Asia-Pacific Fluids and Lubricants for Electric Vehicles Market Report 2023: Market to Grow by $2,181 Million by 2031 at a CAGR of 32.9% - EV Developments to Play a Key Role
APAC Fluids and Lubricants Market
Dublin, Feb. 28, 2023 (GLOBE NEWSWIRE) -- The "APAC Fluids and Lubricants Market for Electric Vehicles - Regional Analysis: Focus on Application, Product, and Region - Analysis and Forecast, 2022-2031" report has been added to ResearchAndMarkets.com's offering.
The APAC fluids and lubricants market for electric vehicles is projected to reach $2,363.8 million by 2031 from $182.8 million in 2022, growing at a CAGR of 32.89% during the forecast period 2022-2031.
Lubricating an electric vehicle is very different from lubricating a conventional internal combustion (IC) engine vehicle. In IC engine vehicles, oils are used to decrease engine friction. These oils degrade gradually as they get contaminated with combustion gases and need regular replacement. The fluids required for electric vehicles would have exposure to high voltages and temperatures.
The fluids' longevity is also essential for lowering maintenance costs and increasing the marketability of electric vehicles. As electric vehicles have various power electronics components, the fluids must ensure the safety of such circuits and flow easily through different parts with lower viscosity.
Additionally, these fluids should have anti-corrosion properties. Surging growth in sales of electric-powered two-wheelers in India and Vietnam is expected to boost the market growth in upcoming years.
Market Lifecycle Stage
Fluids and lubricants for electric vehicles are in high demand due to the increasing number of applications for new fluids in electric vehicles. Various electric vehicle fluid and lubricant manufacturers are collaborating with different electric vehicle powertrain and battery technology providers to study and commercialize cooling technologies for batteries.
Additionally, government subsidies and infrastructure development aimed at promoting electric vehicles to reduce carbon dioxide emissions propel the APAC fluids and lubricants market for EVs.
Key Market Players and Competition Synopsis
Profiled companies have been selected based on inputs gathered from primary experts and analyzing company coverage, product portfolio, and market penetration.
The APAC Fluids and Lubricants Market for EVs has been segmented into different product types, among which Grease captured around 11.4% of the market as of 2021. The Thermal Fluids/Coolants segment accounted for around 18.5%, Drive System Fluids/Transmission Fluids segment accounted for 56.7%, and brake fluids accounted for 13.4% of the total demand in 2021 in terms of value.
Impact of COVID-19
COVID-19 had an immediate and significant impact on the APAC Fluids and Lubricants Market for EVs because of country-wide shutdowns of manufacturing sites, labor shortages, and disruptions in supply and demand chains globally, which distorted the market.
The lockdowns imposed by the governments significantly reduced raw material productivity due to a shortage of operations in many regions throughout the world. However, the market is anticipated to recover and is expected to rise substantially over the forecast period.
Application for fluids and lubricants for electric vehicles is mainly categorized into five vehicle types of EVs, i.e., two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles, and heavy commercial vehicles. Heavy commercial vehicles consist of heavy buses and heavy trucks.
Production and sales of passenger vehicles are anticipated to be higher than that of commercial vehicles, as more users are rapidly adopting EVs and exchanging their IC engine vehicles for EVs due to their cost efficiency and various government subsidies, among others. The passenger vehicles segment is expected to lead the market in the forecast period in Type B vehicle type, as the sales of electric passenger vehicles are anticipated to increase in the APAC region.
Three-wheelers are the prominent segment in the forecast period in Type A vehicle type, holding more than one-fifth of the total volume market share in Type A vehicle type. For year 2021, Passenger Vehicles segment dominated in the Vehicle Type B segment and Three-Wheelers segment dominated in the Vehicle Type A segment.
HEVs dominated the propulsion type segment in the APAC fluids and lubricants market for electric vehicles for year 2021. These vehicle types are two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles, and heavy commercial vehicles.
While HEV and PHEV models have been in the market for many years, the development of battery technology, along with government norms for increased vehicle efficiency, has led to an increase in the adoption of HEVs as they are powered solely by the battery systems in the vehicle.
The rise in the sales of HEVs makes them more crucial for automotive OEMs to ensure that the fluids in the EVs can optimize the thermal management and driving system. HEVs segment is expected to dominate the APAC fluids and lubricants market for electric vehicles in the forecast period.
The prominent fluids developed for application in electric vehicles are greases, thermal fluids, driver system fluids, and brake fluids. These fluids are applied in various components such as e-motors, battery systems, bearings, constant velocity joints, power electronics, gears, and the braking system of 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. These components have 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.
These specialized fluids are able to provide better thermal management properties than regular coolants to electric vehicle powertrain components. Drive system fluids are expected to be the largest segment since they are essential for electric vehicles to cool their electric powertrain components and increase their range. For year 2021, drive system fluids segment dominated the APAC fluids and lubricants market for EVs and also expected to be the predominant segment throughout the forecast period.
The APAC fluids and lubricants market for EVs encompasses two main types of distribution channels: OEMs and the aftermarket.
The OEMs channel is anticipated to dominate the APAC fluids and lubricants market for EVs in the forecast period, as most fluids have a very low replacement rate and increased production of electric vehicles.
As EV fluids technology evolves, the longevity and efficiency of these fluids in EVs also increase. Only a few EV fluids which might need to be replaced or changed due to vehicle servicing would be procured through the aftermarket. For year 2021, OEMs segment dominated the APAC fluids and lubricants market for EVs.
The demand for electric vehicle fluids varies according to various regions. For year 2021, Japan was the largest region in the APAC fluids and lubricants market for EVs due to an increase in the sales of hybrid electric vehicles (HEVs) in this country for the year. However, the India fluids and lubricants market for electric vehicles is expected to grow at a high growth rate during the forecast period (2022-2031).
As the sale of electric two-wheelers, three-wheelers, and passenger vehicles grow rapidly, the India fluids and lubricants market for electric vehicles is expected to grow at high rates. Japan is expected to dominate the APAC fluids and lubricants market for EVs in the forecast period.
No. of Pages
2022 - 2031
Estimated Market Value (USD) in 2022
Forecasted Market Value (USD) by 2031
Compound Annual Growth Rate
Key Companies Profiled
Type 1 Companies (Product Offerings): Private Companies
SK Lubricants Co., Ltd. (SK Inc.)
GS Caltex Corporation
Type 2 Companies (Product Offerings): Public Companies
Idemitsu Kosan Co., Ltd.
Exxon Mobil Corporation
ENEOS Corporation (ENEOS Holdings, Inc.)
The Lubrizol Corporation
Petroliam Nasional Berhad (PETRONAS)
Trends: Current and Future
Supply Chain Network/MAP
Supply and Demand Analysis
Profit Margin Analysis
Additives for Fluids in Electric Vehicle Batteries
Consortiums, Associations, and Regulatory Bodies
Government Programs and Initiatives
Need for Corrosion Resistant Solutions in the Electric Vehicle Batteries
Increasing Demand to Further Extend the Range of the Electric Vehicles
Rapid Adoption of Immersive Cooling for the Electric Vehicle Batteries
Improved Durability of Powertrain in Electric Vehicles
Increasing Demand for High-Performance Grease in HEVs
Growing Need for Enhanced Electrification Components
Rapid Increase in Electric Two-Wheelers and Three-Wheelers Fleet
Higher Cost of EV Fluids
Energy Efficiency Challenges
Developing Environment-Friendly Electric Vehicle Fluids
Lack of Optimized EV/HEVs Performance for Improving Thermal Conductivity
Inadequate EV Charging Infrastructure
Mergers and Acquisitions
Partnerships, Collaborations, Joint Ventures, and Alliances
Coolants for EV Electronics and Charging Port Cables
Growing Trend for Development of Autonomous Vehicles
Stringent Regulations by Government Bodies for Sustainable EV Environment
For more information about this report visit https://www.researchandmarkets.com/r/atlz2d-fluids-and?w=12
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