Global Fluids and Lubricants Market for Electric Vehicles Market 2021


Market Overview

The fluids and lubricants market for electric vehicles was valued at $1,388 million in 2021, and is projected to grow at a compound annual growth rate (CAGR) of 28.81% to reach $17,413 million by 2031. This growth is primarily driven by the increasing sales of electric vehicles worldwide.

The market for fluids and lubricants in electric vehicles is still in its early stages but is experiencing rapid growth. Ongoing research and development efforts to manufacture efficient, anti-wear, and temperature-optimized fluids are expected to drive key market developments.

Product Type

Market Report

No. of Pages

131

Release Date

June 2022

Base Year

2021

Forecast Period

2022-2031

Market Size

USD 1.4 billion in 2020

Market Segments

Propulsion Type, Vehicle Type, Region

Region

Global

No. of Companies Mentioned

19


The market is currently in the growth phase, with a rising fleet of electric vehicles leading to increased consumption of EV fluids. As a result, the fluids and lubricants market for electric vehicles is expected to thrive during the forecast period of 2022-2031.

Government and federal agencies are making significant investments in the form of subsidies and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions. This is propelling the growth of the electric vehicle fluids and lubricants market.

According to CALSTART’s Zero-Emission Technology Inventory, the North American market is expected to have 54 manufacturers offering over 100 models of electric heavy commercial vehicles by 2022. This will contribute to the growth of the fluids and lubricants market for electric vehicles, as sales of electric heavy commercial vehicles will increase fluid and lubricant consumption. Heavy commercial vehicles require more maintenance compared to regular electric cars, which may boost aftermarket sales.

The impact of the COVID-19 pandemic on the fluids and lubricants market for electric vehicles has been negligible. Despite the pandemic, there has been a slight increase in consumption of electric vehicle fluids and lubricants. The pandemic has heightened environmental awareness, leading more people to consider purchasing sustainable vehicles. This trend is expected to propel the fluids and lubricants market for electric vehicles.


Market Segmentation

The market is segmented based on various factors, including propulsion type, vehicle type, and region.

Segmentation by Propulsion Type
Battery Electric Vehicles (BEVs)
Hybrid Electric Vehicles (HEVs)
Plug-In Hybrid Electric Vehicles (PHEVs)

Segmentation by Vehicle Type
Passenger Vehicles
Light Commercial Vehicles
Heavy Commercial Vehicles

Over the past few decades, internal combustion engines (ICEs) have held a dominant position in the global automotive industry. However, increasing concerns over depleting fossil fuel reserves and the implementation of stringent regulations by governments to reduce CO2 emissions have prompted the adoption of alternative propulsion systems. As a result, there has been a significant rise in the deployment of electric vehicles (EVs), such as battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid vehicles (PHEVs).

HEVs and PHEVs still rely on internal combustion engines as their primary source of propulsion, while BEVs utilize electric motors as their main power source. This shift towards electric vehicle sales has consequently led to the emergence of different propulsion systems apart from traditional ICEs.

In terms of the fluids and lubricants market for electric vehicles, the hybrid electric vehicles segment is expected to dominate the propulsion type segment. This can be attributed to the large fleet of passenger vehicles, which, in turn, dominates the fluids and lubricants market for electric vehicles. The commercial vehicle segment encompasses light commercial vehicles, heavy trucks, and heavy buses.

The growing sales of electric vehicles can be attributed to factors such as government subsidies and increased disposable income. Developed regions have witnessed a surge in electric vehicle sales, and as challenges like range anxiety and thermal management are addressed, sales in emerging economies like China and India are expected to grow.

Passenger cars, defined as vehicles with at least four wheels used for transporting passengers, have long been a part of the electric vehicle market segment. Currently, the passenger car segment of PHEVs dominates the market. The European Union has taken initiatives to boost electric vehicle sales by providing tax benefits for the purchase of these vehicles. Electric passenger vehicles are gaining momentum globally due to their eco-friendliness and cost-effectiveness.


Competitive Landscape

The selection of the profiled companies was based on inputs obtained from primary experts and an analysis of company coverage, product portfolio, and market penetration.

Public companies dominate the fluids and lubricants market for electric vehicles. As of the base year 2021, private companies hold approximately 5% of the market share, while public companies hold approximately 95% of the global market share in the fluids and lubricants market for electric vehicles.

Key companies profiled in this report include Afton Chemicals, Engineered Fluids, Dober, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Panolin AG, CASTROL Limited, 3M, Motul, Electrolube, Exxon Mobil Corporation, The Lubrizol Corporation, Petronas, PolySi Technologies Inc., Shell plc, TotalEnergies SE, Valvoline Inc., FUCHS.


Recent Industry Developments

In March 2022, Afton made an investment of approximately $400 million in the expansion of its Singapore chemical additive manufacturing facility, specifically for phase 3 expansion. The investment aims to enhance Afton’s GPA blending capabilities.

In November 2021, the FUCHS Group introduced a new design for automotive lubricants, focusing on improving their orientation, handling, and resource conservation features.

In September 2021, Infineum International Ltd announced the launch of a comprehensive range of dedicated e-mobility fluids. This portfolio covers all major hybrid and full battery electric vehicle models.

In February 2020, Kluber Lubrication introduced a line of specialty lubricants specifically tailored for electric vehicles (EVs).

In November 2021, Petronas unveiled its latest range of electric vehicle fluid solutions at its Global Research & Technology Centre located in Turin, Italy. These next-generation solutions are specifically designed for electric vehicles.

Original price was: USD 6,000.Current price is: USD 3,600.

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