Global Electric Vehicle Lubricants Market: By Motor Type (DC Series Motor, Brushless DC Motor (Out-runner type BLDC Motor & In-runner type BLDC Motor), Three Phase AC Induction Motor, Switched Reluctance Motors (SRM), Permanent Magnet Synchronous Motor (PMSM)), By Application (Driveline, Battery Coolant, and Grease), By Vehicle Type (Passenger Car, Commercial Vehicle, and 2-3-Wheeler), By Vehicle Segment (Economy, Low, Medium, Luxury), By Region (North America, South America, Western & Eastern Europe, Asia Pacific, Middle East & Africa, and Rest of the World) Opportunities & Forecast 2020-2026
Electric vehicles (EVs) presently have only a 5% total share of the global automobile market. China has the highest number of electric vehicles compared to the rest of the countries altogether. The initiatives towards saving the earth from noise & air pollution and strict government rules & regulations comprehend vehicle emissions are the prime growth factors for the electric vehicle (EV) market. Electric Vehicle motor requires a different type of lubricant for their functioning as there is no fuel combustion. EV’s maintenance is very less as the lubrication process is not frequent compared to traditional internal combustion engines. The lubricant/fluid market will not continue like current standards and the automotive & transportation industry shareholders have to evolve a completely new type of lubricant to fulfill the requirements of this growing BEV market segment.
Advanced vehicle technology calls for advanced lubrication (Fluids). For centuries, lubricant manufacturers have been engaged with obtaining more enhanced fuel efficiency from internal combustion engines (ICE) and improving fuel efficiency during regular oil changes. Electric Vehicles showcased an advanced level of challenges to the EV powertrain system that generally operates on more than 40 types of lubricants. BEVs need a special sort of fluid/grease that maintains the temperature of the motor and lubricates the components.
According to Pheonix Research, Global Electric Vehicle Lubricants Market is anticipated to grow during 2020-2026. The total sales of electric vehicles in 2018 were 2.1 Million units and in 2019 EVs volume is evaluated at ~2.3 Million units. BEVs have risen by 85% in H2 2019 YOY and now EV sales are setting new pace globally. The market size of EV lubricants will be directly proportional to the volume of new EVs sold, specifically BEVs, and the statistics of high-voltage components.
Major Players in the EV Lubricant market are Castrol Limited, Total S.A., Valvoline Inc., Royal Dutch Shell PLC, Lubrizol Corporation, FUCHS Lubricants, Petronas Nasional Bhd, ExxonMobil Corporation
Key Figures & Market Facts
1. Global EV lubricant market forecast and size for 2020-2026 in $Million.
2. Strategic trends, current opportunities, growth drivers & restraints in the electric vehicle fluid market.
3. General fluid Application in BEVs across multiple domains.
4. Current research and development in the EV fluid industry?
5. What is the latest news, key developments, mergers, and acquisitions?
6. The competitive landscape of the EV lubricants/fluid market will develop in the coming 5 years.
Markets Covered
By Motor Type
• DC Series Motor
• Brushless DC Motor
○ Out-runner type BLDC Motor
○ In-runner type BLDC Motor
• Three-phase AC Induction Motor
• Switched Reluctance Motors (SRM)
• Permanent Magnet Synchronous Motor (PMSM)
By Application
• Driveline
• Battery Coolant
• Grease
By Vehicle Type
• Passenger Car
• Commercial Vehicle
• 2-3-Wheeler
By Vehicle Segment
• Economy
• Low
• Medium
• Luxury
By Region
• North America
• South America
• Western & Eastern Europe
• Asia Pacific
• Middle East
• Africa
• Rest of the World (ROW)