APAC Fluids and Lubricants Market for Electric Vehicles Analysis 2022-2031

1. APAC Fluids and Lubricants Market for Electric Vehicles 2022 End User Analysis To 2031 In the fast-evolving landscape of electric vehicles (EVs), the Asia-Pacific (APAC) region stands at the forefront of innovation and adoption. As the demand for cleaner and more sustainable transportation solutions intensifies, the APAC fluids and lubricants market for electric vehicles emerges as a crucial player in supporting this transition. 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. Drive System Fluids Generate the Highest Demand Amidst the EV Fluid Products The prominent types of fluids that are being developed for application in electric vehicles are greases, thermal fluids, driver system fluids, and brake fluids. The application of these types of fluids is 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

2. management properties than regular coolants. 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. Passenger Vehicle Demand for Fluids and Lubricants for Electric Vehicles Expected to be Dominant Over Light and Heavy Commercial Vehicles in the APAC Region 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. Request A Free Deatiled Sampleon APAC Fluids and Lubricants Market for Electric Vehicles! The passenger vehicles segment is expected to lead the market in Type B, vehicle type, as the sales of electric passenger vehicles are anticipated to increase in the APAC region. Three- wheelers is the prominent segment in the Type A, vehicle type, with holding more than one fifth of the total volume market share in the Type A, vehicle type. HEVs to be the Dominating Vehicle Type in the APAC Fluids and Lubricants Market for Electric Vehicles The APAC fluids and lubricants market for electric vehicles encompasses three major types of electric vehicles, which are hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). These vehicle types are present in the form of two-wheelers, three-wheelers, passenger vehicles, light commercial vehicles, and heavy commercial vehicles. While HEVs and PHEVs’ models have been present 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. In the forecast period 2022-2031, the sales of BEVs are anticipated to increase at a high growth rate as compared to the sales of HEVs and PHEVs due to price competitiveness, spiraling fuel prices, and increasing charging infrastructure. The rise in the sales of HEVs makes them more crucial for automotive OEMs to ensure that the fluids in the EVs are able to optimize the thermal management and driving system. OEMs to Remain the Dominant Distribution Channel in the APAC Fluids and Lubricants Market for Electric Vehicles The APAC fluids and lubricants market for electric vehicles encompasses two main types of distribution channels which are OEMs and the aftermarket. The OEMs channel is anticipated to dominate the APAC fluids and lubricants market for electric vehicles, as most of the fluids have a very low replacement rate and can last for the entire electric vehicle’s lifetime without being flushed. 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.

3. India to Witness the Fastest Growth in the APAC Fluids and Lubricants Market for Electric Vehicles The demand for electric vehicle fluids varies according to various regions. Japan is currently the largest region in the APAC fluids and lubricants market for electric vehicles due to an increase in the sales of hybrid electric vehicles (HEVs) in this country. 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 grows rapidly, the India fluids and lubricants market for electric vehicles is expected to grow at high rates. Government regulations, technological advancements, extensive investments in dedicated research and development facilities, and the presence of major EV manufacturing companies are some of the major drivers that are propelling the growth of the market in the region. Rising CO2 emissions in India and Japan have led to several concerns from the countries’ governments. Competitive Landscape To gain market share, major fluids and lubricants manufacturers are making various kinds of strategic moves. Some key highlights from BIS Research w.r.t. manufacturers of fluids and lubricants for EVs are: ExxonMobil, Total Energies SE, Shell plc, Valvoline Inc., and the Lubrizol Corporation are some of the leading players in the APAC region. SK Lubricants Co., Ltd. (SK Inc.), GS Caltex Corporation, S-OIL CORPORATION, Klüber Lubrication, and Panolin AG are some of the leading private companies in the APAC region. New product launches are the most preferred strategy. Apart from product launches, expanding business and sealing new partnerships and collaborations are the other strategies being implemented. Most of the players have tie-ups with various electric vehicle OEMs and Tier 1 suppliers.