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
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.
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
- GS Caltex India
- Shell International B.V
- FUCHS PETROLUB SE
- Klüber Lubrication München SE & Co. KG
- Petróleo Brasileiro S.A.
- Valvoline, Inc
Global Synthetic Transmission Oil for Electric Vehicles Market: Research Scope
Global Synthetic Transmission Oil for Electric Vehicles Market, by Product Type
- Automatic Transmission Oil
- Manual Transmission Oil
Global Synthetic Transmission Oil for Electric Vehicles Market, by Vehicle Type
- Passenger Cars
- Trucks & Buses
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.