Product in the report:
• Braking Fluid
• Heat Transfer Fluid
• Drive System Fluid
Type of Propulsion in the report:
• Battery Electric Vehicle (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicle (HEV)
By Vehicle Type:
• Passenger Vehicle
• Commercial Vehicle
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analyzing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us we have started verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to electric vehicle fluid industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry