Growing Need to Improve the Driving Range of Electric Vehicles Responsible for the Growth of Global Fluids and Lubricants Market
The automotive industry is witnessing a massive transformation in terms of technological development as the sales of electric vehicles have increased significantly due to various factors such as rising environmental concerns, availability of technology, and growing demand. The increased sales of electric vehicles have led to various automotive OEMs focusing on designing enhanced and efficient electric vehicle models, which may gradually replace traditional (internal combustion engine) vehicles.
The battery technology in electric vehicles needs to be enhanced along with the overall functioning of the vehicle drivetrain. The development of advanced battery technology has led to a need for more efficient thermal management and vehicle component lubrication through enhanced electric vehicle fluids. Various coolants, lubricants, greases, and fluids are being developed especially for electric vehicles, which help optimize the functioning of EV components.
According to the market intelligence published by BIS Research, the global fluids and lubricants market for electric vehicles was estimated at $850.9 million in 2018. The market is anticipated to grow at a CAGR of 18.66% during the forecast period 2019–2029.
The growth of the market can be attributed to market drivers, including the growing need for anti-corrosion properties in electric vehicle batteries, increasing need to improve the driving range of electric vehicles, requirement of immersive cooling for electric vehicle batteries, and thermal management in electric vehicles, among others.
Based on the global fluids and lubricants market for electric vehicles by vehicle type (passenger vehicles and commercial vehicles), the commercial vehicle segment consists of light commercial vehicles, heavy trucks, and heavy buses. Government subsidies and increasing disposable income have played a crucial role in increasing the sales of electric vehicles.
The geographical analysis by BIS Research on the fluids market for electric vehicles with respect to different regions, namely North America, Europe, Asia-Pacific, and Rest-of-the-World (RoW), highlights the country-level analysis and market size of various EV fluid products in terms of volume and value. In 2018, the Asia-Pacific region and Japan dominated the market with maximum share.
