According to the new market research report “Electric Vehicle Fluids Market by Product Type (Engine oil, Coolants, Transmission Fluids, and Greases), Vehicle Type (On-highway Vehicle, Off-highway vehicle), Propulsion Type (Hybrid EV, Battery EV), Fill Type, and Region – Global Forecast to 2030″, published by MarketsandMarkets, the Electric Vehicle Fluids market is projected to reach USD 8,644 million by 2030, at a CAGR of 31.2% from USD 749 million in 2021. Increasing demand for electric vehicles is the major driver of the Electric Vehicle Fluids market. A specific fluid requirement in EVs is also one of the other driving factors for electric vehicle fluids as an ICE’s motor differs greatly from EV motors and thus, needs fluids, which cater to totally different functions than that in the n the ICEs. With the growing concern over tailpipe emissions and their harmful effects on the environment, stringent standards for carbon dioxide and pollutants such as nitrogen oxide, unburned hydrocarbons, and particulates have been put in place, resulting in hybrid and full EVs no longer being seen as uncommon, but the standard for the future.
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Electric vehicle fluids are substances or materials, which are used for lubricating and improving the thermal performance of electric vehicles. They are manufactured using base oils and additives with respect to different applications. They perform different functions in electric vehicles, such as regulating the battery and other electronic components, temperature, and noise and vibration reduction. The most commonly used electric vehicle fluids include engine oil, coolants, transmission fluids, greases, and brake fluids, among others.
The hybrid EV segment accounted for the larger market share in 2020; however, the Battery EV segment is expected to account for the larger share by 2030. Europe is the largest electric vehicle fluids market, followed by APAC and North America. Stringent mandates by governments are a major opportunity for electric vehicle fluids manufacturers. Emission of carbon from ICE vehicles is now treated as a significant threat by governments in many countries. Thus, the gradual tightening of fuel economy and tailpipe CO2 standards have augmented the role of EVs to meet the standards. Government initiatives pertaining to EVs, such as investment in infrastructure, tax rebates, and others, also act as a major opportunity for the growth of the electric vehicles and the electric vehicle fluids market.
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Demand is steadily shifting in favor of electric vehicles over ICE vehicles. Along with consumer demand, the automakers must meet ever-stringent carbon dioxide emission targets and fuel economy mandates imposed by governments. This, in turn, has opened opportunities for lubricant manufacturers as EVs need different lubricants. Hardware efficiency and durability in a growing number of applications are best enabled by specialized, custom fluids designed and formulated specifically for electric applications. Growth in electric vehicle production and sales drives the demand for electric vehicle fluids. Lack of proper infrastructure affects the customer’s decision to purchase an electric vehicle due to the uncertainty of it not being able to perform equivalent to ICE vehicles, and this directly affects the electric vehicle fluids market.
The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally. The key players operating in the Electric Vehicle Fluids market are trying to increase their scope of services to address the increasing demand. Royal Dutch Shell plc., ExxonMobil Corporation, BP plc., FUCHS Petrolub SE, and Total Energies SE are the leading providers of Electric Vehicle Fluids, globally.
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Royal Dutch Shell plc (also known as Shell) is an international energy company engaged in the principal aspects of the oil & gas industry and reports its business through different segments. Shell’s reporting segments consist of integrated gas, upstream, oil products, chemicals, and corporate. It offers electric vehicle fluids through the oil products segment. The oil products segment comprises the refining and trading, and marketing classes of business. The marketing class of business includes the retail, lubricants, business-to-business (B2B), pipelines and biofuels businesses. Its electric vehicle fluids are specially formulated with synthetic base oils and additive technology unique to Shell.
ExxonMobil Corporation is the world’s largest publicly traded international oil & gas company. It produces and sells crude oil, natural gas, and petroleum products. The company has introduced Mobil EV that delivers products and services to support electric vehicle mobility ambitions. It offers its products through four business segments namely upstream, downstream, chemical, and corporate & financing. It offers electric vehicle fluid through the downstream business segment. Most of its operations are in the US and Canada.
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