The global electric vehicle fluids and lubricants market size was USD 1,178.8 million in 2020 and is expected to reach USD 4,606.2 million in 2028 and register a CAGR of 18.7% during the forecast period. Increasing demand for reliable and more efficient electric vehicle lubricants and fluids is an essential factor boosting revenue growth of the global electric vehicle fluids and lubricants market.
Lubricants and fluids are used in electric vehicles to enhance vehicle performance and driving experience. Increasing need for improved thermal management in electric vehicles is projected to support demand for electric vehicle fluids and lubricants. Rising environmental concerns due to increasing carbon emission has also been resulting in increasing adoption of electric vehicles in various countries across the globe. Moreover, funding and favorable policies offered by governments is the major factor supporting rising sales of electric vehicles, which is boosting market revenue growth, and the trend is expected to continue going ahead.
However, high initial cost of Electric Vehicles (EVs) is a primary factor expected to result in slow adoption of EVs, thereby negatively impacting revenue growth of the global fluids and lubricants market to a certain extent during the forecast period.
Some key highlights in the report:
- The grease segment is projected to register a significantly rapid revenue CAGR between 2021 and 2028 owing to increasing usage of grease in electric vehicles for components including e-motors, bearings, and constant velocity joints.
- The brake fluids segment is expected to account for considerably large revenue share during the forecast period owing to increasing popularity of and preference for regenerative braking in electric vehicles.
- Rising adoption of Battery Electric Vehicles (BEVs) due to favorable government initiatives towards reducing vehicle emissions is expected to propel demand for BEVs throughout the forecast period.
- North American accounted for highest revenue contribution to the global market in 2020 and is expected to continue to maintain its dominance over other regional markets in 2028. This can be attributed to increasing adoption of electric vehicles due to petroleum and gas price volatility, rising focus on minimizing fuel expenditure by opting for hybrid electric vehicles, and rising awareness about ill effects of carbon emission on health.
- Key players in the market include Royal Dutch Shell, 3M, Total Lubricants, Lubrizol Corporation Valvoline Inc., Motul, Fuchs Petrolub SE, Engineered Fluids Inc, Castrol, and Exxon Mobil Corporation.
- Valvoline Inc. introduced EV performance fluids in September 2019, including a wide range of products like EV heat transfer fluid, EV brake fluid and EV grease.
- Royal Dutch Shell in May 2019, launched a range of fluids such as E-thermal fluids, E-greases and E-transmission fluids for electric vehicles to enhance the battery electric vehicles.
Emergen Research has segmented the global electric vehicle fluids and lubricants market on the basis of product type, distribution channel, propulsion type, and region:
Product Type Outlook (Revenue, USD Million; 2018–2028)
- Drive System Fluid
- Brake Fluid
- Heat Transfer Fluid
Distribution Channel Outlook (Revenue, USD Million; 2018–2028)
Propulsion Type Outlook (Revenue, USD Million; 2018–2028)
- Hybrid Electric Vehicles (HEVs)/Plug-In Hybrid Electric Vehicles (PHEVs)
- Battery Electric Vehicles (BEVs)
Regional Outlook (Revenue, USD Million; 2018–2028)
- Rest of Europe
- South Korea
- Rest of APAC
Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
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