Electric Vehicle Lubricants Market Trends

Growth Drivers

• Growing Automotive Industry to Boost the Market Growth- During the forecast period, one of the major market variables is expected to be the increase in the production of electric and hybrid electric vehicles in the automotive sector. On the road, electric vehicles are becoming more common. More electric lubricants are expected to be required over the course of the projected period for the efficient maintenance of these vehicles.
• Rising Awareness of Carbon Dioxide Emission- Due to the increase in carbon dioxide emissions, it is projected that the manufacturing of electric vehicles would increase during the projection period. Public knowledge of environmental change has been observed to cause a decline in passenger automobile sales. For example, it has been calculated that each passenger car emits roughly 5 metric tonnes of carbon dioxide yearly, and that road transport is responsible for nearly 16% of all global man-made carbon dioxide emissions.

Challenges

• Possibility of Allergic Reaction- A multitude of negative effects, such as skin rashes and yeast infections, can result from the usage of lubricants in electric vehicles. It is therefore anticipated that this aspect will significantly constrain the market during the projection period.
• Expensive Development of Battery Systems.
• Alternative Products are Available on the Market.