Fluid and Lubricants for Electric Vehicle Market Breakdown By Size, Share, Growth, Trends, and Industry Analysis
The Global Fluid and Lubricants for Electric Vehicle Market size is estimated to grow at a CAGR of around 30.4% during the forecast period, i.e., 2024-30.
MarkNtel Advisors recently published a detailed industry analysis of the Global Fluid and Lubricants for Electric Vehicle. The report covers growth trends, geographical marketing strategies, challenges, opportunities, and drivers influencing the market.
Global Fluid and Lubricants for Electric Vehicle Size, Share, and Trends Analysis Report – Industry Overview and Forecast to 2030
The Fluid and Lubricants for Electric Vehicle Market The Global Fluid and Lubricants for Electric Vehicle Market size is estimated to grow at a CAGR of around 30.4% during the forecast period, i.e., 2024-30.
What are the major Driver the Global Fluid and Lubricants for Electric Vehicle industry?
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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What segments define the Global Fluid and Lubricants for Electric Vehicle from 2024 to 2030? How do these segments contribute to market dynamics and growth?
- 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)
According to report, Among them, the passenger vehicle segment in the electric vehicle (EV) product category commands a significant market share due to its widespread consumer acceptance and the high volume of sales compared to other types such as commercial vehicles and two- or three-wheelers.
- 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)
According to report, Of them, the BEVs (Battery Electric Vehicles) segment holds a considerable market share due to the continuous rise in their sales and strong support from the companies.
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Geographical Analysis: Global Fluid and Lubricants for Electric Vehicle
- By Region
- North America
- South America
- Europe
- The Middle East & Africa
- Asia-Pacific
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Global Fluid and Lubricants for Electric Vehicle Share & Competitive Landscape:
The Fluid and Lubricants for Electric Vehicle Market is characterized by intense competition, with several key players driving growth through innovation, market expansion, and strategic investments. The competitive landscape provides valuable insights into the industry's leading companies, highlighting their strengths, financial performance, and market influence.
Leading Companies in the Global Fluid and Lubricants for Electric Vehicle are:
- 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
Global Fluid and Lubricants for Electric Vehicle Industry Recent Developments
- 2024: Lubrizol announced a new low-SAPS heavy-duty lubricant technology that can be used for multiple viscosity profiles, and provides a higher level of performance.
- 2023: Exxon Mobil Corporation: Announced setting up a lubricant manufacturing unit in India with an annual capacity to produce 1 million barrels of lubricants. This facility would be operational by 2025 and strengthen the presence of the company in India.
- 2023: Valvoline Inc.: Introduced performance fluids to extend the battery life & provide protection to the active components of the EVs.
Questions Addressed in this Study
1.What factors are driving the Global Fluid and Lubricants for Electric Vehicle growth?
2.How is the Global Fluid and Lubricants for Electric Vehicle expected to grow over the next five years?
3.What are the key insights into the current trends in the Global Fluid and Lubricants for Electric Vehicle?
4.What is the current size of the Global Fluid and Lubricants for Electric Vehicle, and how is it projected to change in the future?
6.What is the future outlook for the Global Fluid and Lubricants for Electric Vehicle in terms of technological advancements and market expansion?
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