Fluid and Lubricants for Electric Vehicles to Experience 30.4% CAGR Growth (2024-2030)

Posted by Ashina G.
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Jan 27, 2025
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The Global Fluid and Lubricants for Electric Vehicle Market is anticipated to grow at a CAGR of about 30.4% during the forecast period of 2024-30, cites MarkNtel Advisors in the recent research report. The Global Fluid and Lubricants for Electric Vehicle Market has been experiencing high demand for fluids that offer high efficiency and are long-lasting. Particularly during operation, these electric vehicles suffer a huge temperature rise in various active components, such as battery systems and electric motors. This has prompted the demand for specialized lubricants with certain additives and dielectric properties. Thus, the top companies are actively developing lubricants that meet the specific requirements of electric vehicles. The manufacturers are launching greases, heat transfer fluids, drive system fluids, and brake fluids to achieve the highest level of optimization in EVs. This, in turn, is gaining the attention of the consumers & enlarging the market size.

Further, the automotive companies and major fluid and lubricants for EV suppliers are working together. These partnerships are helping in designing & developing specialized fluids for electric vehicles to improve the driving experience for the customers. Additionally, developing countries are ramping up electric vehicle production due to the global push for electric mobility. This will likely drive demand for electric vehicle lubricants in the years to come.

Furthermore, Government support for environmental protection and the shift towards sustainable transportation, including electric vehicles would continue to increase the sales of EVs across the globe. As electric vehicles gain popularity, the need for fluids & lubricants that improve their performance and longevity would also increase, leading to a promising outlook for the electric vehicle fluid industry, further states the research report, “Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2024.”

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Segmentation Analysis

Passenger Vehicle Segment Holds a Major Market Share

Based on the vehicle type, the market is further bifurcated into passenger vehicle, commercial vehicle, and others (Two-wheeler vehicles, three-wheeler vehicles, etc.). Among all categories of EVs, passenger vehicle leads the market. Several regions have been witnessing a spike in oil prices. As a result, individuals have been shifting towards electric cars for their transportation. Along with this, the ride-hailing companies are also working towards achieving corporate sustainability goals. As a result, they are adding electric cars to their fleets. These rental cars travel wide distances daily, therefore, there is a dire need for an adequate lubricant to ensure the smooth functioning of the vehicle.

Thus, with the rise in extensive utilization of electric cars for intercity & intracity travel, the demand for fluids and lubricants would also continue to rise, even during the forthcoming years.

Asia Pacific Leads the Fluid & Lubricants for Electric Vehicle Industry

Geographically, Asia-Pacific holds a substantial market share owing to the presence of top manufacturers in the country & higher EV adoption rates. The increasing consciousness of the environmental consequences, as well as concerns about CO2 emissions in Asia-Pacific countries, such as India, China, and Malaysia, is also a prominent factor leading to the EVs adoption. Along with this, governing bodies and non-profit organizations are providing individuals with subsidies & tax incentives, which would continue to boost the sales of electric automobiles and generate the requirement for lubricants & fluids.

Further, the efforts of the authorities to phase out old, inefficient vehicles and opt for greener mobility solutions. This transition fuels the demand for advanced fluids and lubricants for these environmentally friendly vehicles. Along with this, the authorities are laying policies and creating a favorable business environment with their countries to encourage the top EV manufacturing companies to set up their production units. This increasing establishment of EV production units would generate the demand for lubricants & fluids directly from the Original Equipment Manufacturers (OEM), accentuating market growth.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market companies, including 3M, Exxon Mobil Corporation, Valvoline Inc., Afton Chemicals, Dober, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Motul, FUCHS, Engineered Fluids, PolySi Technologies Inc., Lubrizol, Castrol, Panolin International Inc., Petronas, Royal Dutch Shell, Total Lubricants, and others are looking forward to strengthening their market positions.

Browse Full Report [TOC and Description Include] – https://www.marknteladvisors.com/research-library/global-fluid-and-lubricants-for-electric-vehicle-market.html

Key Questions Answered in the Research Report

  1. What are the industry’s overall statistics or estimates (Overview, Market Size- By Value, Forecast Numbers, Segmentation, Market Shares)?
  2. What are the market trends influencing the current scenario of the market?
  3. What key factors would propel and impede the industry across the regions?
  4. How has the industry been evolving in terms of geography & product adoption?
  5. How has the competition been shaping up across the globe?
  6. How have the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
  7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?

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