Norway Electric Vehicle Fluids Market Overview, 2027

"Norway is one of the leading nations in the field of energy production and its 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 the North Sea oil. Due to the geography of Norway, it produces most of electricity through hydropower stations which is renewable source which has led to the electrification of the vehicles segment more easily in comparison to other nations in terms of clean energy requirement for the generation of the 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 the completely changed 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 Fluid Market Overview, 2027"", published by Bonafide research, the electrical vehicle fluids market of Norway is expected to grow at the CAGR of 26% during the forecasted period. The EV lubricants industry is segmented in to E-greases, Brake Fluids, Heat-transfer fluids and drive-system fluids based on the product types. E-greases are having 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 right amount of pressure during the application of the brakes in absence of functioning of the re-generative brakes. Heat-transfer fluids with the excellent thermo-dynamic properties and very high oxidative and thermal stability is 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 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 in to Battery Electric Vehicles (BEVs) consisting of batteries and electric motors for its functioning which leads to perfect option in case of environment concern and thus its market share is significantly increasing with constant efforts to improve its distance ranges being carried out with the advancement is technology. The other ones are Plug-in hybrid Electric vehicles (PHEVs) and Hybrid Electric Vehicles (HEVs) which both have battery as well as 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. Based on bifurcation by the vehicle type, the market is divided in to passenger and commercial vehicle types. As Norwegian government has introduced many policies related adoption of electric vehicle, major population is concentrated towards the passenger type electric vehicle. As for the commercial electric vehicle, this segment is also expected to witness prominent growth by 2027. Europe market for automotive industry is projected to have significant growth due to vast scale adoption of electric vehicles and countries like Norway, Germany, Netherlands have been the major reason behind the growth of Europe market for electric vehicles. The reasons for this electrification in Norway are regulatory agencies imposing stricter limits on emission of carbon and other pollutants. Norway was also one of the countries to sign the Paris agreement in 2015 to control the carbon emissions in the environment. The Europe electric vehicle production is expected to reach 50% of overall vehicle production by 2030 while Norway region is ahead in this with 60% of electric vehicle share already being achieved in 2021 of the total vehicle shares. Norway lowered taxes in 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 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 bus and collective traffic lanes, and free battery charging at publicly funded charging stations which led to tremendous growth of EV sector in Norway. Concerns about the dependability, speed and distance range for electric vehicle by the customers have been addressed by various industries. Companies like Repsol with 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 left its impacts on almost every industry but it didn’t affected Norway much as during the pandemic also an increasing trend was observed in the growth of electric vehicles and its related industries there. The Norwegian government has a goal that all new cars will be BEVs by 2025. This has led to 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 hybrid, 6% non-plug hybrid), shows data from OFV. The Norway 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 parallel with the market development.

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Manmayi Raval

Research Consultant

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 in the report • Grease fluids • Brake fluids • Heat-transfer fluids • Drive-system fluids

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By Propulsion Type in the Report • Battery Electric Vehicle (BEVs) • Plug-in Hybrid Electric Vehicles (PHEVs) • Hybrid Electric Vehicles (HEVs) By the vehicle type in the report. • 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. "