Overview:

The global electric vehicle fluids and lubricants market is valued for more than US$ XXX.X Mn in 2020 and expected to reach a value of US$ XXX.X Mn by 2030 with a significant CAGR of around XX.X% over the forecast period of 2021-2030. The fluids and lubricants that are specifically used in electric vehicles are referred as electric vehicle fluids and lubricants. These includes but not limited to brake fluid, drivetrain fluid, refrigerants, coolants, grease, and other fluids.

Market Dynamics:

Growing penetration of electric vehicles across the globe is a major factor supporting growth of the global electric vehicle fluids and lubricants market. In addition, rising government support owing to increasing carbon emissions and pollution related to vehicles is another key factor supporting global market.

Also, rising advanced product launches by the key players in the market is a key factor fueling growth of the target market. The key companies are focusing on vehicle development to tap major market share. The major focus is on the vehicle range improvement and battery capacity improvement to cover the maximum distance in single charge. Additionally, key players are also focusing on vehicle cost reduction to make it affordable for majority of customers especially in the emerging economies. These all factors are expected to propel growth of the global market in the near future.

Key Trends:

Key market players focus on strategic initiatives such as agreements, tie-ups, and strategic alliance with competitors, suppliers, and vendors to tap the major market share is a key trend witnessed in the global market. For instance, in November 2020, Royal Dutch Shell plc has announced strategic alliance with Kreisel Electric GmbH & Co KG – a leading battery solution supplier. Through this partnership the company is planning to develop custom li-ion battery solution with Shell’s tailored thermal management fluid.

Regional Analysis:

For detailed understanding of market dynamics, the global market is analyzed across key regions viz. North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The Asia Pacific region is expected to hold significant revenue share in the global electric vehicle fluids and lubricants market, owing to strong presence of electric vehicles in countries in the region. In addition, growing government initiatives for EV penetration is another factor expected to further support growth of the target market in the Asia Pacific region. The Europe holds second position in terms of market value in the global market followed by North America region.

Scope of the Report:

Detailed Segmentation:

Global Electric Vehicle Fluids and Lubricants Market, By Vehicle Type:

• Passenger Vehicles
  • Hatchback
  • Sedan
  • LUV & SUV
• Commercial Vehicles
  • LCV
  • HCV
• Off-road Vehicles
  • Agricultural Vehicle
  • Construction Vehicle
  • All-terrain Vehicle
• Two-wheeler

Global Electric Vehicle Fluids and Lubricants Market, By Propulsion:

• Hybrid Electric Vehicles
• Plug-in Hybrid Electric Vehicles
• Battery Electric Vehicles

Global Electric Vehicle Fluids and Lubricants Market, By Fluid Type:

• Drivetrain Fluid
• Power Steering Fluid
• Brake Fluid
• AC Coolant/Refrigerants
• Grease
• Other Fluids (Oil Additives & Washer Fluid)

Global Electric Vehicle Fluids and Lubricants Market, By Vehicle Class:

• Economy
• Medium
• Luxury

Global Electric Vehicle Fluids and Lubricants Market, By Distribution Channel:

• OEM
• Aftermarket

Key Players Covered:

Key players operating in the market includes, 3M Company, PANOLIN International Inc., Infineum International Limited, M&I Materials Limited, BP Plc., ExxonMobil Corporation, TotalEnergies SE, Royal Dutch Shell plc, ENEOS Corporation, and Valvoline Inc.

Key Features of the Study:

Foresight Market Research provides detailed analysis on global market in our report- Global Electric Vehicle Fluids and Lubricants Market by vehicle type, propulsion, fluid type, vehicle class, distribution channel, and region. The report provides market size (US$ Mn) and compounded annual growth rate (%) for the forecast period: 2022 – 2030, considering 2021 as the actual year. The report also contains in-depth analysis about market drivers, restraints, opportunities, new product launches, product approval, ongoing trends, and regional outlook. The report delivers competitive analysis about leading players in the global electric vehicle fluids and lubricants market based on various parameters such as company overview, product portfolio, regional presence, financial performance, distribution strategies, key developments, marketing strategies, and future plans. The analysis from the report would acquaint the marketers and management authorities of companies to make the appropriate decision with respect to their future product launch, market expansion, and marketing tactics used overall the globe.