List of Figures
Figure 1: China Electric Vehicle Fluids Market Size – By Value 2016 to 2027F (In USD Million)
Figure 2: China Electric Vehicle Fluids Market Share By Product Type (2016, 2021 & 2027F)
Figure 3: China Electric Vehicle Fluids Market Share By Propulsion Type (2016, 2021 & 2027F)
Figure 4: China Electric Vehicle Fluids Market Share By Vehicle Type (2016, 2021 & 2027F)
Figure 5: Market Attractiveness Index, By Product Type
Figure 6: Market Attractiveness Index, By Propulsion Type
Figure 7: Market Attractiveness Index, By Vehicle Type
Figure 8: Porter's Five Forces Meter of Electric Vehicle Fluids Industry in China
List of Table
Table 1: China Electric Vehicle Fluids Market Size of Grease (2016 to 2027F) in USD Million
Table 2: China Electric Vehicle Fluids Market Size of Brake Fluid (2016 to 2027F) in USD Million
Table 3: China Electric Vehicle Fluids Market Size of Heat Transfer Fluid (2016 to 2027F) in USD Million
Table 4: China Electric Vehicle Fluids Market Size of Drive System Fluid (2016 to 2027F) in USD Million
Table 5: China Electric Vehicle Fluids Market Size of BEV (2016 to 2027F) in USD Million
Table 6: China Electric Vehicle Fluids Market Size of PHEV (2016 to 2027F) in USD Million
Table 7: China Electric Vehicle Fluids Market Size of HEV (2016 to 2027F) in USD Million
Table 8: China Electric Vehicle Fluids Market Size of Passenger Vehicles (2016 to 2027F) in USD Million
Table 9: China Electric Vehicle Fluids Market Size of Commercial Vehicles (2016 to 2027F) in USD Million
Table 10: Key Facts of Company 1
Table 11: Key Facts of Company 2
Table 12: Key Facts of Company 3
Table 13: Key Facts of Company 4
Table 14: Key Facts of Company 5
Table 15: Key Facts of Company 6
Table 16: Key Facts of Company 7
Table 17: Key Facts of Company 8
China has the world’s largest automotive industry and it is also the leading market for electric vehicles in the whole world. The US ranks third after China and the Asia-Pacific region. Since the last decade, China has seen a significant shift in the adoption of electric vehicles in large numbers.This leads to the electric vehicle fluid market also growing due to increasing demand for lubricants for the drive train system, batteries, motors, and other parts of the electric vehicle. As there is less requirement for fluids in electric vehicles as compared to traditional internal combustion engine fuel-based vehicles, the small but rapidly growing market share of electric vehicle fluids will not offset the decline in the road transport lubricant market. The reduction in carbon footprints in the environment can be achieved by switching majorly to battery electric vehicles in comparison to traditional fuel-based vehicles, which will drive the growth of the electric vehicle lubricant market, but it will not be able to replace the huge traditional lubricant market as the requirement of fluids in electric vehicles is almost less than half, and even sometimes one-third or one-fourth of the requirement of fuel-based vehicles, and even less frequent maintenance activities are required in the case of electric vehicles for the fluids as compared to other fuel-based vehicles.
According to the report titled "China Electric Vehicle Fluids (Heat Transfer, Break, Greece, Drive System) Market Overview, 2027", published by Bonafide Research, the electric vehicle fluid market in China is expected to grow at more than 27% CAGR during the forecasted period. The fluid industry is distributed into a further 3 sectors on the basis of types of products, vehicles, and propulsion types. The heat transfer fluids are leading the market segment with over 80% market share and are expected to grow further. The drive system fluids are expected to remain second dominant after heat transfer fluids and over greases and brake fluids. The requirements for lubricants or fluids for electric vehicles are mostly different from those for traditional fuel-based vehicles. If used, they can cause negative impacts on the life of the electric vehicle and its parts, such as viscosity related complications and corrosion of parts of the electric vehicle, which affect its performance and lifetime. The market is divided into passenger and commercial vehicle types based on vehicle types. The passenger vehicle segment has the majority of the market share with over 85% of the total market share, which is decreasing and is being occupied by the corresponding commercial sector because of the promotion of public transport to reduce the environmental effects of pollution.
Based on product types, the market is divided into heat transfer fluids, drive system fluids, brakes and greases. Cooling e-motors is also important for optimum performance. In an e-motor, cooling fluid presents an opportunity for better glycol-based fluids that can resist corrosion and perform for longer intervals. Heat transfer fluids are used to maintain the proper temperature of the battery, motor, and all the other components of electric vehicles. Thus, the proper amount of charging and discharging is performed through the battery and the necessary power is supplied to the motor for the efficient working of an electric vehicle. Currently, innovations are being carried out by companies such as Castrol to develop these heat transfer fluids with further advanced properties such as lower viscosity levels than conventional dielectric fluids, such as transformer fluids, better insulating properties to protect the battery from breakdown and ignition, and to further provide more resistance against oxidation processes to increase the life of the electric vehicle battery. Electric vehicle fluids offer insulation to stop any arcing due to close contact with the electrical components of the vehicle. Drive system fluids and heat transfer fluids are majorly used in BEVs and PHEVs. Grease works as a sealant to remove contaminants from the parts of electric vehicles, while brake fluids work to improve the performance of regenerative brakes.
China is the leader in the EV fluid market segment, followed by the United States of America. The market share of usage of electric vehicle fluids in China is more than 25% of the total market share in the world. Based on propulsion type, BEVs account for significant market share as the Chinese government has placed restrictions on the sale of fuel-based vehicles, limiting their production numbers to 10,000 for Beijing. This has led to the tremendous growth of BEVs and PHEVs, constituting over 53% of the global market of 6.23 million new energy passenger vehicles. Plug-in electric vehicle (BEV and PHEV) sales were 15% of the overall automotive sales in China in 2021. We can see the tremendous growth of China in electric vehicles and its related industries sector through the following statistics that out of 142 lithium-ion battery mega factories under construction globally, 107 are set for China, versus nine in the U.S., according to the report “The Commanding Heights of Global Transportation”. Recent developments in the fluid industry include Castrol, which has partnered with Xing mobility to develop XING Mobility’s immersion cooling battery technology for electric vehicles. Castrol and XING partnered to increase battery system performance and optimize fluid and hardware systems for more efficient results.
COVID-19 placed significant burdens on small- and medium-sized enterprises, some of the most vulnerable groups in China during this crisis. China's automotive market was expected to decline 15.5% due to the pandemic, and the government is applying stimulus in regards to this. China has remained committed to the transition to electrification as part of a long-term strategy. In 2020, the COVID impact on the automotive industry slowed down the growth and development of the electric vehicle sector. EV demand dropped in many regions of the world due to world-wide lockdowns and restricted movements among the countries and even inside the countries in the world. However, with the upliftment of lockdown in most countries, the market dynamics changed, and improved sales volumes of all types of EVs, particularly of BEVs and PHEVs, were observed.
Considered in this report
• Geography: China
• Historical year: 2016
• Base year: 2021
• Year of forecast: 2027
Aspects covered in this report
• China electric vehicle fluid market with its value and forecast along with its segments
• Various drivers and challenges
• On-going trends and developments
• Five force models.
• Top-profiled companies
• Strategic recommendation
By product type
• Grease fluids
• Brake fluids
• Heat-transfer fluids
• Drive-system fluids
By propulsion type
• Battery Electric Vehicle (BEVs)
• Plug-in Hybrid Electric Vehicles (PHEVs)
• Hybrid Electric Vehicles (HEVs)
By the vehicle type
• Passenger Vehicle type
• Commercial Vehicle type
The approach of the report:
This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and list out the companies that are present in it. The secondary research consists of third-party sources such as press releases and annual reports of companies, analyzing government-generated reports and databases. After gathering the data from secondary sources, primary research was conducted by conducting telephonic interviews with the leading players about how the market is functioning and then conducting trade calls with dealers and distributors of the market. After this, we have started making primary calls to consumers by equally segmenting consumers into regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we can start verifying the details obtained from secondary sources.
This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to electric vehicle fluids industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.