San Francisco, CA -- (SBWIRE) -- 02/24/2023 -- RISING ADOPTION OF ELECTRIC VEHICLES: IEA REPORT ON INCREASE IN GLOBAL SALES
Electric vehicles have witnessed growing adoption in recent years due to a multitude of factors, including rising awareness about carbon emissions, technological advancements in electric vehicle development, and the availability of various government incentives. According to a study by the International Energy Agency (IEA), nearly 10% of global car sales were electric in 2021, four times the market share in 2019. The total amount of electric vehicles on global roads will be around 16.5 million in 2021, more than triple the amount compared to 2018.

EVS ARE THE NEXT BIG THING: MARKET GROWTH and OPPORTUNITIES
The global electric vehicle market for battery electric vehicles is witnessing major growth due to strong global demand for vehicles. The adoption of electric vehicles is rising, particularly in developing countries, where various government incentives make EVs an attractive alternative to conventional vehicles. Electric vehicle fluid manufacturers are increasingly expanding to developing countries. In November 2022, TotalEnergies launched its entire range of EV fluids for the Indian market. Plug-In Hybrid Electric Vehicles are also witnessing a major rise in demand as many consumers are attracted to their relatively lower cost than battery electric vehicles. Many manufacturers are launching specially formulated product ranges for plug-in vehicles. In July 2021, Kixx launched its range of lubricants for plug-in hybrid vehicles.

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CHINA'S RISING ADOPTION OF ELECTRIC VEHICLES AND ITS PARTNERSHIPS WITH GLOBAL LUBRICANT MANUFACTURERS
Much of the growing adoption of electric vehicles is concentrated in developing countries. China is a major industrializing country witnessing significant electric vehicle adoption. According to the International Energy Agency (IEA), more than 3.3 million electric vehicles were sold in China in 2021. Domestic Chinese companies are entering into partnerships with global lubricant manufacturers. In August 2022, Castrol announced plans to supply electric vehicle fluids to Chinese electric carmaker BYD under a three-year collaboration agreement.

INVESTMENT IN CAPACITY EXPANSION BY CHEMICAL COMPANIES IN DEVELOPED COUNTRIES
Developed countries are also generating significant demand for electric vehicles. U.S. is a major market for electric vehicles, with nearly 630,000 vehicles sold in 2021, according to the International Energy Agency (IEA). With rising sales for electric vehicles, many U.S.-based chemical companies are investing in capacity expansion to cater to the expected rise in demand for electric vehicle fluids. In July 2022, Afton Chemical Corporation announced a US$ 70 million investment to expand production at its plant in Sauget, Illinois, U.S., to expand production for electric vehicle fluids.

GLOBAL ELECTRIC VEHICLE MARKET CHALLENGES
The high cost of electric vehicles is poised to be a major challenge for global market growth. The cost of electric vehicles is relatively high compared to conventional ICE vehicles. A study by the National Resources Defence Council (NRDC), a non-profit group for environmental advocacy, found that in 2021, the average sticker price for electric vehicles was, on average, US$ 10,000 higher than conventional vehicles. A recent study by Consumer Reports, a non-profit consumer advocacy group, found that although lifetime ownership costs are lower for electric vehicles than conventional vehicles, consumers must bear high upfront costs, including charging infrastructure. In a recent 2023 article, Forbes found that electric vehicles cost on average US$100 in premiums to insure than conventional vehicles. Another major factor is the high cost of replacement parts. A damaged lithium-ion battery can cost US$5000 to US$15,000 to replace, according to GreenCar, a non-profit that provides tools and resources for electric car buyers.

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STRATEGIES OF MAJOR PLAYERS IN THE GLOBAL ELECTRIC VEHICLE FLUID MARKET
The major companies in the global electric vehicle fluid market are major oil and gas companies. The major players are now developing various strategies to cater to the growing electric vehicle industry. Shell is a UK-based diversified multinational energy company gradually expanding in the electric mobility industry. In August 2022, Shell launched its range of EV battery coolants in India. ExxonMobil is another major multinational energy company developing products for the electric vehicle industry. In early 2022, ExxonMobil launched its improved Mobil EV range of lubricants and greases for electric vehicles.

GLOBAL ELECTRIC VEHICLE FLUIDS MARKET REPORT SCOPE
By Product
1. Transmission Oil
2. Brake Fluid
3. Battery Coolant
4. Synthetic Grease

By Propulsion
1. Battery Electric Vehicle (BEV)
2. Plug-In Hybrid Electric Vehicle (PHEV)

By Vehicle
1. Passenger Vehicle
2. Light Commercial Vehicle (LCV)
3. Heavy Commercial Vehicle (HCV)

By Fill
1. Factory Fill
2. Service Fill

By Region
1. North America
2. South America
3. Asia Pacific
4. Middle East and Africa
5. Europe