DUBLIN--(BUSINESS WIRE)--The "Fluids and Lubricants Market for Electric Vehicles - Global and Regional Analysis: Focus on Product Types and Their Applications, Vehicle Type, Propulsion Type, Distribution Channel, and Countries - Analysis and Forecast, 2019-2029" report has been added to ResearchAndMarkets.com's offering.
According to this report the global fluids and lubricants market for electric vehicles (EV) is expected to create an annual revenue opportunity of $5.7 billion by 2029.
With an expected rise in the demand for electric vehicles, automotive OEMs have put in motion ambitious plans to introduce new EV models into their target markets. Companies across the traditional automotive supply chain are looking for ways to maintain their relevance in this fast-changing automotive industry. Further, leading lubricant manufacturers and oil & gas companies, to stay relevant in this industry, are planning to introduce fluids and lubricants for electric vehicles.
The growth in the global fluids market for electric vehicles is attributable to the rising demand for efficient and durable fluids for electric vehicles. Generally, various components of an electric vehicle generate a lot of heat during the operation of the vehicle, such as the battery system and the e-motors. This has further led to the need for better thermal management in these vehicles. The new EV fluids have added additives and dielectric properties which makes them suitable for application in electric vehicle components.
The major factor hindering market growth are certain technical challenges, such as higher cost and the viability of developing immersion cooling battery systems.
The global fluids market for electric vehicles accounted for $850.9 million in 2018 and is expected to reach $5.74 billion by 2029. The market is anticipated to grow at a CAGR of 18.66% during the forecast period 2019 to 2029. The increasing application areas for new fluids in an electric vehicle have led to the surging demand for various types of coolants and lubricants. Automotive OEMs have partnered with various fluid providers for sourcing fluids for their electric vehicles to improve the driving experience, which in turn, can increase the electric vehicle sales, which is expected to drive the market growth during the forecast period.
- Need for Anti-Corrosion Properties in Electric Vehicle Batteries
- Need to Increase the Driving Range of Electric Vehicles
- Immersive Cooling for Electric Vehicle Batteries
- Thermal Management in Electric Vehicles
- Integrated Powertrain Units
- Utilization in Formula E-Motor Sports
- Higher Cost of EV Fluids
- Changes Required to be Made in the Construction of EV Batteries
- Increasing Demand for ADAS Standards in Modern Vehicles
- Increasing Demand for Convenience and Safety in Vehicles
- Growing Trend for Development of Autonomous Vehicles
Key Questions Answered in this Report:
- What are the key drivers and challenges in the fluids market for electric vehicles?
- How does the supply chain function in the global fluids market for electric vehicles?
- Which EV fluid type segment is expected to witness the maximum demand growth in the global fluids market for electric vehicles during 2019-2029?
- Which are the key application areas for which different fluid types experienced high demand during the forecast period, 2019-2029?
- Which are the players that are catering to the demand for different EV fluids?
- What are the strategies adopted by market players involved in the global fluids market for electric vehicles?
- What are the key offerings of the prominent companies in the market for fluids for electric vehicles?
- Which regions and countries are leading in terms of consumption of global fluids market for electric vehicles, and which of them are expected to witness high demand growth from 2019 to 2029?
- What are the new application areas for EV fluids?
- What are the key attributes of consumers in various regions for EV fluids?
- How is the market landscape for fluid manufacturers expected to be formed for electric vehicles?
- Afton Chemicals
- Engineered Fluids
- Infineum International Limited
- Kluber Lubrication
- M&I Materials Limited
- PANOLIN International Inc.
- Exxon Mobil Corporation
- PolySi Technologies Inc.
- Royal Dutch Shell
- Total Lubricants
- Valvoline Inc.
For more information about this report visit https://www.researchandmarkets.com/r/iqtwhn