Author: Vikas Kumar
21 June 2024
According to a new report by Univdatos Market Insights, the Electric Vehicle Fluids Market globally is expected to reach USD 7,032.01 Million in 2030 by growing at a CAGR of 36.49%. The major factors contributing to the growth of the market are the burgeoning adoption of electric vehicles, the development of dedicated lubricants and fluids for electric vehicles and formalizing regulatory standards.
Introduction
As global electric vehicle (EV) adoption accelerates, crucial adjacent markets enabling this mobility transformation are rapidly evolving in tandem. EV fluids represent one critical subsystem projected for exponential growth amid dynamic technological and regulatory catalysts. The prolific rise of electric vehicles globally has spurred demand for engineered fluids that can withstand the rigors of high-voltage EV hardware. Conventional internal combustion engine oils lack suitable dielectric properties and heat dissipation abilities for EV thermal management systems. Similarly, traditional brake fluids fall short of meeting the demands of regenerative braking components over longevity milestones. These structural limitations have been the genesis for pioneering R&D around devising bespoke EV fluids aligned to underlying powertrain paradigms. As EV penetration accelerates two-fold by 2025, volume prospects for these ancillary fluid markets look equally scintillating. For instance, in 2022, according to the report published by the International Energy Agency, the total number of cumulative vehicles sold in the year 2021 was 21.1 million units, which increased to 27.5 million units in 2022. Furthermore, rapid urbanization has led to an increased demand for mobility, with consumers relying on passenger vehicles for commuting and practical purposes in urban areas. The availability of convenient financing options, such as loans and leasing, has also contributed to the affordability of vehicles for consumers, thereby driving the growth of both the passenger and commercial vehicle sectors.
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Micro Factors Driving the Electric Vehicle Fluids Market
Battery Thermal Management Systems (BTMS)
One of the primary micro factors driving the electric vehicle fluids market is the need for effective BTMS. As EV battery packs operate optimally within a specific temperature range, thermal management becomes critical. Various fluids, such as coolants and refrigerants, are used to regulate battery temperature, ensure safe operation, and optimize battery life.
Leading EV manufacturers, such as Tesla, Ford, Nissan, and BMW, prioritize BTMS solutions to enhance battery performance, range, and overall vehicle safety. According to Tesla’s, their advancements in fluid-based thermal management systems have contributed to increased efficiency and extended battery life. For instance, in February 2023, Ford Motor made an announcement regarding its intention to construct a USD 3.5 billion electric-vehicle battery factory in Michigan. This factory will utilize technology licensed from a prominent Chinese company called CATL, which has established itself as a key player in the automotive industry. The chosen location for the plant is Marshall, a rural town situated approximately 100 miles west of Detroit. Ford anticipates employing around 2,500 individuals at the facility and commencing production in 2026.
Lubrication for Electric Powertrains
Electric powertrains are replacing traditional internal combustion engines (ICEs) in electric vehicles (EVs). To enhance the longevity of electric powertrain components like gears, bearings, and clutches, efficient lubrication systems are crucial in reducing friction. Specialized fluids, such as electric motor oils and greases, have been specifically designed to meet the unique requirements of these powertrains, ensuring optimal performance.
Leading lubricant manufacturers, such as Shell and ExxonMobil, have actively engaged in developing advanced lubrication solutions tailored for electric powertrains. For instance, ExxonMobil expanding electric vehicle product offerings now & into the future. The ExxonMobil 2021 Outlook for Energy predicts that by 2050, plug-in hybrids, battery electric and fuel cell vehicles will grow to ~40% of the global vehicle fleet and more than 50% of new cars sold. ExxonMobil is committed to delivering solutions to help extend vehicle range and promote safe, efficient vehicle performance. Innovative approaches to engineering are critical to meet the electric vehicle needs of tomorrow, which is why ExxonMobil is expanding the Mobil EV™ offer leveraging the new SpectraSyn™ MaX PAO platform. These manufacturers have made significant investments in research and development to formulate fluids that offer higher thermal stability, improved energy efficiency, and prolonged lifespan for critical EV components.
Additionally, as the adoption of EVs continues to accelerate, there is a significant opportunity for companies to develop advanced fluid formulations specifically designed for the unique demands of EV systems. These formulations must consider factors like lower friction coefficients and compatibility with electric powertrain materials.
Innovations in fluid additives, such as nanoparticles that improve heat transfer properties or reduce wear and tear, will play a crucial role in optimizing electric vehicle performance and efficiency. Furthermore, with the increasing focus on sustainability, the electric vehicle fluids market is witnessing a paradigm shift towards eco-friendly and recyclable solutions. Companies that adopt greener manufacturing practices or promote fluid recycling programs will gain a competitive edge in the market.
Conclusion
Electric vehicle fluids, which include thermal management systems and lubrication for electric powertrains, are essential elements for the smooth functioning of EVs. The combination of small-scale factors such as efficient BTMS and well-optimized lubrication, as well as large-scale factors like government regulations and the increasing market presence of EVs, drives the growth of the global electric vehicle fluids market. By seizing upcoming prospects, such as developing innovative fluid formulations and implementing sustainability initiatives, companies engaged in the manufacturing of electric vehicle fluids will have a significant impact on shaping the future of transportation and accelerating the shift towards a more environmentally friendly world.
Key Offerings of the Report
Market Size, Trends, & Forecast by Revenue | 2023−2030.
Market Dynamics – Leading Trends, Growth Drivers, Restraints, and Investment Opportunities
Market Segmentation – A detailed analysis by Product Type, and by Propulsion Type, and by Vehicle Type
Competitive Landscape – Top Key Vendors and Other Prominent Vendors
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