In the past five years in China, the sales of fuel vehicles have decreased by nearly 10 million units, while the sales of new energy vehicles have increased by nearly 6 million units. It has become a fact that new energy vehicles are constantly seizing market share of fuel vehicles. From both the market and policy perspectives, under the global goal of "dual carbon", the path of replacing traditional fuel vehicles with new energy vehicles has already been fully explored. The transformation of large factories is accelerating, and competition on the track is intensifying! Both international and state-owned brands are seeking new breakthroughs in lubricant related enterprises. In the past few days, Sinopec has invested another 500 million yuan to establish a new lubricant company, perhaps also laying out a layout for new energy vehicles. After everyone has experienced the ups and downs of the fuel vehicle market, a new battlefield has clearly opened up! Under this premise, the numerous downstream industries that are dependent on the fuel vehicle industry will naturally face more challenges. Among them, lubricant companies that not only target C-end consumers but also establish deep connections with B-end vehicle manufacturers and service providers are the first to be affected by electrification. But in electric vehicles, the integrated electric motor structure replaces the engine body, which also means that pure electric vehicles will not require engine lubricating oil at all. Instead, an integrated motor structure was adopted, and a battery, motor, and electronic control system were added. The oil required for lubrication and maintenance underwent revolutionary changes.
Furthermore, electrification is not without the next opportunity. In addition to electric vehicles, hybrid and other types of products in new energy vehicles still require the participation of lubricants. In the electronic and electrical architecture of the entire electric vehicle, cooling, transmission, battery and other modules require corresponding product assistance to improve the vehicle's driving range, driving experience, and safety performance. For example, heat exchange fluids such as antifreeze, lubricants in traditional electric systems. It can be said that major brands have innovated their oil technology in response to the special requirements of pure electric vehicle fuel technology, aiming to compete in this incremental market and seize a more favorable competitive advantage. Traditional internal combustion engine oils still have a market! In addition to the field of specialized fluids for new energy vehicles, significant changes have also occurred in the traditional fuel vehicle oil sector in recent years. With the increasing progress of engine technology and the global trend of low-carbon environmental protection, traditional lubricating oils for internal combustion engines have also undergone new changes. We have found that related products are evolving towards low viscosity, low fuel consumption, and low emissions standards, and the technical requirements for precise oil use have become an increasingly important service requirement that the entire industry cannot ignore. Taking the National VI emission standard as an example, lubricating oil products with 0W-20 viscosity or even lower viscosity have become a new focus of attention for major lubricating oil manufacturers. Despite the fierce competition for new energy vehicles, the market for traditional internal combustion engine lubricants and automotive maintenance will not rapidly decline. New energy vehicles will replace traditional smartphones like smartphones, as cars are always a durable consumer product.
In addition, considering the peak sales of new gasoline vehicles around 2018, the average mileage of this batch of vehicles is expected to reach the stage of 60000 to 100000 kilometers, and the overall average age of Chinese gasoline vehicles is also reaching 80000 to 120000 kilometers, which is actually the period with the strongest rigid demand in the maintenance market.
In the next 3-5 years, the maintenance and repair of fuel powered vehicles will continue to be the main source of support for the automotive repair industry. What we need is not fear of new energy vehicles seizing the market, but also to seize the final growth of this wave of fuel powered vehicle maintenance market.
