Global Fluid and Lubricants for Electric Vehicle Market Analysis, Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast 2021


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Oct 19, 2021, 06:18 EST


Shibuya-ku, Tokyo, Japan, Japan, Oct 19, 2021, 06:18 /Comserve / -- Global Fluid and Lubricants for Electric Vehicle Market - The emergence of Electric Vehicles (EVs) & Hybrids has led to a profound shift in the automotive industry globally.

With COVID-19 resulting in the economic fallout, numerous economies are working on game-changing improvements to protect their employees and clients. While focusing on the ongoing challenges, the leaders are embracing new plans in order to manage and stay afloat in this competitive environment. 

Global Fluid and Lubricants for Electric Vehicle Market - The emergence of Electric Vehicles (EVs) & Hybrids has led to a profound shift in the automotive industry globally. With more power and improved battery ranges & charging speeds in EVs, standard fluids no longer can maintain their heat resistance, robustness, safety, & cooling capacity effectively. Like other vehicles, EVs also require lubricants that can meet the specific requirements of their powertrains. Hence, the leading companies in the industry are striving to engineer EV-only fluids & lubricants with dielectric characteristics, material protection & thermal properties, and standard lubrication.

According to MarkNtel Advisors, the Global Fluid and Lubricants for Electric Vehicle Market is anticipated to grow at around 17.5% CAGR during the forecast period, i.e., 2021-26. The market growth primarily attributes to the rising inclination of consumers toward EVs as they are eco-friendly, sustainable, & help curb CO2 emissions, coupled with the burgeoning need for durable fluids for EVs and the introduction of various types of coolants & lubricants.

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The Final Report will cover the impact analysis of COVID-19 on this industry: Global Fluid and Lubricants for Electric Vehicle Market Analysis, Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast 2021

Covid-19 Impact on Global Fluid and Lubricants for Electric Vehicle Market
In 2020, the global impact of COVID-19 on the automotive sector was tremendous & unprecedented, and EVs witnessed a continuous demand drop across all regions amid the crisis due to stringent movement restrictions & lockdown imposed by governments worldwide to curb the virus spread. It led to the closure of several manufacturing units and caused cross-border trade restrictions, which impacted exports & imports of goods & services and resulted in massive revenue losses.

However, with the upliftment of lockdown in most countries, the market dynamics changed, and improved sales volume of all types of EVs, particularly of BEVs & HEVs, were observed. The upcoming years are expected to be the most optimistic ones for the EV sector, with various OEMs launching new models, which, in turn, would fuel the production & purchases of fluids & lubes required for EVs, too. Moreover, the strong support of the governments of member countries for vehicle electrification entwined with the declining battery prices is also likely to boost the market in the years to come.

Demand for Fluids & Lubricants for Passenger EVs to Attain the Highest CAGR Through 2026
The Global Fluid and Lubricants for Electric Vehicle Market, based on Vehicle Type, bifurcates into Passenger Vehicle & Commercial Vehicle. The rising government initiatives to provide subsidies for Passenger EVs in countries, including Canada, China, & Japan, the rapidly increasing penetration of EVs into the automotive industry, overall growing sales volume, especially the battery-based ones, and bolstering investment in EV charging solutions are the most prominent factors projected to create the fastest demand for fluids & lubricants among Passenger EVs.

Fill This Form and get the Sample Copy of This Report: https://www.sdki.jp/sample-request-115333
The Final Report will cover the impact analysis of COVID-19 on this industry: Global Fluid and Lubricants for Electric Vehicle Market Analysis, Insights by Emerging Trends, Future Growth, Revenue Analysis, Demand Forecast 2021

Moreover, the high degree of passenger vehicle electrification worldwide, i.e., mainly driven by cheaper & more efficient batteries providing more driving range, surging number of policies to extradite ICE vehicles considering public health, and various automakers planning to put a halt on technological advancements in ICE vehicles are also likely to augment the use of fluid & lubes in Passenger EVs in the future years, further states the research report, “Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021.”

BEVs do not have an ICE (Internal Combustion Engine), i.e., they are pollution-free & have less vehicle noise, and involve low running costs. Hence, their demand has been substantial so far, and the same trend is likely to be followed in the coming years, which, in turn, would further add to the market size.

On the other hand, PHEVs are expected to witness the highest growth rate during 2021-26 due to the growing requirements for low emission vehicles, increased investments in PHEV production by EV manufacturers entwined with various initiatives by governments across the emerging & developed economies to promote using Plug-in HEVs.

Asia-Pacific to Dominate the Global Market with Largest Share During 2021-26
The Global Fluid and Lubricants for Electric Vehicle Market expands across North America, South America, Asia-Pacific, Europe, & Middle East & Africa. Of them all, Asia-Pacific shows more potential of dominating the market with the largest share during 2021-26. It primarily owes to the rising shift of consumers toward environmentally-friendly lifestyles due to the alarming rate of CO2 emissions triggered by developing countries like India, China, & Malaysia due to overpopulation and extensive industrial activities. It has induced the need for sustainable mobility options like EVs in the region across both the passenger & commercial segments to curb pollution levels and reduce vehicle running costs.

In the region, China is the largest market of fluids & lubricants. The rising focus of the Chinese government on discarding aging vehicles is leading to the surging inclination toward green mobility options and improved & high-performance fluids & lubricants across the country. Moreover, the favorable policies by Chinese authorities and the facility to purchase cars online entwined with subsidies for EV buyers have also ramped up EV sales in the country, which has further augmented the production & sales of fluids & lubricants.

On the other hand, India is expected to become the region's fastest-growing EV market in the coming years. The country's new vehicle scrappage policy in which owners who scrap their old vehicles and plan to buy a new one will get incentives, coupled with other upcoming policies, is leading to the rapid adoption of EVs by consumers. Hence, with the rising EV sales and favorable government norms, the demand for fluids & lubricants is likely to propel significantly in India during 2021-26, further states the research report, "Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2021."

Competitive Landscape
According to MarkNtel Advisors, the key industry leaders with a considerable share in the Global Fluid and Lubricants for Electric Vehicle Market include 3M, Exxon Mobil Corporation, Valvoline Inc., Afton Chemicals, Dober, Infineum International Limited, Klüber Lubrication, M&I Materials Limited, Motul, FUCHS, Engineered Fluids, PolySi Technologies Inc., Lubrizol, Castrol, Panolin International Inc., Petronas, Royal Dutch Shell, Total Lubricants, etc.

Key Questions Answered in the Market Research Report:
1. What are the key overall statistics or estimates (Market Overview, Market Size- By Value, Forecast Numbers, Market Segmentation, Market Shares) of Global Fluid and Lubricants for Electric Vehicle Market?
2. What is the region-wise market size, growth drivers, and challenges?
3. What are the key innovations, technology upgrades, opportunities, regulations in the Global Fluid and Lubricants for Electric Vehicle Market?
4. Who are the key competitors or market players, and how do they perform in the Global Fluid and Lubricants for Electric Vehicle Market based on the competitive benchmarking matrix?
5. What are the key results derived from the surveys conducted during the Global Fluid and Lubricants for Electric Vehicle Market study?

TABLE OF CONTENT1. Introduction
1.1. Product Definition
1.2. Research Process
1.3. Assumptions
1.4. Market Segmentation
1.5. Acronyms
2. Preface
3. Executive Summary
4. Global Fluid and Lubricants for Electric Vehicle Market Outlook, 2016-2026F
4.1. Market Size & Analysis
4.1.1. Revenues
4.1.2. Quantity Sold

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