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Global Electric Vehicle Fluid Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2026

Global Electric Vehicle Fluid Market - Industry Analysis, Growth, Demand, Share, & Forecast To 2026

Actual Market Research 17-05-2022 167 Pages Figures : 64 Tables : 60 Region : Global Category : Automotive & Transport Automotive

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1. 3M Company

2. Shell plc

3. BP p.l.c.

4. Valvoline Inc.

5. Totalenergies SE

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The global automotive industry is anticipated to witness profound shift because of E-mobility revolution. In 2020, approximately ten million electric vehicle cars were added; the governments have given a big push by offering subsidies and tax rebates as these are environment friendly. These policies are essential for the market to reduce the price gap of electric vehicle with conventional vehicles. The current concerns regarding clean energy road transport, energy efficiency, climate protection and air quality generates demand for emerging transport technologies such as electric vehicle. To achieve these attributes many governments of major countries such as China, Germany, USA, Brazil are aiming to convert their conventional transport to zero-emissions vehicles technology. Electric vehicles do not include combustion engine and the fluids developed for conventional vehicles generally fall short of the performance due to high technological requirements of electric vehicle. With that electric vehicle required specially manufactured fluids to enhance the performance of the vehicle. Electric vehicle fluids should contain the ability to prevent wear & tear and reduce friction. According to the report, electric vehicle fluids are segmented into four product types including grease, brake fluid, heat transfer fluid and drive system fluid. Among these types, heat transfer fluid segment is anticipated to lead the market with higher market share by the forecast period. Heat transfer fluid regulated the electric vehicle battery temperature at an optimal state. Increasing demands for electric vehicle battery anticipates the market growth for heat transfer fluid. According to the research report “Global Electric Vehicle Fluids Market" published by Actual Research, electric vehicle fluids market is anticipated to witness significant market growth with 27.61% CAGR by the forecast period. Increasing awareness about carbon dioxide emissions and energy conservation are some of the important attributes for the implementation of electric vehicle fluids. Global electric vehicle fluids market is segmented into five major regions which are North America, Europe, Asia-Pacific, Latin America and Middle East & Africa. Asia-Pacific region is projected to have higher market share during the forecast period. Presence of major market players and government mandates in Asia-Pacific region drives the higher growth of electric vehicle fluids market. Traditionally, fluids and lubricants were not a major concern for ICE vehicles. But due to advancements in transportation industry, many developers and manufactures are initiating the production of these essential fluids with diverse characteristics. For instance, Shell Plc, Valvoline Inc, Castrol limited etc companies have introduced e-fluids range to provide a better experience to customers. According to the report, global electric vehicle fluids market is segmented into three types based on the propulsion type of the vehicle. This includes BEV (battery electric vehicle), PHEV (plug-in hybrid electric vehicle) and HEV (hybrid electric vehicle). Battery electric vehicle and hybrid electric vehicle segments are projected to have increasing market share by 2027. Battery electric vehicle does not include combustion engine so this type of vehicle requires lesser amount of fluids but adoption rate is higher for battery electric vehicle. As for the hybrid electric vehicle, it consist engine as well as battery source. This requires higher amount of fluids than battery electric vehicle. Increasing prices of petroleum fluids and lack of charging stations are restraining factors for hybrid electric vehicle market growth. Based on the vehicle type, electric vehicle fluids market is segmented into two types which are passenger vehicles and commercial vehicles. Passenger vehicle segment is anticipated to lead the market with more than 80% market share by 2027. As for the commercial vehicle segment including public transports such as EV buses and trucks are expected to have increasing market growth during the forecast period. Impact of Covid-19 on Global Electric Vehicle Fluids market: The world has witnessed a phase of unpredicted instability during the Covod-19 pandemic. Due to lockdown situation and ‘social distancing’ norms, many industries and manufactures remain shut. Electric vehicle market had experienced a shift in consumer’s preference during the pandemic. Electric vehicle sales declined in 2020. However, the electric vehicle fluids market recovered by the end of 2020 and is expected to have significant growth by the forecast period. The government policy support and incentives drives the electric vehicle fluids market. Major Companies present in the market: Shell Plc, Valvoline Inc., Totalenergies Se, Exxonmobil Corporation, Fuchs Petrolub Se, And Petroliam NasionalBerhad (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: Global • Base year: 2021 • Estimated year: 2022 • Forecast year: 2027 Aspects covered in this report • Global Electric Vehicle Fluid market with its value and forecast along with its segments • Region-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 • North America • Europe • Asia-Pacific • Latin America • Middle East and Africa Types of Product in the report: • Grease • 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

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