The Global Fluid and Lubricants for Electric Vehicle market is projected to grow at a rapid pace on account of the rising number of policy decisions to reduce the internal combustion engines (ICE) vehicles for public health reasons, the introduction of lubricant range for electric vehicles, and burgeoning demand for electric vehicles among various countries such as China and US. According to the International Energy Agency, the number of electric cars on the road would reach 125 million by 2030. Moreover, surging demand for thermal management and immersive cooling in electric vehicles and the extensive need for anti-corrosion properties in electric vehicle batteries are leading to a lucrative opportunity for the growth of the market in the forecast period.
According to MarkNtel Advisors’ research report titled “Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2020”, the Global Fluid and Lubricants for Electric Vehicle market is anticipated to grow at a CAGR of around 17.5% during 2021-26F. Based on Propulsion Type, Hybrid Electric Vehicles (HEVs) acquired a significant market share in 2019. The growth is attributed to rapid evolution in the technology of hybrid vehicles at a rapid rate, rise in government support of various countries by providing grants and tax rebates for hybrid vehicles along with strict regulatory standards for CO2 emission and bolstering demand for low or zero-emission vehicles.
“Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2020” provides comprehensive qualitative and quantitative insights on the industry potential, key factors impacting sales and purchase decisions, hotspots, and growth opportunities available for Fluid and Lubricants for Electric Vehicle providers across the globe. Moreover, the report also encompasses the key strategic imperatives for success for competitors along with strategic factorial indexing measuring competitor's capabilities on 16 parameters. This will help companies in the formulation of Go to Market Strategies and identifying the blue ocean for its offerings.
North America and Europe Acquired the Largest Market Share
North America and Europe acquired the largest market share in the Global Fluid and Lubricants for the Electric Vehicle market in 2019. This is due to a burgeoning demand for these lubricants, convenience and safety in vehicles, rising adoption of electric vehicle fluids, and increasing funding toward the development of hybrid and fully electric vehicles. Moreover, the surging trend of autonomous driving, burgeoning demand for various types of coolants and lubricants, and escalating inclination toward efficient electric vehicles are promulgating the growth of the market.
Asia-Pacific is expected to register the fastest growth over the forecast period. Increasing application areas for new fluids in an electric vehicle, rising government support toward electric vehicle purchases by providing subsidies, and the introduction of a wide range of fluids designed for battery electric vehicles are the factors anticipated to bolster the growth of the Fluid and Lubricants for Electric Vehicle Market in the forthcoming period as stated in MarkNtel Advisors’ research report “Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2020”.
According to MarkNtel Advisors, the key players with a considerable market share in the Global Fluid and Lubricants for 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, and Total Lubricants.
Key questions answered in the study: