Fluids And Lubricants for Electric Vehicles: 5 Major Factors that Can Drive the Growth of the Market
Considering that electric vehicles (EVs) do not require any engine oils or diesel and gasoline, many of oil producing companies are bound to face extinction. However, in the past few years, these companies have changed their business strategies toward developing and investing in electric vehicle applications for their products. An important observation made here was the steady change in demand for fluids in the electric vehicle industry.
The research study focuses on putting forward a clear picture of the current consumption and future growth potential of different electric vehicle fluids. Numerous leading automotive OEMs have partnered with fluid manufacturers to use their lubricants and coolants in their electric vehicles.
According to the market intelligence published on the fluids and lubricants market for electric vehicles by BIS Research, the market is expected to witness a CAGR of 18.66% during the forecast period 2019–2029. The market was estimated at $850.9 million in 2018.
There are five major factors that can boost the growth of the fluids and lubricants for electric vehicles:
· Need for Anti-Corrosion Properties in Electric Vehicle Batteries: Metal and its elements are a crucial part of the formation of electric vehicle battery systems. As these metals are unstable, they tend to react with their environment to create a more chemically stable form such as oxide, hydroxide, and sulfide through the process of corrosion. Corrosion in batteries can affect the aluminum current collector.
· Need to Increase the Driving Range of Electric Vehicles: Even though there has been a drastic increase in the EV driving range in recent years, there is a general perception that these vehicles would run out of battery and leave the passengers stranded. Commercial fleets are also reluctant toward the adoption of electric vehicles as range anxiety has led fleet owners to believe that EVs would lead to loss of productivity and increased maintenance costs.
· Immersive Cooling for Electric Vehicle Batteries: The utilization of liquid coolants for electric vehicles is increasing owing to their higher heat conductivity and heat storage capacity as compared to other methods such as air cooling. To ensure more uniform heat management, various companies are experimenting with implementing immersive cooling methods for electric vehicle batteries.
· Thermal Management in Electric Vehicles: Battery manufacturers and charging infrastructure providers often face various limitations due to the tendency of lithium-ion batteries to heat up. As modern electric vehicle batteries are becoming more energy-dense to increase the vehicle’s driving range, overheating of battery systems has become a major hurdle for battery manufacturers. Therefore, the need to develop ways to manage the thermal load in EVs is high on demand.
· Integrated Powertrain Units: The automotive industry has seen an advent of hybrid electric vehicles, and these vehicles have been the most popular variant of electric vehicles by propulsion type. One of the key strategies adopted by various transmission system suppliers has been to launch products with integrated transmission and motor for electric vehicles. This involves the combination of various components such as electric motor, clutches, gearbox, electro-hydraulics, and control unit. Conventional internal combustion engine fluids are not suitable for such integrated powertrain units as these fluids would be around the unit’s electrical components.
