Global Fluid and Lubricant Market for Electric Vehicle Market – Industry Trends and Forecast to 2029

Global Fluid and Lubricant Market for Electric Vehicle, By Product Type (Grease, Heat Transfer Fluids, Drive System Fluids, and Brake Fluids), Vehicle Type (Passenger Vehicles, Commercial Vehicles, and Electric Motor Sports), Propulsion Type (Battery Electric Vehicles (BEV), Plug-In Hybrid Electric Vehicle (PHEV) And Hybrid Electric Vehicles (HEVs)), Distribution Channel (OEM and Aftermarket), Application (E-Motors, Battery Systems, Bearings, Constant Velocity Joints, Power Electronics, Gears, and The Braking System of Electric Vehicles) – Industry Trends and Forecast to 2029.

Fluid and Lubricant Market for Electric Vehicle Analysis and Size

The surging demand to improve electric vehicle presentation is the primary aspect of the fluid and lubricant market for electric vehicles, and fuel economy norms will foster market growth.  The fluid and lubricant market for electric cars is dynamic in the global lubricants industry. The fluid and lubricant market for electric vehicles differ from other oils and lubricants due to their superior properties. The fluid and lubricant market for electric cars also provide performance and safety related benefits and reduce fire risk. The automotive industry is the largest consumer of fluid and lubricant market for electric vehicle all over the globe.

Data Bridge Market Research analyses that the fluid and lubricant market for electric vehicle market was valued at USD 1,387.70 million in 2021 and is expected to reach USD 12,415.55 million by 2029, registering a CAGR of 31.51% during the forecast period of 2022 to 2029. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Fluid and Lubricant Market for Electric Vehicle Scope and Segmentation

Market Definition

A fluid and lubricant is a substance that is used to lessen friction. This fluid and lubricant are used in electric vehicles, mainly consisting of coolants and driveline fluids. Fluid and lubricants may not get more attention in the automotive sector, but they have a dynamic role to play in electric vehicles, with variabilities such as bio-lubricants, as well as mineral oil-based and nanotube-based lubricants

Global Fluid and Lubricant Market for Electric Vehicle Dynamics

Drivers

• Increasing demand in the fluid and lubricant market for electric vehicles in the automotive sector

The fluid and lubricant market for electric vehicles are extensively used in automotive applications such as in heavy-duty diesel engines. Fluid and lubricant market for electric vehicle are also used in some automobile processing, such as piston movement and chain movement. The demand for the fluid and lubricant market for electric vehicles is mostly driven by the growth in the demand for the vehicles all over the globe. Fluid and lubricant market for electric vehicles is effective at high-temperature environments and provides high heat resistance, likely to boost the market growth rate.

• Rising usage of fluid and lubricant market for electric vehicle due to superior properties

The demand for the fluid and lubricant market for electric vehicle increases due to their excellent quality which depends on certain properties such as high resistance to oxidation, high boiling point, thermal stability, high viscosity index, and hydraulic stability. These factors aid to decrease the friction in vehicles, which is also responsible for the global fluid and lubricant market for electric vehicle growth. The increasing usage of fluid and lubricant market for electric vehicles because of their superior properties is projected to increase the market growth rate.

Moreover, increasing inclination toward electric vehicle amongst developing economies to curb the carbon production introduction of E-Fluids by manufacturers to improve electric vehicle presentation are anticipated to boost the growth of the fluid and lubricant market for electric vehicles during the forecast period of 2022-2029. 

Opportunities

• Increasing demand for bio-based fluid and lubricant for electric vehicle

The introduction of the advanced, bio-based, highly effective fluid and lubricant market for electric vehicles, for instance, fluid and lubricant with improved features, is anticipated to uplift the market in the coming years. Some leading manufacturing companies have already manufactured many advanced fluid and lubricant market for electric vehicles. The demand for these fluid and lubricant markets for electric vehicles has increased because these fluids and lubricants are produced using non-toxic and renewable materials with a low chemical compound. The growing demand for eco-friendly and bio-based fluid and lubricant market for electric vehicle will create lucrative opportunities for market growth in upcoming years.

Restraints/ Challenges

• Disadvantages associated with fluid and lubricant market for electric vehicle market

The presence of advanced immersion cooling battery systems and higher expenditure are some significant factors that will likely hamper the fluid and lubricants market growth for the electric vehicle market during the forecast period. The rising demand for safety and convenience in automobiles and the increasing trend for the development of autonomous vehicles are other factors that are likely further to hinder the market growth during the forecast period.

This fluid and lubricant market for electric vehicle market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the fluid and lubricant market for electric vehicle market contact Data Bridge Market Research for an Analyst Brief, our team will help you take an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

COVID-19 Impact on Fluid and Lubricant Market for Electric Vehicle Market

The outbreak of COVID-19 has unprecedentedly impacted the market. Electric vehicles have witnessed a continuous drop in demand across all regions due to stringent restrictions and lockdowns imposed by governments globally during the pandemic. In the post-pandemic era, with the uplift of lockdown, the market dynamics changed, and the sales volume of all types of electric vehicle were enhanced. The upcoming years are anticipated to be the most enthusiastic for the electric vehicle sector. Furthermore, the strong support of the governments for vehicle electrification, entwined with the decreasing battery prices, is also expected to increase the market growth in upcoming years.

 Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Global Fluid and Lubricant Market for Electric Vehicle Market Scope

The fluid and lubricant market for electric vehicle market is segmented based on product type, vehicle type, propulsion type, distribution channel and application. The growth amongst these segments will help you analyze meagre growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Product Type

• Grease
• Heat Transfer Fluids
• Drive System Fluids
• Brake Fluids

Vehicle Type

• Passenger Vehicles
• Commercial Vehicles
• Electric Motor Sports

Propulsion Type

• Battery Electric Vehicles (BEV)
• Plug-In Hybrid Electric Vehicle (PHEV)
• Hybrid Electric Vehicles (HEVs)

 Distribution Channel

• Oems
• Aftermarket

 Application

• E-Motors
• Battery Systems
• Bearings
• Constant Velocity Joints
• Power Electronics
• Gears
• The Braking System of Electric Vehicles

Fluid and Lubricant Market for Electric Vehicle Regional Analysis/Insights

The fluid and lubricant market for electric vehicle market is analysed and market size insights and trends are provided by country, product type, vehicle type, propulsion type, distribution channel and application as referenced above.

The countries covered in the fluid and lubricant market for electric vehicle market report are U.S., Canada and Mexico in North America, Germany, France, U.K., Netherlands, Switzerland, Belgium, Russia, Italy, Spain, Turkey, Rest of Europe in Europe, China, Japan, India, South Korea, Singapore, Malaysia, Australia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific (APAC) in the Asia-Pacific (APAC), Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of Middle East and Africa (MEA) as a part of Middle East and Africa (MEA), Brazil, Argentina and Rest of South America as part of South America

Asia-Pacific dominates the fluid and lubricant market for electric vehicle market in terms of market share due to the rising approval of electric vehicle in India. Also, the rising pollution levels in the major cities and the increasing requirement for electric vehicle fluids will likely boost the market growth in this region.

North America is expected to be the fastest developing region during the forecast period of 2022-2029 due to the growing automobile industry in this region. The increasing demand for the fluid and lubricant market for electric vehicle in automotive applications is expected to be high in this region.

The country section of the report also provides individual market impacting factors and changes in market regulation that impact the current and future trends of the market. Data points like down-stream and upstream value chain analysis, technical trends and porter's five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, impact of domestic tariffs and trade routes are considered while providing forecast analysis of the country data.   

Competitive Landscape and Fluid and Lubricant Market for Electric Vehicle Share Analysis

The fluid and lubricant market for electric vehicle market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies' focus related to fluid and lubricant market for electric vehicle market.

Some of the major players operating in the fluid and lubricant market for electric vehicle market are:

• Shell PLC. (U.K.)
• BP p.l.c. (U.K.)
• FUCHS (Germany)
• Petroliam Nasional Berhad (Patrons) (Malaysia)
• Lubrita Europe B.V (Europe)
• Liberty Lubricants (U.S.)
• China Petrochemical Corporation (China)
• TotalEnergies (France)
• ExxonMobil Corporation (U.S.)
• Phillips 66 Company (U.S.)
• Indian Oil Corporation Ltd. (India)
• Idemitsu Kosan Co.,Ltd. (Japan)
• Chevron Corporation (U.S.)
• JX Nippon Oil & Gas Exploration Corporation (Japan)
• KLÜBER LUBRICATION INDIA Pvt. Ltd. (India)
• Mineral Oil Corporation (India)
• Valvoline (U.S.)
• ENEOS Holdings, Inc, (Japan)