Electric vehicles are changing the landscape of the global automotive industry. Automotive manufacturers, as well as policymakers, are prospering in their focus, goals, and actions related to electric vehicles. EV technologies in the form of battery EVs and plug-in hybrid EVs have gained significant traction to achieve environmental and societal objectives. EVs are considered to be two to four times more efficient compared to the conventional internal combustion engine (ICE) models. They can drastically reduce the over-reliance on fuel-based vehicles and significantly decrease greenhouse emission levels. Moreover, EVs are very well-suited to resolve the rising air pollution issues owing to zero-tailpipe emissions. Rapid advancement in EV battery technology is likely to facilitate the smooth transition to clean energy in the near future.
Read Report Overview: Immersion Cooling Fluids Market for EVs
The global immersion cooling fluids market for EVs is projected to reach $3,837.0 million by 2032 from $205.8 million in 2021, growing at a CAGR of 30.78% during the forecast period 2022-2032. The growth in the global immersion cooling fluids market for EVs is expected to be driven by increasing sales of immersion cooling system-fitted electric vehicles worldwide.
Impact
- The federal government and agencies are investing heavily in subsidies and infrastructure development to promote electric vehicles and reduce carbon dioxide emissions. These investments are propelling the growth of immersion cooling fluids.
- In 2021, the German government doubled its share of the environmental bonus as a new premium, which increased the subsidies for purchasing new EVs. Promoting green mobility, the German government announced the upgraded subsidy scheme, i.e., buyers of BEV and PHEV would get a subsidy of up to around $9,713 (9,000 euros) and around $7,285 (6,750 euros), respectively.
Recent Developments in the Immersion Cooling Fluids Market for EVs
- In June 2022, FUCHS acquired the lubricants business of Gleitmo Technik AB in Kungsbacka, Sweden, and will integrate it into its subsidiary FUCHS LUBRICANTS SWEDEN AB as of July 1, 2021, to strengthen its specialty business.
- In November 2021, Williams Advanced Engineering (WAE) and Castrol Limited entered a five-year technical partnership to co-develop high-performance electric vehicle (EV) fluids.
- In January 2021, MIVOLT and Faraday Future (FF), which is a worldwide shared intelligent mobility ecosystem company, entered a partnership to develop a fully submerged battery cooling system for its FF 91 luxury electric vehicle.
- In October 2022, Shell plc extended its globally available specialized fluids portfolio by introducing Shell E-Fluids to support battery electric (BEV) as well as fuel cell electric (FCEV) powertrains for commercial light, medium, and heavy goods vehicles.
- In July 2021, TotalEnergies SE launched a dedicated hybrid transmission fluid for Great Wall Motors. Great Wall Motors, China's leading car manufacturer, is a key player in the development of electric vehicles.
Europe Expected to Dominate the Immersion Cooling Fluids Market for EVs
Europe is home to a number of immersion cooling fluids manufacturers. The region is expected to dominate the immersion cooling fluids market for EVs during the forecast period. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and the presence of major EV manufacturing companies are some of the major drivers that are propelling the growth of the immersion cooling fluids market for EVs in the region.
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Competitive Landscape
To gain market share, major oil and gas companies and lubricant manufacturers are making various kinds of strategic moves. Some key highlights from BIS Research w.r.t. manufacturers of immersion cooling fluids market for EVs are:
- 3M, TotalEnergies SE, Shell, Castrol Limited, the Lubrizol Corporation, and FUCHS are some of the leading players globally.
- Engineered fluids, M&I Materials, and Dober are some of the emerging private companies.
- New product launches have been the most preferred strategy in the market.
- Apart from product launches, expanding business and sealing new partnerships and collaborations are the other strategies being implemented.
- Most of the players have tie-ups with various EV OEMs and cooling system providers.
