Norway Electric Vehicle Fluids Market Overview, 2027

Norway Electric Vehicle Fluids Market Overview, 2027

Bonafide Research 01-06-2022 47 Pages Figures : 8 Tables : 17
Region : Europe Country : Norway Category : Automotive & Transport Automotive

Norway is one of the leading nations in the field of energy production and is one of the world’s largest exporters of oil. Exports of oil and gas have become very important elements of the Norwegian economy, with the peak production being obtained from North Sea oil. Due to the geography of Norway, it produces most of its electricity through hydropower stations, which is a renewable source, which has led to the electrification of the vehicle segment more easily in comparison to other nations in terms of clean energy requirements for the generation of electricity. Norway is one of the leading nations in the world who have readily adopted to the electric vehicle segment and displays the scenario of what future would look like with electric vehicles. In Norway, in comparison to conventional non-electric fuel-based cars, there were more electric cars in 2021, and this is a completely different scenario from the situation prevailing a decade ago. Along with cars, it is the network of other vehicles such as buses, trains, trams, and bikes that have also gone electric.

According to the report titled "Norway Electric Vehicle Fluids (Heat Transfer, Break, Greece, Drive System) Market Overview, 2027", published by Bonafide Research, the electrical vehicle fluids market in Norway is expected to grow at a CAGR of 26% during the forecasted period. The EV lubricant industry is segmented into E-greases, brake fluids, heat-transfer fluids, and drive-system fluids based on the product types. E-greases have excellent properties of thermal and oxidation stability, noise reduction capability, and high energy efficiencies, which are very helpful in EVs. Brake fluids are used for enhancing braking forces and creating the right amount of pressure during the application of the brakes in the absence of the functioning of the regenerative brakes. Heat-transfer fluids with excellent thermo-dynamic properties and very high oxidative and thermal stability are used extensively in BEVs co-engineered with battery design to mitigate flammability risk and to maintain optimal temperatures during the functioning of the battery. Drive-system fluids in EVs for efficient transmissions in the drive-train systems, to protect components from corrosion and to drive a significant reduction in the energy losses during the functioning as well as the stable state of the EV. Heat transfer fluids form a major market share with over 87% of the market share, followed by drive-system fluids.

The market is divided into Battery Electric Vehicles (BEVs) consisting of batteries and electric motors for their functioning, which leads to a perfect option in case of environmental concern. Thus, its market share is significantly increasing with constant efforts to improve its distance ranges being carried out with the advancement of technology. The other ones are plug-in hybrid electric vehicles (PHEVs) and hybrid electric vehicles (HEVs), which both have a battery as well as an ICE engine to power the battery. Drive system fluid and heat transfer fluid are used in battery electric vehicles and plug-in hybrid electric vehicles. The market is divided into passenger and commercial vehicle types based on bifurcation by the vehicle type. As Norwegian government has introduced many policies related adoption of electric vehicle, major population is concentrated towards the passenger type electric vehicle. As for commercial electric vehicles, this segment is also expected to witness prominent growth by 2027.

The European market for the automotive industry is projected to have significant growth due to vast-scale adoption of electric vehicles, and countries like Norway, Germany, and the Netherlands have been the major reasons behind the growth of the European market for electric vehicles. The reasons for this electrification in Norway are regulatory agencies imposing stricter limits on the emission of carbon and other pollutants. Norway was also one of the countries to sign the Paris agreement in 2015 to control carbon emissions in the environment. European electric vehicle production is expected to reach 50% of overall vehicle production by 2030, while the Norwegian region is ahead in this with 60% of the electric vehicle share already being achieved in 2021 of the total vehicle share. Norway lowered taxes on EVs to keep the price down and even exempted road tolls as an extra incentive. The opposite approach was to raise taxes on traditional cars—a kind of pollution tax. In Norway, this included a 25% VAT tax, a carbon tax of close to 20%, and smaller amounts for weight tax, NOX tax, and a car scrapping fee. The other steps include free parking in public places, access to use of bus and collective traffic lanes, and free battery charging at publicly funded charging stations, which led to the tremendous growth of the EV sector in Norway. Concerns about the dependability, speed, and distance range of electric vehicles by their customers have been addressed by various industries. Companies like Repsol, with a global presence and with Repsol Norway as a regional presence, have developed various EV fluids such as EV FLUIDS BATTERY THERMAL FLUID, EV FLUIDS COOLANT ANTI-FREEZE 50%, EV FLUIDS DRIVE ATF, EV FLUIDS BRAKE FLUID DOT 5.1, EV FLUIDS COMPLEX SYNTH GREASE have been developed keeping in mind the varying needs of various components of EV designed for specifically stated needs.

The recent COVID-19 outbreak, which was a global health emergency as it left its impacts on almost every industry, didn’t affect Norway much as during the pandemic an increasing trend was observed in the growth of electric vehicles and their related industries there. The Norwegian government has a goal of having all new cars be BEVs by 2025. This has led to the following statistics in 2021, 65% of new car registrations in the country were all-electric battery electric vehicles (BEVs) and 28% were hybrids (22% plug-in hybrids, 6% non-plug hybrids), shows data from OFV. The Norwegian Government has decided to keep the incentives for zero-emission cars until the end of 2022. After 2022, the incentives will be revised and adjusted in parallel with the market's development. 

Considered in this report
• Geography: Norway
• Historical year: 2016
• Base year: 2021
• Year of forecast: 2027

Aspects covered in this report
• Norway 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.

Intended audience
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.


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