The U.S. OEMs EV fluid market is expected to reach $940.80 million by 2027.
Chicago, Aug. 22, 2022 (GLOBE NEWSWIRE) -- According to Arizton’s latest research report, U.S. electric vehicle fluids market is expected to grow at a CAGR of around 3% during 2022-2027. With the increasing demand for better fuel economy and the need to minimize pollution, OEMs across the globe are taking measures to deliver net zero-emission vehicles in the future by means of EVs, hybrid vehicles, hydrogen internal combustion vehicles, or plug-in EVs. These vehicles do not operate on engine oil; instead, they operate on lithium-ion batteries in which EV fluids are used to enhance the efficiency of the vehicle and do not emit any harmful hydrocarbons, unlike internal combustion vehicles. Thus, the consumption of petroleum-based lubricants will directly lead to a reduction in carbon emission while increasing the consumption of electric vehicle fluid.
Liquid cooling, thermoelectric cooling, air cooling, and phase-changing material are the various technique for cooling the EV battery. Currently, liquid coolants are the most reliable technique formulated from ethylene-glycol and water that has higher heat conductivity and requires less energy to maintain the temperature. In addition, it resists corrosion and performs for a longer duration. However, some of the major issues with liquid coolant are that the cost of liquid cooling is high compared to air cooling and loses power over time. It is susceptible to contaminants and corrosion.
U.S. Electric Vehicle Fluids Market Report Scope
Propulsion (Battery EV, Plug-in Hybrid EV), Distribution (OEMs, Aftermarket), Product Type (Heat Transfer Fluid, Grease, Transmission Fluid, Brake Fluid), Vehicle (Commercial EV, Passenger EV, Others)
U.S. [West (California, Washington, Colorado), South (Texas, Kentucky), Northeast (New York, New Jersey), Midwest (Indiana, Michigan, Illinois)]
Exxon Mobil Corporation, Valvoline, and GS Caltex
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Ongoing Trend of Adopting EV Battery Cooling Fluid
Over the years, there have been many advances in EV battery technology, such as the structural component battery, sand batteries, solid state lithium-metal batteries, and others, to increase the life span of batteries while reducing the charging time. Additionally, a smaller battery will generate more heat, which must be limited to prevent internal resistance, battery rupture, and potential fires. Hence, there is a rising demand for high-performance EV battery cooling fluid to provide the necessary cooling effect for the electric motors, r electronics, and batteries to operate efficiently at high and low temperatures.
Battery coolant fluid is selected based on several criteria depending upon the thermal conductivity, its viscosity, and the capacity to store heat (the amount of heat energy required to raise the temperature of a substance per unit of mass). Heat is an important criterion to consider while selecting coolant fluid. Similarly, viscosity is another factor to consider while selecting coolant fluid. Viscosity measures how easily a liquid flow. Generally, a low-viscosity fluid is selected. Volatility and density are factors that must include EV coolant fluid.
The major factor driving the demand for EV fluid in the US is the increasing demand for EVs. This is primarily due to rising fuel costs, rising pollution levels, and declining battery prices.
Additionally, the increasing regulatory standard to control harmful emission from vehicles is also stimulating demand for electric vehicle fluid. For instance, 15 states of the US and the District of Colombia have targeted to convert 30% of commercial HDVs (heavy-duty vehicles) to be ZEVs (zero emission vehicles) by 2030 and all HDVs vehicles by 2050.
High-performance transmission fluid, which is primarily used in EV batteries and electric motors for providing a cooling effect, is gaining more traction while heat transfer fluid is in a dominant phase.
The US EV battery is leading the market, and during the forecast period, it is expected to witness the highest growth rate of 24.71% (CAGR).
Presently, the Western region dominated the US electric vehicle fluid market with a share of around 32% in revenue in 2021, followed by South US, Northeast, and Midwest US.
Market Size & Forecast by Revenue | 2022−2027
Market Dynamics – Leading trends, growth drivers, restraints, and investment opportunities
Segmentation – A detailed analysis by propulsion, distribution, product type, vehicle, and
Competitive Landscape – 6 Key Company Profiles and 61 Other Prominent Vendors
The US electric vehicle fluid market in the US is driven mainly by the improving US economy and the strong demand for electric vehicles. It is one of the consolidated markets across the verticals of lubricant in the US market. Vendors usually gain an edge over their competitors through differentiated offerings, ranging from updating the product feature to adopting a region-specific market expansion strategy, brand recognition, and price & quality of the product. In addition, the players are also focusing on developing innovative products and investing in research and development initiatives to expand their product portfolios. Although established players dominate the market, new entrants have tremendous growth opportunities to target the developing end- markets. The rapidly changing market scenario with increasing emphasis on sustainability and low carbon emission is expected to provide growth opportunities to vendors.
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