According to a new study by MarkNtel Advisors the Global Fluid and Lubricants for Electric Vehicle Market is projected to grow at around 17.5% CAGR in the forecast years (2021-26).
The mounting inclination toward low emission mobility solutions entwined with governments in emerging & developed economies supporting long-range & zero-emission vehicles through subsidies & tax refunds has led to a rapid surge in the production & sales of Electric Vehicles (EVs) worldwide. It has further created the need for better EV fluids & lubricants for improved vehicle performance & driving experience.
Increasing investments by governments across the US, China, & Europe toward developing EV charging stations, coupled with various incentives offered to EV buyers, are the prime aspects expected to fuel the production & sales of EVs and, in turn, for E-Fluids, in the coming years.
Fastest Demand for Fluids & Lubricants among Passenger EVs Through 2026
Governments in countries like Canada, China, & Japan providing subsidies to EV buyers, rapidly increasing sales volume of EVs, particularly battery-based, and mounting initiatives & investments toward building EV charging infrastructures are the most prominent factors projected to create the fastest demand for fluids & lubricants among Passenger EVs.
Moreover, the soaring passenger vehicle electrification due to cheaper & more efficient batteries providing enhanced driving range, coupled with various auto manufacturers gradually putting a halt on technological developments in fuel-based vehicles, are also projected to augment the need for E-fluids in Passenger EVs during 2021-26, reveals MarkNtel Advisors in their research report, "Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021."
Asia-Pacific to Dominate the Global Fluid and Lubricants for Electric Vehicle Market Through 2026
The rapid & significant inclination in Asia-Pacific toward eco-friendly & sustainable living standards is primarily due to the rapidly increasing CO2 emissions across India, China, & Malaysia owing to the large population and widespread industrial activities in these countries. It has further led to the rapid adoption of green mobility options like electric cars & buses to minimize commuting costs & pollution levels.
In the region, the Chinese government is focusing increasingly on replacing obsolete vehicles with EVs, thereby surging the need for improved & high-performance fluids & lubricants. Moreover, the increasing EV sales in the country also attributes to the incredible facility of buying cars online and subsidies available for EV buyers, which further augments the overall market growth of EV fluids & lubricants.
On the other hand, India is expected to be the region’s fastest rising market in the coming years, owing to the various initiatives & policies taken by the government toward the adoption of EVs. With electric buses running across a few major cities in the country, stringent regulations on fuel efficiency & emissions, and increasing inclination of consumers toward EVs owing to the soaring awareness regarding the harmful effects of fossil fuels, there are numerous opportunities for the EV fluids & lubricants market in the years to come.
According to MarkNtel Advisors, the key players with a considerable share in the Global Fluid and Lubricants for Electric Vehicle Market 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