US Electric Vehicle Fluid Market Forecast 2022-2027

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Dublin, September 5, 2022 (GLOBE NEWSWIRE) – The “U.S. Electric Vehicle Fluid Market – Industry Outlook and Forecast 2022-2027” Report added to ResearchAndMarkets.com Show.

The US electric vehicle fluid market is expected to grow at a compound annual growth rate (CAGR) of 24.58% during 2022-2027.

The US market is important in the global electric vehicle fluid market. The market for electric cars is no longer in the making; Instead, it is thriving. Primarily because of the higher cost of fuel, higher levels of pollution, and the lower price of batteries.

The United States is the third largest market for electric vehicles and is growing very fast. The market in the country has increased dramatically from a few thousand to about 315,000 electric vehicles from 2018 to 2020, according to the International Council on Clean Transportation (ICCT). In 2020, the share of electric vehicles in new car sales was about 2.4%, up from about 2.0% in 2019. Government policies are vital in reducing consumer barriers related to the dearth of suitable electric vehicle models, the high upfront costs, and the associated range. and lack of awareness.

In addition, federal and state governments implement various policies to control harmful emissions from vehicles. Hence, OEMs prefer electric vehicles to internal combustion vehicles to meet those regulations.

For example, 15 states in the United States and the District of Columbia have targeted converting 30% of commercial HDVs (heavy duty vehicles) to ZEVs (zero-emissions vehicles) by 2030 and all HDVs by 2050.

Increasing demand for improved electric vehicle fluids

The incorporation of advanced components into electric vehicles, such as the high use of copper metals, the availability of wide bandgap semiconductors, high-performance traction motors exposed to high temperatures and heat, and the increased use of plastics in bearing cages instead of metals. This results in a high demand for EV-improved lubricating fluids.

OEMs need to protect essential vehicle components, such as coils, traction batteries, magnetic wire insulation, and charging ports, from corrosion, high temperature, and breakdown of electrical components, thus depending on the vehicle’s electric fluids.

The shortage of raw materials in the US auto industry

At the moment, the government electric car sector is facing shortages in semiconductors and lithium-ion batteries, but not by much. After two to three years, the industry is expected to see a major imbalance between supply and demand for lithium-ion batteries, a critical component of the electric vehicle.

This is primarily due to the rapid increase in demand for electric vehicles in the US market and the limited production of lithium-ion batteries, which are not sufficient to meet the growing demand. However, OEMs of electric vehicles are encouraging metal producers in terms of long contracts to mitigate this problem in the long run.

Sector Analysis

By Propulsion: The US electric vehicle fluid oil market is segmented into Drive by Propulsion, Battery Electric Vehicles, and Plugged Hybrid batteries. During the supply period, electric vehicle battery fluid is expected to dominate the market and experience faster growth, primarily driven by the increasing demand for battery electric vehicles. Electric vehicle production is getting support from government initiatives to reduce carbon emissions. From now on, electric vehicle fluids are used in place of motor oil or other lubricants for the smooth functioning of the battery powered vehicle and to ensure its long life.

Vehicle type: Due to the increasing demand for electric passenger cars in the country, the passenger car segment is currently dominating the vehicle type category. It is estimated to grow at a similar rate during the forecast period.

For example, the Environmental Protection Agency (EPA) and NHTSA have proposed that the country implement the Safer and More Fuel Efficient Vehicle (SAFE) rule, which will come into effect between 2021 and 2026. The rule aims to set minimum requirements for an average ​​The company’s fuel efficiency and greenhouse gas emissions for both passenger cars and commercial vehicles, fueling the growth of the electric fluid market in the United States.

Distribution Channel: The EV fluid market is segmented into the OEM and aftermarket segments on the fundamentals of the distribution channel. OEMs are the largest segment and project experiencing similar growth during the forecast period, mainly because OEMs such as electric vehicle battery manufacturers are consuming a large portion of the fluids market.

Product type: Primary segments within the product type include heat transfer fluid, grease, transmission fluid, and brake fluid. Heat Transfer Fluid is expected to dominate the market during the forecast period and projects to experience higher growth. This is mainly due to its vital use in BEV and PHEV to cool the EV battery and maintain its optimum operating temperature range.

Geographical analysis

The United States is a vital market for electric vehicle fluids. The penetration of electric vehicle fluids is increasing, and market returns are steadily increasing. The country is a major hub for EV fluid consumption due to strong demand from EV OEMs for high-quality lubricants driven by the growing demand for EVs in the US market.

The western United States is the largest market for electric vehicle fluids in the country. In the western United States, the demand for electric vehicle fluids comes mainly from the electric vehicle production unit. Tesla, Chevrolet and Toyota Motor Corporation are some of the electric vehicle players that operate in the western region of the United States and consume a large portion of electric vehicle fluids and are driving the growth of the electric fluid market in the United States.

Competitive scene

The market for electric vehicle fluids in the United States is increasing in competitiveness. Vendors may be adversely affected by the rapidly evolving technical environment and sustainability situation as customers expect continuous improvements and innovations. Few companies dominate the industry and offer high-performance goods for electric vehicles.

Exxon Mobil Corporation, Phillips 66, GS Caltex, Idemitsu and Valvoline are a few of the notable companies operating in the US electric vehicle fluid market.

Factors to be considered when formulating electric vehicle fluids:

  • In the past, most ATV OEMs used conventional lubricants to meet their requirements. However, most lubricant manufacturers have begun to supply electric vehicle lubricants to most OEMs.

  • Different classes and design differences in electric vehicles to choose the right lubricant.

  • Fluids with a lighter viscosity help increase efficiency, anti-wear properties and material compatibility with products such as adhesives, sealants, etc.

  • Appropriate thermal management of battery systems in electric vehicles

  • The conductivity of the fluid with respect to electric currents in electric vehicles depends on chemical additives and viscosity.

  • Preventing corrosion in electric vehicles where more copper is used than conventional internal combustion engines.

  • Standards and regulations regarding the use and disposal of electric vehicle fluids in the United States.

Recent Developments in the US Electric Vehicle Fluid Market:

  • In 2019, Exxon launched Mobil Mobil EV, a new fluid for electric vehicles.

  • In March 2021, Phillips launched 66 e-Shield production line of electric vehicles. It is a new production line, including coolant, grease and system fluid.

  • GS Caltex announced the launch of Kixx EV lubricants for electric vehicles in June 2021. It offers a range of products, including thermoelectric fluids and electronic transmission fluids, aimed at improving the performance of electric vehicles and protecting vital parts.

main sellers

  • Exxon Mobil Corporation

  • Valvoline

  • GS Caltex

Other notable sellers

  • Philips 66

  • total energy

  • Fox

  • coincidence

  • Castrol

  • clubber lubrication

  • 15:00

  • Idemitsu Kosan Co., Ltd.

Main topics covered:

1 Research Methodology

2 Research objectives

3 search process

4 Scope and coverage
4.1 Market Definition
4.2 base year
4.3 Scope of the study

5 Report Assumptions and Caveats
5.1 Key Warnings
5.2 Currency Converter
5.3 Derivation of the market

6 distinct visions
6.1 US Electric Vehicle Fluid Market (2021-2027)
6.2 Summary
6.2.1 Market trend
6.2.2 Sectoral Review
6.2.3 Competitive landscape

7 A quick overview of the market
8 Introduction
8.1 Overview
8.1.1 Add-ons
8.1.2 Criteria to consider when choosing an electric vehicle lubricant
8.2 US Economic and Demographic Analysis
8.2.1 Population
8.2.2 Income
8.3 Electric Vehicle Insights
8.3.1 Upcoming Investment in Electric Vehicles and Components in the United States
8.3.2 US Vehicle Emissions
8.4 Impact of COVID-19

9 Market Opportunities and Trends
9.1 The growing demand for electric vehicles in the US
9.2 Increasing demand for disposable income
9.3 Increasing demand for improved electric vehicle fluids

10 factors of market growth
10.1 Discounts, grants and subsidies for the promotion of electric vehicles
10.1.1 Alaska
10.1.2 Colorado
10.1.3 Connecticut
10.1.4 Delaware
10.1.5 Florida
10.1.6 California
10.2 Increasing demand for electric battery coolant
10.3 Reducing dependence on fossil fuels and carbon footprint

11 Market Restrictions
11.1 The shortage of raw materials in the US auto industry
11.2 Lack of suitable public charging stations

12 market view
12.1 Market Overview
12.2 Market Size and Forecast
12.3 Ev fluid penetration by region
12.3.1 West
12.3.2 South
12.3.3 Northeast
12.3.4 Midwest
12.4 Five Forces Analysis

13 Payment type
13.1 Market Capture and Growth Engine
13.2 Market Overview
13.3 Battery EV
13.4 Pluggable Hybrid Electricity

14 distribution channel
14.1 Market Snapshot and Growth Engine
14.2 Market Overview
14.3 OEMs
14.4 Aftermarket

15 product type
15.1 Market Capture and Growth Engine
15.2 Overview
15.3 Heat Transfer Fluid
15.4 grease
15.6 Transmission Fluid
15.7 brake fluid

16 car type
16.1 Market Capture and Growth Engine
16.2 Market Overview
16.3 Passengers EV
16.4 EV Commercial

17 geography
17.1 Market Snapshot and Growth Engine
17.2 Area Overview

For more information about this report visit https://www.researchandmarkets.com/r/43wzzj

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