The latest market report published by Credence Research “Global Electric Vehicles Fluids and Lubricants Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global market has acquired a market size of around USD 1.20 billion in 2020 and anticipated to reach a healthy CAGR of over 18.4% during the period from 2021 to 2027 to reach around USD 3.31 billion in 2027.
Browse the full report at https://www.credenceresearch.com/report/electric-vehicles-fluids-and-lubricants-market
The growing demand for efficient and durable fluids for EV is driving the growth of the fluid and lubricant market for EV. Several constituents of an electric vehicle, like the e-motors and the battery system, generate a lot of heat during the vehicle’s operation. As a result, enhanced thermal management in these type of vehicles is needed.
Key Trends in Global Market
Impact of COVID-19
The automotive industry has experienced demand and supply issues since the outbreak of the COVID-19 pandemic. Electrification has undoubtedly ushered in a revolution in the automotive industry, but only because of the introduction of a global lockdown has the battle against the spread of the Covid-19 been successful.
The industry has faced several challenges with mentioned context, which relates to decreased manufacturing and a reduced product inventory as a result of lower earnings and demand. However, as the scenario appears to be resuming, an increase in demand for electric vehicles is expected to resurface, the business scene is expected to regain traction in the coming years, and growth prospects for electric vehicles are expected to arise.
Factors that may Restraint the Market Growth
Factors that may stagnant the growth of market for electric vehicles in the forthcoming years are higher expenditure and the likelihood of developing immersion cooling battery systems. The growing demand for advanced driver assistance systems in modern vehicles as well as the growing movement toward the advancement of autonomous vehicles, are the factors most likely to hinder the growth of global market for electric vehicles. Due to the increased consumption of EV fluids, changes in the design of EV batteries were needed.
Global Market by Product Type Insights
Brake Fluid, Grease, Heat Transfer Fluid, and Drive System Fluid are four Product Type of this market. Due to the usage of grease in electric vehicles for lubricating hinges, door locks, and the powertrain, the grease segment is projected to lead in terms of revenue contribution to the global electric vehicle fluids and lubricants market during the forecast period. Grease is also used in electric vehicle e-motors, bearings, and constant velocity joints, which is projected to improve the market.
Global Market by Distribution Channel Insights
Global market is segmented based on Distribution Channel as OEMs and Aftermarket. Automotive OEMs are working with major fluid suppliers to supply fluids to their electric vehicles in order to enhance driving comfort, which will boost electric vehicle sales, which is expected to propel segment growth in the future. Electric vehicle owners do not want to compromise on lubricant and fluid quality because poor lubricant and fluid quality reduce vehicle performance, which has boosted the segment’s development.
Global Market by Regional Insights
Over the forecast period, North America is projected to have the largest market share among other regional markets. People in the region are increasingly adopting electric vehicles to reduce their fuel spending, which is fueling the regional market’s growth. Furthermore, stricter government regulations and increased consumer awareness of the need to reduce emissions are expected to fuel growth.
Furthermore, increased government regulations and consumer perception of the need to reduce emissions are expected to fuel regional demand growth in the coming years. Furthermore, government subsidies and incentives are projected to increase electric vehicle sales in the region, boosting regional demand development in the near future.
Global Market Competitive Landscape
Most prominent players in the global market include Afton Chemicals, M&I Materials Limited, 3M, FUCHS, Kluber Lubrication, Motul, PANOLIN International Inc., Engineered Fluids, Infineum International Limited, and Dober. The report covers very detailed profiles of these key players.
Global Electric Vehicles Fluids and Lubricants Market by Product Type, 2015 – 2027
· Brake Fluid
· Heat Transfer Fluid
· Drive System Fluid
Global Electric Vehicles Fluids and Lubricants Market by Distribution Channel, 2015 – 2027
Global Electric Vehicles Fluids and Lubricants Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicles Fluids and Lubricants Market: Key Players
· Afton Chemicals
· Engineered Fluids
· Infineum International Limited
· Kluber Lubrication
· M&I Materials Limited
. PANOLIN International Inc.