Future Fluid and Lubricants for Electric Vehicle Market: Key Dynamics, Size & Share Analysis
The Global Fluid and Lubricants for Electric Vehicle Market size is estimated to grow at a CAGR of around 30.4% during the forecast period, i.e., 2024-30. The market has been experiencing robust growth due to the rising demand for efficient and long-lasting fluids tailored for electric vehicles (EVs). Key components within an EV, such as battery systems and electric motors, generate considerable heat during operation. This has led to the development of innovative lubricants equipped with specific additives and dielectric properties that are suited to the unique mechanics of electric vehicles. Common fluid types designed to optimize EV functionality include greases, heat transfer fluids, drive system fluids, and brake fluids. As the industry continues to advance, there is a growing emphasis on creating more effective thermal cooling systems, which are crucial for supporting future market growth & expansion.
Top Market Driver Impacting the Fluid and Lubricants for Electric Vehicle Market Growth
Expansion of Electric Vehicle Manufacturing Units to Boost Market Growth – Over the past few years, the adoption of electric automobiles increased substantially owing to the growing greenhouse emissions & the incentives provided for the purchase of electric automobiles. As per the statistics by the IEA, global electric car sales in 2023 reached around 14 million, an increase of about 35% compared to 2022. This mounting electric vehicle demand is necessitating the top companies to ramp up their production capabilities and expand their manufacturing units. Thus, generating a demand for the necessary fluids & lubricants directly from the original equipment manufacturers and enlarging the market size.
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Understanding the Core Segments in the Fluid and Lubricants for Electric Vehicle Market
Fluid and Lubricants for Electric Vehicle Market Size, Share & Industry Trends Analysis- By Product Type (Engine Oil, Greases, Heat Transfer Fluid, Coolants, Others (Transmission Fluids, Brake Fluids, etc.)), By Demand Type (OEM, Aftermarket), By Vehicle Type, (Passenger Vehicle, Commercial Vehicle, [Light Commercial Vehicle, Medium & Heavy Commercial Vehicle], Others (Two-Wheeler Vehicle, Three-Wheeler Vehicle, etc.)), By Propulsion Type (Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs)), and Others.
Geographical Analysis of the Fluid and Lubricants for Electric Vehicle Market
By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific.
Who Dominates the Fluid and Lubricants for Electric Vehicle Market Insights on Key Industry Players?
Companies are strengthening their presence in the Fluid and Lubricants for Electric Vehicle market by adopting strategies such as forming strategic alliances, leveraging AI, entering partnerships, pursuing mergers and acquisitions, expanding into new regions, and introducing innovative products and services.
- 3M
- Exxon Mobil Corporation
- Valvoline Inc.
- Afton Chemicals
- Dober
- Infinium International
- Klüber Lubrication
- M&I Materials Limited
- Motul
- FUCHS
- Engineered Fluids
- PolySi Technologies Inc.
- Lubrizol
- Castrol
- Panolin International Inc.
- Petronas
- Royal Dutch Shell
- Total Lubricants
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