Research Nester assesses the growth of the global electric vehicle lubricants market which is anticipated to be on account of the production of electric vehicles
New York – October 10, 2022 - Research Nester’s recent market research analysis on “Electric Vehicle Lubricants Market: Global Demand Analysis & Opportunity Outlook 2035” delivers a detailed competitor’s analysis and a detailed overview of the global electric vehicle lubricants market in terms of market segmentation by product type, propulsion type, distribution channel, and by region.
Growing Concern for the Rising Carbon Dioxide Emission to Drive Growth of Global Electric Vehicle Lubricants Market
The global electric vehicle lubricants market is estimated to grow majorly on account of the growing automotive industry over the forecast period. growth in the automotive industry has spurred the production of electric vehicles across the globe.
The growth of the automotive industry is attributed to the increasing investment by the government and other private organizations and the higher demand for cars worldwide. It was projected that the global automotive industry is anticipated to reach around USD 9 trillion by 2030.
The demand for electric vehicle lubricants is anticipated to rise along with the demand for electric vehicles. there are several types of electric vehicle lubricants available in the market bio-lubricants, mineral oil-based, and nanotube-based. These lubricants are applied on the door nobs and hinges of the cars. Hence, all the factors are expected to expand the market size over the forecast period.
Furthermore, growing awareness of the surge in vehicular emissions mainly from combusted vehicles is anticipated to spur the demand for electric vehicles over the forecast period. The electric vehicle is produced with the main purpose of reducing harmful contaminants in the environment.
Hence, such a higher level of carbon dioxide in the environment is expected to hike the market growth over the forecast period. For instance, a passenger car is anticipated to emit approximately 5 metric tons of carbon dioxide every year while 16% of the emission is caused by man-made carbon die oxide.
Furthermore, there are many policies have been launched to support the manufacturing of electric vehicles across the globe which is further anticipated to propel the market growth over the forecast period. Electric vehicle lubricants are applied to the electrical vehicle parts to increase overall efficiency and performance.
Some of the major growth factors and challenges that are associated with the growth of the global electric vehicle lubricants market are:
Growth Drivers:
Surge in the Production and Sales Volume of Electric Vehicles
Rising Government Initiative to Promote Electric Vehicles
Challenges:
The high cost of developing battery systems and the possibility of allergic reactions are some of the major factors anticipated to hamper the growth of the global electric vehicle lubricants market.
Furthermore, there is a high possibility of allergic reactions associated with electric vehicle lubricants. Direct contact with electric vehicle lubricants can cause skin irritation. Hence, such factors are anticipated to hamper the market growth over the forecast period.
By propulsion type, the global electric vehicle lubricants market is segmented into battery electric vehicles and hybrid electric vehicles. The hybrid electric vehicles segment is to garner the highest revenue by the end of 2035 by growing at a significant CAGR over the forecast period.
The growth of the market can be ascribed to the higher adoption rate of hybrid electric vehicles across the globe. Hybrid electric vehicles (HEVs) are very popular in the global population owing to the fact that these vehicles contributed to controlling the higher emission rates of vehicular carbon dioxide. Hence, the manufacturing and sales of hybrid electric (HEVS) are forecasted to grow rapidly over the forecast period.
The total production rate of hybrid electric vehicles is projected to be around 5 million by 2025 which was estimated to rise from 2 million in 2020. Therefore, all these factors are expected to hike the market growth over the forecast period.
By region, the Asia Pacific electric vehicle lubricants market is to generate the highest revenue by the end of 2035. This growth is anticipated by the presence of the robust automotive industry in the region led by countries such as China, India, Japan, and others.
Owing to this growth in the regional automotive industry, the manufacturing of electric vehicles is expected to rise over the forecast period. For instance, China is estimated to generate the most revenue in the electric vehicles sector around USD 190,000 million in 2023.
Additionally, the production of electric vehicles in the Asia Pacific region was projected to reach around 150,00 units in 2020. Furthermore, the increasing inclination of people in the region towards buying luxury cars backed by the escalating spending capacity is also expected to hike the market growth over the forecast period.
On the other hand, the European electric vehicle lubricants market is projected to hold the second-largest share in the market over the forecast period on the back of the rapid increase in the installation of electric vehicle charging stations.
This report also provides the existing competitive scenario of some of the key players of the global electric vehicle lubricants market which includes company profiling of 3M CompanyCastrol Limited, Electrolube Limited, ExxonMobil Corporation, Klüber Lubrication München GmbH & Co. KG, M&I Materials Limited, PANOLIN Distribution AG, Valvoline Inc., Afton Chemical Corporation, and others.
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