ELECTRIC VEHICLE FLUID DEMAND IS ON THE RISE
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The electric vehicle fluids market will reach USD 8.04 billion by 2027.
Electric Vehicle Fluids are primarily lubricants designed for electric vehicles. It is mainly formulated from high-quality synthetic base oil, i.e., group IV and V.
Engine oil is not preferred for Evs to lubricate the components because EVs run on electric motors and EV batteries with more significant technical requirements than internal combustion engines (ICE) vehicles. Therefore, electric vehicle fluid is specifically formulated to meet a broad range of performance requirements for electric cars.
Electric vehicle fluid performs various functions, including lubricating the transmission system, stabilizing the battery's temperature, providing a cooling effect to the electric motors and gears, and reducing friction.
In addition, it also provides insulation to electric current while enhancing the battery life and other components of electric vehicles. However, EVs require lubricants for key electrical ingredients such as gear oils for differentials, coolants for the car battery, chassis, brake fluids, gear reducer, wheels, and grease for other components of the EV.
The primary factor driving the demand for electric vehicle fluid is the increasing demand for electric vehicles.
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The electric vehicle market is no longer nascent; instead, it is booming. This is primarily due to the rising fuel cost, rising pollution levels, and declining battery prices.
In addition, governments across the countries are implementing various policies to control the harmful emission from vehicles. Hence, OEM prefers producing electric vehicles over internal combustion vehicles to meet that regulation.
For instance, France and the UK announced that they will ban all gasoline and diesel vehicles by 2040, whereas Madrid, Athens, and Mexico City have banned all diesel cars and vans by 2025. Moreover, Original Equipment Manufacturers (OEMs) are divesting from Internal Combustion Engine (ICE) ventures. For instance, in 2019, Volvo had phased out its manufacturing of diesel engines to focus on electric and hybridized petrol engines, according to fleet world data.
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