Market Insights
As per recent research by MarkNtel Advisors, The Fluid and Lubricants for Electric Vehicle Market size is projected to grow at a CAGR of around 30.4% during the forecast period, i.e., 2024-30.
Global Fluid and Lubricants for Electric Vehicle Market Driver:
Expansion of Electric Vehicle Manufacturing Units to Boost Market Growth – Over the past few years, the adoption of electric automobiles increased substantially owing to the growing greenhouse emissions & the incentives provided for the purchase of electric automobiles. As per the statistics by the IEA, global electric car sales in 2023 reached around 14 million, an increase of about 35% compared to 2022. This mounting electric vehicle demand is necessitating the top companies to ramp up their production capabilities and expand their manufacturing units. Thus, generating a demand for the necessary fluids & lubricants directly from the original equipment manufacturers and enlarging the market size.
Further, authorities across the globe are also easing corporate taxes & providing favorable business environments. Owing to this, several market players are actively constructing their EV manufacturing units. In 2023, PMI Electro announced to setting up of a commercial EV manufacturing plant in Maharashtra, India. These rising establishment of EV production units would continue to boost the demand for Fluids, engine oils, and other lubricants, uplifting the market growth in the forthcoming years.
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Market Segmentation and Consumer Behavior:
By Product Type
- Engine Oil- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Greases- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Heat Transfer Fluid- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Coolants- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Others (Transmission Fluids, Brake Fluids, etc.) – Market Size & Forecast 2019-2030F, (Thousand Tons)
By Demand Type
- OEM- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Aftermarket- Market Size & Forecast 2019-2030F, (Thousand Tons)
By Vehicle Type
- Passenger Vehicle – Market Size & Forecast 2019-2030F, (Thousand Tons)
- Commercial Vehicle- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Light Commercial Vehicle- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Medium & Heavy Commercial Vehicle- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Others (Two-Wheeler Vehicle, Three-Wheeler Vehicle, etc.)- Market Size & Forecast 2019-2030F, (Thousand Tons)
By Propulsion Type
- Battery Electric Vehicles (BEVs)- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Hybrid Electric Vehicles (HEVs)- Market Size & Forecast 2019-2030F, (Thousand Tons)
- Plug-In Hybrid Electric Vehicles (PHEVs)- Market Size & Forecast 2019-2030F, (Thousand Tons)
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Fluid and Lubricants for Electric Vehicle Market Geographical Analysis:
By Region:
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
Key Players and Competitive Strategies in the Fluid and Lubricants for Electric Vehicle Market
Several prominent players dominate the Fluid and Lubricants for Electric Vehicle Market, including:
- 3M
- Exxon Mobil Corporation
- Valvoline Inc.
- Afton Chemicals
- Dober
- Infinium International
- Klüber Lubrication
- M&I Materials Limited
- Motul
- FUCHS
- Engineered Fluids
- PolySi Technologies Inc.
- Lubrizol
- Castrol
- Panolin International Inc.
- Petronas
- Royal Dutch Shell
- Total Lubricants
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Questions Addressed in this Study
1.What factors are driving the Fluid and Lubricants for Electric Vehicle Market growth?
2.How is the Fluid and Lubricants for Electric Vehicle Market expected to grow over the next five years?
3.What are the key insights into the current trends in the Fluid and Lubricants for Electric Vehicle Market?
4.What is the current size of the Fluid and Lubricants for Electric Vehicle Market, and how is it projected to change in the future?
5.What is the future outlook for the Fluid and Lubricants for Electric Vehicle Market in terms of technological advancements and market expansion?
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