The growing market for electric vehicles (EV) has significantly impacted the transmission lubricant industry. Automotive original equipment manufacturers (OEMs) are making massive investments in developing EV technology. EV requirements are diverse and often unique to traditional lubrication challenges. New fluids and development approaches are required to address future needs. Lubricating an internal combustion engine is very different from the same job for an EV motor. The former needs both oil to minimize engine friction and transmission fluid. These products are different. Engine oils in particular degrade over their lifetime as combustion gases contaminate them, meaning they have to be replaced regularly.
The global Fluids and Lubricants Market for Electric Vehicle market size was estimated to be at USD 1,098.7 million in 2020, and is expected to grow at a CAGR of 19.6% during forecast period to reach USD 3,618.9 million in 2027.
The unmistakable sorts of liquids which are being received for upgraded application in electric vehicles are oils, heat move liquids, driver framework liquids, and brake liquids. The use of these sorts of liquids is in different segments, for example, e-engines, battery frameworks, course, consistent speed joints, power gadgets, gears, and the stopping mechanism of electric vehicles.
The development in the worldwide liquids market for electric vehicles is inferable from the rising interest for proficient and durable liquids for electric vehicles. For the most part, different segments of an electric vehicle produce a great deal of warmth during the activity of the vehicle, like the battery framework and the e-engines. This has additionally prompted the requirement for better warm administration in these vehicles. The new EV liquids have added substances and dielectric properties which makes them appropriate for application in electric vehicle parts.
Global Fluids and Lubricants Market for Electric Vehicle Forecast 2019-2027 (US$ Mn)
The market has been segmented based on product type, application, end user and region.
- By Product Type
- Heat Transfer Fluids
- Drive System Fluids
- Brake Fluids
- By Application
- Power Electronics
- By End User
- By Region
- North America (U.S., Canada)
- Europe (U.K., France, Germany, Italy, Spain, and rest of Europe)
- Asia Pacific (China, Japan, India, and Rest of Asia Pacific)
- South America (Brazil, Mexico, and Rest of South America)
- Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa)
Fluids and Lubricants Market for Electric Vehicle Market, By Region, 2019-2027
The prominent companies in the market are; 3M, Afton Chemicals, Engineered Fluids, Dober, FUCHS, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Motul, PANOLIN International Inc., Castrol, Electrolube, Exxon Mobil Corporation, Lubrizol, PolySi Technologies Inc., Valvoline Inc., Petronas and others.