Written by APAC fluids and lubricants for electric vehicles market overview
The APAC fluids and lubricants market for electric vehicles is estimated to reach $2,363.8 million in 2031, reveals the premium market intelligence study by CRI Report. The study also highlights that the market is set to witness a CAGR of 32.89% during the forecast period 2022-2031.
The APAC fluids and lubricants market for electric vehicles is emerging with rising demand for EVs. With the need for enhanced performance of EVs, fluids and lubricants play a vital role in an electric vehicle. Electric vehicle fluids are essential to use in the drive system as they help to boost performance and enhance the driving experience of an electric car. To maintain the performance of an electric car, periodic lubrication is necessary. On account of this, demand for aftermarket EV fluids and lubricants is expected to increase substantially in the upcoming years. For the efficient operation of the battery thermal management system in an electric vehicle, thermal EV fluids are obligatory to use in an electric vehicle. Ongoing research and development activities to improve the battery performance of an electric vehicle are expected to push product development activities in the APAC fluids and lubricants market for electric vehicles.
USP of the Report
• A dedicated section focusing on the current and futuristic trends adopted by the key players operating in the APAC fluids and lubricants market for EVs
• Extensive competitive benchmarking of 15 players offering a holistic view of the APAC fluids and lubricants market for EVs landscape
• Qualitative and quantitative analysis of the APAC fluids and lubricants market for EVs at the region and country level and granularity based on application and product segments
Analyst Perspective
According to Dhrubajyoti Narayan, Principal Analyst, CRI Report, “The demand for fluids and lubricants in EVs are anticipated to grow with the increase in electric vehicle sales. Since electric vehicles do not require engine oil, many Internal Combustion Engine vehicle fluids and lubricants manufacturing companies are diversifying their product portfolios to meet EV requirements. In the past few years, the companies have changed their business strategies toward developing and investing in electric vehicle applications and their products. An important observation was the steady change in demand for fluids and lubricants in the electric vehicle industry. Surging growth in sales of electric-powered two-wheelers in India and Vietnam is expected to boost the market growth in upcoming years. The increasing fleet of electric vehicles may have an optimistic impact on the aftermarket segment of the APAC fluids and lubricants market for EVs.”
Key Companies Operating in The Market
Players in the APAC fluids and lubricants market for EVs analyzed and profiled in the study include vehicle manufacturers that capture the maximum share of the market. Moreover, a detailed competitive benchmarking of the players operating in the APAC fluids and lubricants market for EVs has been done to help the readers understand how players compete against each other, presenting a clear market landscape. Additionally, comprehensive competitive strategies such as partnerships, agreements, collaborations, and mergers and acquisitions are expected to aid the readers in understanding the untapped revenue pockets in the market.
The key players profiled in the report include SK Lubricants Co., Ltd. (SK Inc.), GS Caltex Corporation, S-OIL CORPORATION, Klüber Lubrication, Panolin AG, Idemitsu Kosan Co., Ltd., Exxon Mobil Corporation, Repsol SA, ENEOS Corporation (ENEOS Holdings, Inc.), The Lubrizol Corporation, Petroliam Nasional Berhad (PETRONAS), Shell plc, TotalEnergies SE, Valvoline Inc., and FUCHS.
Key Questions Answered in the Report
• What are the key drivers and challenges in the APAC fluids and lubricants market for electric vehicles?
• How does the supply chain function in the APAC fluids and lubricants market for electric vehicles?
• What are the latest developments in various countries across the APAC region for the development of the APAC fluids and lubricants market for electric vehicles?
• Which EV fluid type segment is expected to witness the maximum demand growth in the APAC fluids and lubricants market for electric vehicles, including two-wheelers and three-wheelers, during 2022-2031?
• Which are the key application areas for which different fluid types may experience high demand during the forecasted period 2022-2031?