Overview and Scope
The electric vehicle fluids aid in the reduction of energy losses in the drivetrain system and the enhancement of EV transmission efficiency. Electric vehicle fluids offer insulation to stop any arcing due to close contact with the electrical components of the vehicle. They help in cooling e-motors and gears and provide insulation for electric current, along with extending the lifetime of each electric motor part and the mileage of EVs by improving machine efficiency.
Sizing and Forecast
The electric vehicle fluids market size has grown exponentially in recent years. It will grow from <b>$1.71 billion in 2023 to $2.2 billion in 2024 at a compound annual growth rate (CAGR) of 28.6%. </b> The growth in the historic period can be attributed to electric vehicle (ev) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in evs
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The electric vehicle fluids market size is expected to see exponential growth in the next few years. It will grow to <b>$6.13 billion in 2028 at a compound annual growth rate (CAGR) of 29.2%. </b> The growth in the forecast period can be attributed to expansion of ev charging networks, standardization of charging connectors, international market growth, global ev adoption, and growing public and private charging stations. Major trends in the forecast period include development of specialized ev fluids, biodegradable and eco-friendly formulations, collaboration with oems, thermal management, and fluid monitoring and maintenance.
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Segmentation & Regional Insights
The electric vehicle fluids market covered in this report is segmented –
1) By Product Type: Engine oil, Coolants, Transmission fluids, Greases
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By EV Type: BEV, PHEV, HEV
4) By Application: Driveline, Battery Coolant, Grease
<b>Europe</b> was the largest region in the electric vehicle fluids market in 2023. <b>Asia-Pacific</b> is expected to be the fastest-growing region in the electric vehicle fluids market during the forecast period. The regions covered in the electric vehicle fluids market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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Major Driver Impacting Market Growth
An increase in demand for electric vehicles is expected to propel the growth of the electric vehicle fluids market. An electric vehicle (EV) is a vehicle that runs entirely or partially on electricity and stores the electrical energy that drives the motor in a battery pack. The increase in electric vehicle manufacturing and sales drives the demand for electric vehicle fluids because fluid is the key part of a vehicle that enhances fuel efficiency and helps reduce carbon footprints in vehicles. For instance, according to Bloomberg New Energy Finance (BNEF), EVs are expected to hit 10% of global passenger vehicle sales by 2025, rising to 28% in 2030 and 58% in 2040. Therefore, the increase in demand for electric vehicles is predicted to drive the growth of the electric vehicle fluids market.
Key Industry Players
Major companies operating in the electric vehicle fluids market include <b> Castrol Limited, ExxonMobil Corporation, Fuchs Petrolub SE, The Lubrizol Corporation, Petronas Nasional Bhd, Royal Dutch Shell plc, Gulf Oil, BP plc, ENEOS Corporation, PTT Public Company Limited, Repsol S.A, TotalEnergies SE, Valvoline Inc, Shell plc, Petro-Canada Lubricants Inc., Phillips 66 Company, Quaker Chemical Corporation, Sinopec Lubricant Company Limited, SK Lubricants Co. Ltd., Total Lubrifiants SA, Amalie Oil Company, AMSOIL INC., Bardahl Manufacturing Corporation, CHS INC., Chemtool Incorporated, ConocoPhillips Company, Eni S.p.A., Houghton International Inc., JXTG Nippon Oil & Energy Corporation, Lubrication Engineers Inc. </b>
The electric vehicle fluids market report table of contents includes:
1. Executive Summary
2. Electric Vehicle Fluids Market Characteristics
3. Electric Vehicle Fluids Market Trends And Strategies
4. Electric Vehicle Fluids Market – Macro Economic Scenario
5. Global Electric Vehicle Fluids Market Size and Growth
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31. Global Electric Vehicle Fluids Market Competitive Benchmarking
32. Global Electric Vehicle Fluids Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Vehicle Fluids Market
34. Electric Vehicle Fluids Market Future Outlook and Potential Analysis
35. Appendix
Top Major Players:
Castrol Limited
ExxonMobil Corporation
The Lubrizol Corporation
Petronas Nasional Bhd
Royal Dutch Shell PLC
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