The Global Fluid and Lubricants for Electric Vehicle Market size is estimated to grow at a CAGR of around 30.4% during the forecast period, i.e., 2024-30.
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Key Findings of the Study: Fluid and Lubricants for Electric Vehicle Market
Fluid and Lubricants for Electric Vehicle Market Challenge: Lack of Reliable Maintenance Network Hindering Market Growth
Maintenance is necessary for the efficient operation of used trucks, especially considering the harsh roads and inadequate infrastructure that can lead to more wear and tear and shorten the lifespan of the trucks. To keep the downtime short, regular maintenance is necessary. That raises concerns about the availability of genuine spare parts. Availability of spare parts can be a concern for old or lesser-known models. Moreover, there is a lack of skilled mechanics who can perform maintenance on the used trucks. They are scarce which leads to a longer downtime and increases the operational costs for the owner.
Moreover, the irregularities in the import and export laws of different countries of the continent hinder the availability of parts even further. Restrictions on the import of certain trucks or parts and different emission norms make it difficult to establish a consistent supply chain. Thus, the absence of a well-established maintenance network obstructs the growth & development of the key players in the African used truck industry.
Scope of the Report and Fluid and Lubricants for Electric Vehicle Market Segmentation
By Product Type
-Engine Oil
-Greases
-Heat Transfer Fluid
-Coolants
-Others (Transmission Fluids, Brake Fluids, etc.)
By Demand Type
-OEM
-Aftermarket
By Vehicle Type
-Passenger Vehicle
-Commercial Vehicle
–Light Commercial Vehicle
–Medium & Heavy Commercial Vehicle
-Others (Two-Wheeler Vehicle, Three-Wheeler Vehicle, etc.)
- the passenger vehicle segment in the electric vehicle (EV) product category commands a significant market share due to its widespread consumer acceptance and the high volume of sales compared to other types such as commercial vehicles and two- or three-wheelers.
By Propulsion Type
-Battery Electric Vehicles (BEVs)
-Hybrid Electric Vehicles (HEVs)
-Plug-In Hybrid Electric Vehicles (PHEVs)
Top leading companies in the Fluid and Lubricants for Electric Vehicle Market includes:
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, and others
Fluid and Lubricants for Electric Vehicle Market Development
- 2024: Lubrizol announced a new low-SAPS heavy-duty lubricant technology that can be used for multiple viscosity profiles, and provides a higher level of performance.
- 2023: Exxon Mobil Corporation: Announced setting up a lubricant manufacturing unit in India with an annual capacity to produce 1 million barrels of lubricants. This facility would be operational by 2025 and strengthen the presence of the company in India.
- 2023: Valvoline Inc.: Introduced performance fluids to extend the battery life & provide protection to the active components of the EVs.
For more detailed information about the Fluid and Lubricants for Electric Vehicle market report, click here – https://www.marknteladvisors.com/research-library/global-fluid-and-lubricants-for-electric-vehicle-market.html
Geographical analysis:
North America: USA, Canada, Mexico
Europe: Germany, UK, France, Italy, Spain, Norway, The Netherlands, Sweden, Rest of Europe
Asia-Pacific: China, India, Japan, South Korea, South Korea, Australia, Southeast Asia, Rest of Asia-Pacific
South America: Brazil, Rest of South America
Middle East & Africa: UAE, Saudi Arabia, South Africa, Rest of the Middle East & Africa
- Geographically, Asia-Pacific holds a considerable market share due to a cultural shift towards a more environmentally conscious lifestyle in response to rising CO2 emissions from rapidly growing cities and industries in developing countries like India, China, and Malaysia.
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