ELECTRIC VEHICLE FLUIDS MARKET
As Electric vehicles now start becoming mainstream and shaking up the entire supply chain. The Fluid/ lubricant market will not remain aloof to the change and the industry participants will have to develop new products to cater to this growing market segment.
Fluids made for high voltage hybrids and EVs should must have the right electrical properties and be compatible with insulating materials. Also, since BEVs have up to 4X copper content as compared to an ICE vehicle, an electric driveline fluid should also offer Copper corrosion protection.
At present, the application for EV fluids is limited to driveline and battery thermal management but in coming years, owing to increase in fast charging there will be dedicated coolants for power electronics and even charger cables. In power electronics, liquid cooled high power On-board chargers could be a standard fitment, replacing air-cooled, 3.3/3.7kW on-board chargers.
Electric Vehicles present a new set of challenges to their ICE counterparts. EVs need a fluid that can cool and lubricate the motor, and also protect the on-board electronics and be compatible with non-metal materials like plastics.Therefore,developing specialized high-performance lubricants for BEVs could result in high margin sales.
ABOUT CHINA ELECTRIC VEHICLE FLUIDS MARKET
ABOUT US ELECTRIC VEHICLE FLUIDS MARKET
US accounted for ~20% share of global Electric vehicle fluids market in 2019.Unlike China,where government legislations and incentives are the driving force, in US, the EV sales are driven by consumer demand.
- Among 19 EV models from 8 OEMs, which cumulatively accounted for ~87% of total US sales in 2019, only 3 belonged to B segment,8 belonged to C segment and 8 belonged to D Segment.C& D segment vehicles being higher in price are better suited to absorb the high cost of Electrification as compared to B segment
- AC Induction Motor(ACIM) and Permanent Magnet Synchronous motor(PMSM) combined together accounted for 70% of total EV traction motor consumption in US in 2018, in 2019 they accounted for 77%. All motors except Chevrolet Bolt are liquid(Ethylene glycol) cooled, whereas Chevrolet Bolt`s motor is oil cooled
- Among 8 OEMs, about 78%(388k units) of EV traction manufacturing was in-sourced, whereas 106k units were outsourced in 2018
- In 2018, Tesla was the biggest manufacturer of EV Traction motors, accounting for 56%(318k units) of all traction motors with avg power output of 259 hp
GLOBAL ELECTRIC VEHICLE FLUIDS MARKET SIZE AND FORECAST
The number of electric vehicles sold was 2.1 Million units in 2018 and going by present year projections, 2019 volume is estimated at ~2.3 Million units. In Europe, Battery Electric vehicle sales grew by 90% in 2019- YOY and now make up for 77% of EVs sold globally.
The market size of EV fluids will be closely related with growing sales volume of new EVs, especially BEVs and the number of high voltage components. Unlike the fluids used in ICE vehicles, where they need to be periodically replaced, the EV fluids will have a longer lifespan and will only need to be replaced once or at max twice in a vehicle`s lifetime.
The Electric vehicle fluid market is estimated at $XXM in 2019 and growing at –%CAGR till 2025.
The Electric Vehicle fluids market at present is dominated by European and American companies. Almost all major oil companies have recently launched their new products for the growing EV market.
As we have detailed in our EV DC Fast Charger report that oil companies around the world are investing in electric vehicle charging solutions as they see a significant revenue potential in developing fast charging networks.
The year 2019 and especially in past 10 months or so ,the lubricant industry has witnessed multiple new product launches by many lubricant manufacturers and in coming years we expect all major oil and lubricant manufacturers to enter this market.
In May 2019, Shell launched new range of fluids, specifically designed and taregted at Battery electric vehicles. As of YTD -Sep 2019 almost 75-77% of EVs sold globally are BEVs,up from 71% in 2018, so that`s a very smart move by Shell.
Also in May 2019, Total launched a new range of fluids for BEV and hybrid vehicles.
In Sep 2019, ExxonMobil launched a new lineup called Mobil EV Therm and EV Drive, while Valvoline is now selling EV Drive System lubricants.
- Royal Dutch Shell PLC
- Total S.A.
- Castrol Limited
- FUCHS Lubricants
- ExxonMobil Corporation
- Lubrizol Corporation
- Petronas Nasional Bhd
THIS REPORT WILL ANSWER FOLLOWING QUESTIONS
- EV fluid market size and forecast for 2019-2025 in $M, average B-2-B price in all region
- Important trends, risks and opportunities in electric vehicle fluid market
- Average fluid consumption of Battery electric vehicle across different segment
- Market share and OE-supplier alignment in Electric vehicle fluid market
- How will the competitive landscape of Electric vehicle fluid market emerge in next 5 years
|4||Insights from Industry stakeholders||11|
|5||Fluids/Lubricants used presently in BEVs, PHEVs and HEVs||12-13|
|6||Key criteria for EV Lubricant selection by OEMs||14-15|
|7||EV Fluids manufacturing in US, Europe and China||16-26|
|8||EV Fluid content per vehicle(By vehicle type)||27-30|
|9||New Product development in EV Fluid market||31-35|
|10||Decoding growth strategies of EV lubricant manufacturers||36-44|
|11||Potential New entrants in Global EV Fluid Market , by region||45-48|
|12||Impact of COVID-19 on Global Auto Industry in 2020-21||49-55|
|13||Impact of COVID-19 on Global EV Sales in 2020-21||56-60|
|14||Impact of COVID-19 on Chinese EV Sales in 2020-21||61-63|
|15||Impact of COVID-19 on BEV Sales in 2020-21||64-66|
|16||Market Size ,Dynamics and Forecast By Application||67-78|
|17||Market Size ,Dynamics and Forecast By EV type||79-90|
|18||Market Size ,Dynamics and Forecast By Geography||91-113|
|19||Market Size ,Dynamics and Forecast By Vehicle type||114-126|
|21||OEM-supplier relationship in EV Fluid market||130-132|
|22||Market share of leading vendors-2020||133-135|
|24||Unmet needs and Market Opportunity for suppliers||146|
|26||5 Key predictions||148|