The size of the Global Fluid & Lubricants for Electric Vehicle Market is expected to grow at a CAGR of around 30.4% during the anticipated period, i.e., 2024-30. The market has been experiencing vigorous growth due to the rising demand for long-lasting and efficient fluids customized for electric vehicles. The main components within an electric vehicle are electric motors and battery systems, generate heat during operation. This has led to the development of new lubricants which have certain additives and dielectric properties that are suitable for the unique electric vehicle mechanics. As the market is continuously advancing, there is an extending emphasis on making more effective thermal cooling systems which are essential in supporting future market expansion and growth.
Moreover, the increased collaboration between major fluid suppliers and automotive Original Equipment Manufacturers has been set to drive the overall growth in the OEM segment.
Rising Inclination Towards Biodegradable & Bio-Based Lubricants and Fluids
In recent years, customers across the world have become more aware about their carbon footprint and moving towards sustainability. This is one of the reasons behind shifting towards bio-based products and reducing the usage of chemical lubricants. The biodegradable fluids are suitable for various components like inverters, batteries, and electric motors.
In addition, some of the top companies are capitalizing on this emerging bio-based products trend. As a result, these brands are constantly launching their bio-based and biodegradable fluids for numerous electric vehicles. Hence, the rising introduction of bio-fluids and bio-lubricants would continue to grab the attention of the customers, supporting the market growth.
Passenger Vehicle Segment leads the Global Fluid & Lubricants for Electric Vehicle Market
Based on the types of vehicles, the market is divided into mainly two categories of vehicles – Commercial vehicles and Passenger Vehicles. However, the passenger vehicle segment in the electric vehicle market holds a significant share due to its extensive customer acceptance and the high volume of sales in comparison to other types like – two wheelers or commercial vehicles. Moreover, there are several companies including Uber & Ola who are constantly including electric motorcars to their existing fleet size as a part of their corporate sustainability initiatives.
Additionally, numerous top manufacturers of electric vehicles are improving their production every year. As a result, it is generating demand of these products and helping in the reduction of cost per vehicle.
Major Players of the Global Fluid & Lubricants for Electric Vehicle Market
With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including – Total Lubricants, Royal Dutch Shell, Petronas, Panolin International Inc., Castrol, Lubrizol, PolySi Technologies Inc., Engineered Fluids, FUCHS, Motul, M&I Materials Limited, Klüber Lubrication, Infinium International, Dober, Afton Chemicals, Valvoline Inc., Exxon Mobil Corporation,
Recent Development of the Market
· In 2023, Valvoline Inc.,: Launched performance fluids to expand the life of the battery and provide protection to the active components of electric vehicles.
· In 2024, Lubrizol: declared a new low-SAPS heavy-duty lubricant technology that can be utilized for various viscosity profiles, and offers a higher level of performance.
Asia-Pacific Region Holds the Maximum Share of the Global Fluid & Lubricants for Electric Vehicle Industry
Globally, the Global Fluid & Lubricants for Electric Vehicle Market expands across- North America, Europe, South America, Asia-Pacific, and the Middle East & Africa. However, the Asia Pacific region is ruling the market with the largest share of the industry. The reason behind it is the shift towards cultural and environment-friendly lifestyle in order to reduce the CO2 emissions from rapidly growing cities and countries like China, Malaysia, and India. The increasing reality that sustainable transport solutions are crucial in both commercial and passenger vehicle sectors in the Asia-Pacific region is making electric vehicles more important in the region. As a result, the end-users are constantly purchasing and using electric vehicles such as cars and two-wheelers.
Moreover, the national governments in the regions have put initiatives to replace older vehicles which are less-efficient with green mobility solutions.
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