Synthetic Transmission Oil for Electric Vehicles: Introduction
- Innovations in electric vehicles (EV) have been boosting interest, globally, as the importance of reduction in CO2 emission is scrutinized by the Environmental Protection Agency (EPA). Presently, the world is progressing toward building a society where technology is green, eco-friendly, and sustainable.
- EVs are likely to become the next big thing, as the automobile industry is progressing toward the new age, as they are likely to overshadow internal combustion engine (ICE) vehicles and presumably dominate the world’s roads. Moreover, a new set of lubricants and oils are being made specifically to tailor to performance requirements of the electrical and gear components in EVs. Current and future developments of EV lubricants have a common goal to minimize friction loss, enhance durability, bolster efficiency, and strengthen other performance aspects.
- Synthetic transmission oil for electric vehicles is precisely developed for the requirements of electric vehicles. Synthetic transmission oil for electric vehicles offer improved resistance to cold and heat. It is also resistant to shear and oxidation. Synthetic transmission oils tend to last longer and are preferred for electric vehicles. It is a synthetic multi-grade oil that is produced from high quality Poly-Alpha-Olefins (PAO) and fortified with state-of-the-art additive technology.
- Synthetic transmission oil for electric vehicles provides optimum temperature control and durability to transmission. It ensures compatibility with resins, copper coils, and plastics. It also offers protection against static electricity and excellent heat transfer properties. Synthetic transmission oil for electric vehicles possesses excellent anti-wear, foaming friction, and air release properties.
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Key Drivers and Restraints of Global Synthetic Transmission Oil for Electric Vehicles Market
- Expansion of the electric vehicles (EV) market has fueled the demand for synthetic transmission oils. Consumption of synthetic transmission oils for internal combustion engines (ICE) vehicles and battery electric vehicles has been rising across the globe due to an increase in the demand for electrical vehicles.
- Original equipment manufacturers (OEMs) are investing in the development of EV technology in the automotive industry. Electric vehicles (EV) require diverse and unique products than traditional transmission oil. Automotive oil manufacturers are developing new fluids products to cater to the changing needs of electric vehicles (EV).
- Volatility in prices of raw materials is likely to hamper the global synthetic transmission oil for electric vehicles market in the near future
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Synthetic Transmission Oil for Electric Vehicles: Type Segment
- In terms of vehicle type, the synthetic transmission oil for electric vehicles market can be divided into motorcycles, passenger cars, trucks & buses, and others
- The passenger cars segment holds a major share of the global synthetic transmission oil for electric vehicles market, led by a rise in the demand for electronic passenger cars across the globe
- The motorcycles segment also accounts for a vital share of the global synthetic transmission oil for electric vehicles market
Covid-19 Impact on Synthetic Transmission Oil for Electric Vehicles Market
- Supply of raw materials used to produce synthetic transmission oil for electric vehicles has been hampered due to the industrial shutdown triggered by the COVID 19 outbreak. Supply shortage has also led to an increase in prices of raw materials.
- Industrial shutdown caused by the COVID-19 pandemic has also adversely impacted the demand for electronic vehicles. This is estimated to hamper the global synthetic transmission oil for electric vehicles market in the near future.
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Asia Pacific to Dominate Synthetic Transmission Oil for Electric Vehicles Market
- In terms of region, the global synthetic transmission oil for electric vehicles market can be divided into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to account for a significant share of the global synthetic transmission oil for electric vehicles market in the near future
- Rise in demand for electric vehicles in Asia Pacific, particularly in China and India, is anticipated to drive the synthetic transmission oil for electric vehicles market across the region. Expansion of the automotive industry in Asia Pacific is also likely to boost the synthetic transmission oil for electric vehicles market in the region.
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Key Manufacturers Operating in Global Synthetic Transmission Oil for Electric Vehicles Market
The global synthetic transmission oil for electric vehicles market was highly fragmented in 2019. Major players have prominent presence in developed and developing countries. Key manufacturers operating in the global synthetic transmission oil for electric vehicles market include:
- ExxonMobil Chemical
- HP Lubricants
- Castrol
- GS Caltex India
- Shell International B.V
- FUCHS PETROLUB SE
- Klüber Lubrication München SE & Co. KG
- Petróleo Brasileiro S.A.
- Valvoline, Inc
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