With economic powerhouses China, Japan and South Korea, you would expect the growth of electric vehicles in Asia to mirror Europe and North America. But this is far from the case. We welcome Eugene Tan to the podcast to discuss the unique challenges faced by the region and its potential as a lifeline to automotive lubricant blenders.
Not least among these challenges is the market’s wide economic and geographic diversity, as well as access to renewable electricity and low per-capita income compared with developed EV markets. With so much coal-fired power, he believes that ICE efficiency is the better way forward. Globally, automotive’s share of the lubricant market will remain constant but demand will migrate from West to East as automotive growth across Asia matches China’s growth over the past 10 years.
A market the size of China’s population will at the end of the decade reach the crucial U.S. $5000 per capita income tipping point that triggers widespread auto uptake, Eugene offers insights into what the realistic expectations for growth of EVs are and how will this growth will affect the region’s lubricants industry. Eugene wears many professional hats, chief executive of the Asian Lubricants Industry Association and supply chain council director of The Conference Board.
