The fluids and lubricants market for electric vehicles was estimated to be at $1,387.7 million in 2021, which is expected to grow with a CAGR of 28.81% and reach $17,412.9 million by 2031. The growth in the fluids and lubricants market for electric vehicles is expected to be driven by increasing sales of electric vehicles around the world.
Read Report Overview: Fluids and Lubricants Market for Electric Vehicles
The fluids and lubricants market for electric vehicles is at an early stage and is growing swiftly. Ongoing research and development activities in manufacturing efficient, anti-wear, and optimal temperature fluids are expected to boost key market development activities.
The fluids and lubricants market for electric vehicles is in the growth phase. A growing fleet of electric vehicles (EVs) is consuming more and more EV fluids. As a result, the fluids and lubricants market for electric vehicles is expected to flourish in the forecast period 2022–2031.
Impact of COVID-19
The COVID-19 pandemic impact on the fluids and lubricants market for electric vehicles has been negligible. Despite the pandemic, there was a slight increase in electric vehicle fluids and lubricants consumption. COVID-19 has enhanced awareness of the environment. Because of this, more and more people are planning to purchase sustainable vehicles. This will propel the fluids and lubricants market for electric vehicles.
Recent Developments in Fluids and Lubricants Market for Electric Vehicles
· In March 2022, Afton invested approximately $400 million in the Singapore chemical additive manufacturing facility under phase 3 expansion to expand its GPA blending capabilities.
· In November 2021, the FUCHS Group unveiled a new design for automotive lubricants that features improved orientation, handling, and resource conservation.
· In September 2021, Infineum International Ltd announced the launch of a broad portfolio of dedicated e-mobility fluids, covering all of the major hybrid and full battery electric vehicle models.
· In February 2020, Kluber Lubrication launched specialty lubes for EVs.
· In November 2021, Petronas unveiled its next-generation range of electric vehicle fluid solutions at its Global Research & Technology Centre in Turin, Italy.
Product/Innovation Strategy: The product segment helps the reader understand the different types of electric vehicle fluids and lubricants products available based on propulsion type (battery electric vehicles (BEVs), hybrid electric vehicles (HEVs), and plug-in hybrid electric vehicles (PHEVs)), vehicle type (passenger vehicles, light commercial vehicles, and heavy commercial vehicles), product type (thermal fluid, drive system fluid, brake fluid, and grease), and distribution channel (OEMs and aftermarket). Increasing demand for cooling of batteries and high-temperature parts in electric vehicles pushing consumption of electric vehicle fluids and lubricants. Therefore, the fluids and lubricants market for electric vehicles business is a high-investment and high-revenue generating model.
Growth/Marketing Strategy: The fluids and lubricants market for electric vehicles is an exponentially growing market holding enormous opportunities for the market players. Some of the strategies covered in this segment are product launches, partnerships and collaborations, business expansions, and investments. The companies’ preferred strategy has been product launches, partnerships, and collaborations to strengthen their positions in the global fluids and lubricants market for electric vehicles.
Key Market Players and Competition Synopsis
The companies that are profiled have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
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Public companies are leading in the fluids and lubricants market for electric vehicles. For base year 2021, Private companies in the market capture around 5% of the market share, whereas public companies in the market capture around 95% of the market share in the global fluids and lubricants market for electric vehicles.
