Synthetic Transmission Oil for Electric Vehicles Market: Overview
- 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.
- Synthetic transmission oil for electric vehicles is 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
Rise in Demand for Abrasives to Drive Synthetic Transmission Oil for Electric Vehicles Market
- Growth in the electric vehicles (EV) market has positively impacted the demand for synthetic transmission oils. Consumption of synthetic transmission oils for ICE vehicles and battery electric vehicles has been rising across the globe due to increase in 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).
- Fluctuation in prices of raw materials is likely to hamper the global synthetic transmission oil for electric vehicles market in the near future
- 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.
- The 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.
Manual Transmission Oil Product Type Segment to Offer Lucrative Opportunities
- Based on product type, the global synthetic transmission oil for electric vehicles market can be segmented into automatic transmission oil, manual transmission oil, and others
- Manual transmission oil is anticipated to be a rapidly growing segment of the global synthetic transmission oil for electric vehicles market during the forecast period
Passenger Car Vehicle Type Segment to Hold Major Share of Market
- Based on 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 major share of the global synthetic transmission oil for electric vehicles market, led by the rise in demand for electronic passenger cars across the globe
- The motorcycles segment also accounts for vital share of the global synthetic transmission oil for electric vehicles market
Asia Pacific to Constitute Significant Share of Global Market
- In terms of region, the global synthetic transmission oil for electric vehicles market can be split into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa
- Asia Pacific is anticipated to constitute 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.
- North America is expected to hold key share of the global synthetic transmission oil for electric vehicles market during the forecast period
- The market in Middle East & Africa is projected to expand at a significant pace during the forecast period
Key Players in Market
The global synthetic transmission oil for electric vehicles market was consolidated in 2019. Prominent players operating in the global synthetic transmission oil for electric vehicles market are focusing on research and development to produce innovative products to cater to the changing demand of the electronic vehicles industry.
Key players operating in the global synthetic transmission oil for electric vehicles market include:
- ExxonMobil Chemical
- HP Lubricants
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
Global Synthetic Transmission Oil for Electric Vehicles Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
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.