Report Ocean recently released a research report on the Electric Vehicle Fluid Market, which covers the market’s historical growth, cost structure, revenue, trends, and potential prospects for the period 2023-2031. The report provides an extensive coverage of the market across various categories and includes a detailed analysis at the national level, along with an evaluation of the key drivers, restraints, trends, and opportunities in the market.
The global electric vehicle fluid market size was US$ 972 million in 2021. The global electric vehicle fluid market is forecast to grow to US$ 10522 million by 2030, registering a compound annual growth rate (CAGR) of 30.1% during the forecast period from 2022 to 2030.
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Base oils, together with additives, are used to manufacture electric vehicle fluid. Electric vehicle fluids are used to carry out various tasks, including batteries adjustment, damping temperature, noise, vibration, etc. Coolants, engine oil, fluids, greases, brake fluids are some of the widely used electric vehicle fluids.
COVID-19 Impact Analysis
Due to the COVID-19 outbreak, the entire automotive industry witnessed significant challenges. Moreover, it also hampered the other associated industries, such as the electric vehicle fluid market. The reasons for the market decline were disruptions in the supply chain and stringent travel restrictions all across the world. However, post-pandemic, the global electric vehicle fluid market is forecast to momentum due to increasing awareness about pollution.
Factors Influencing
- The growing trend of electric and hybrid vehicles due to rising pollution is forecast to fuel the market growth.
- The global electric vehicle fluid market is expected to gain traction, owing to the increasing demand for fluid due to its anti-corrosion properties in Battery Electric Vehicles (BEVs).
- In addition, the rising demand to enhance driving range, the need for thermal management, and its application in formula e-motor sports are forecast to propel the market growth.
- The EV fluids with additives and dielectric properties will prompt market growth during the study period.
- The high cost of EV fluids may slow down the growth of the industry during the forecast period.
- Increasing government initiatives towards growing the adoption of electric vehicles like infrastructure investment, tax rebates, etc., are forecast to benefit the service providers during the study period.
Geographic Analysis
Europe is forecast to hold the largest share in the global electric vehicle fluid market, owing to the rising electric vehicle sector in the region. Moreover, the region is witnessing high demand for advanced electric and hybrid vehicles. In addition, favorable initiatives by government bodies, like subsidies and tax rebates, will prompt the growth of the regional market.
The presence of various prominent players, such as Renault, Audi, BMW, and Mercedes, would contribute to the growth of the region. Moreover, initiatives to reduce carbon emissions will create favorable growth opportunities for the market players.
The Asia-Pacific is forecast to emerge as the fastest-growing region, owing to the rising demand for electric vehicles and services associated with that.
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Competitors in the Market
- Royal Dutch Shell plc
- Exxon Mobil Corporation,
- BP plc
- TotalEnergies
- Valvoline LLC
- CASTROL LIMITED
- The Lubrizol Corporation
- Motul
- FUCHS
- Petroliam Nasional Berhad (PETRONAS)
- Other prominent players
Market Segmentation
Insight by Product Type
- Engine Oil
- Coolants
- Transmission Fluids
- Greases
Insight by Distribution Channel
- OEMs
- Aftermarkets
Insight by Propulsion Type
- Battery Electric Vehicles
- Hybrid Electric Vehicles
Insight by Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
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- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
Table of Content
Chapter 1: Global Electric Vehicle Fluid Industry Overview
Chapter 3: Market Dynamics
Chapter 4: Top Company Profiles
Chapter 5: Global Electric Vehicle Fluid market Competition, by Players
Chapter 6: Global Market Size by Regions
Chapter 7: Global Market Segment by Application
Chapter 8: Global Electric Vehicle Fluid Industry Segment by Type
Chapter 9: Market Chain, Sourcing Strategy, and Downstream Buyers
Chapter 10: Strategies and key policies by Distributors/Suppliers/Traders
Chapter 11: Key Marketing Strategy Analysis, by Market Vendors
Chapter 12: Market Effect Factors Analysis
Chapter 13: Global Electric Vehicle Fluid market Size Forecast (2023-2031).
Continue….
Reasons to Buy This Report
(A) The research provides valuable insights for top administration, policymakers, professionals, product advancements, sales managers, and stakeholders in the market. It helps them make informed decisions and strategize effectively.
(B) The report offers comprehensive analysis of Electric Vehicle Fluid market revenues on a global, regional, and country level, projecting trends until 2031. This data allows companies to assess their market share, identify growth opportunities, and explore new markets.
(C) The research includes segmentation of the Electric Vehicle Fluid market based on types, applications, technologies, and end-uses. This segmentation enables leaders to plan their products and allocate resources based on the expected growth rates of each segment.
(D) Analysis of the Electric Vehicle Fluid market benefits investors by providing insights into market scope, position, key drivers, challenges, restraints, expansion opportunities, and potential threats. This information helps them make informed investment decisions.
(E) The report offers a detailed analysis of competitors, their key strategies, and market positioning. This knowledge allows businesses to better understand the competition and plan their own strategies accordingly.
(F) The study helps evaluate Electric Vehicle Fluid business predictions by region, key countries, and top companies, providing valuable information for investment planning and decision-making.
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