According to a market report, published by Sheer Analytics and Insights, The global electric vehicle fluids market was valued at $0.78 billion in 2021 and it is expected to reach $21.3 billion at a CAGR of 33.3% between 2022 and 2032. One of the main factors driving the growth of the global market for electric vehicle fluids and lubricants is the increasing penetration of electric vehicles in different parts of the world. Another important aspect boosting the global industry is greater government assistance as a result of rising carbon emissions and pollution linked to cars. Additionally, a comprehensive analysis of the global electric vehicle fluids market would provide priceless insights into the type of market competition that is currently in place, as well as the anticipated market size and projected market share of the major incumbent players that are driving the electric vehicle fluids market landscape. Therefore, these rising factors are driving market growth over the forecast period from 2022 to 2032.
Adoption of hybrid or entirely electric vehicles will likely become necessary soon due to growing worries about the damaging effects of excessive tailpipe emissions on the environment and strict regulatory standards for pollutants like carbon dioxide, unburned hydrocarbons, particulates, and nitrogen oxide. The high initial cost of an electric car, however, might limit the market's expansion for fluids for electric vehicles globally in the years to come. To make vehicles more affordable for the majority of customers, particularly in emerging nations, significant firms are also focused on this. All of these elements are anticipated to accelerate the global market's growth shortly. Hence, these primary factors are expected to accelerate market growth during the forecast period.
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Government initiatives to lessen reliance on fossil fuels and reduce pollution have made electric vehicles one of the automotive industry's fastest-growing categories. They are one of the fastest-growing segments even though they only represent a small portion of the dominant automobile industry today. Major international manufacturers have announced plans to produce 200 new electric car models over the next five years, which is anticipated to have a favorable impact on the industry. The growth of the global market for electric vehicle fluids is also being fueled by the steadily increasing demand for electric vehicles as well as the growing adoption of these vehicles in numerous developed economies. Therefore, these rising factors would create more growth opportunities for the electric vehicle fluids market globally.
Fluid development continues to run into new challenges, from novel materials used in lightweight hardware to injection systems combined with better electrification systems in cars. When annual production rates climb from 10,000 to 500,000 units, a vehicle's production costs can go down. Because PHEVs include a battery pack, a traditional internal combustion engine, and an electric engine, they now have significantly higher initial purchase costs. However, because the installed conventional engine is smaller, PHEVs experience cost savings.
Some new developments in the global electric vehicle fluids market:
- On 2nd November, 2022, an affiliate of Total Energies, Total Energies Marketing India, has introduced new EV fluid products in India for electric and hybrid vehicles as well as electric two-wheelers. These specially formulated EV fluids are made to be very compatible with copper coils and the new polymer materials used in EVs, and they have improved electrical qualities against short circuits and static electricity.
- On 6th November, 2022, A Hinduja Group Company called Gulf Oil Lubricants has established an exclusive relationship with Piaggio Vehicles Pvt Ltd and Switch Mobility for a particular line of EV fluids. Through this alliance, Gulf's whole array of EV fluids will be directly accessible to Piaggio Vehicles and Switch Mobility.
According to the study, key players dominating the global electric vehicle fluids market are 3M (U.S), Berkshire Hathaway (U.S), BP (U.K), Dober (U.S), ExonMobil (U.S), ENEOS Holdings (Japan), Freudenberg (Germany), FUCHS (Germany), Infineum (Netherlands), Ministry of Energy (Thailand), M&I Materials Limited (U.K), Motul (France), NewMarket Corporation (U.S), PolySi Technologies (U.S), Petronas (Malaysia), Panolin (Switzerland), Repsol (Spain), Shell Plc (U.K), TotalEnergies (France), ValvoLine (U.S), among others.
The Global Electric Vehicle (EV) Powertrain Market Has Been Segmented Into:
The Global EV Powertrain Market – by Technology Type:
- BEV
- HEV
- PHEV
- Others
The Global EV Powertrain Market – by Vehicle Type:
- Passenger Car
- Commercial Car
- Others
The Global EV Powertrain Market – by Regions:
- North America
- The U.S.
- Canada
- Mexico
- Europe
- The U.K.
- France
- Germany
- Italy
- Rest of Europe
- Asia Pacific
- India
- China
- Japan
- Australia
- Rest of Asia Pacific
- LAMEA
- Middle East
- Saudi Arabia
- UAE
- Others
- Latin America
- Brazil
- Chile
- Others
- Africa
- South Africa
- Egypt
- Others
Browse the full report at https://www.sheeranalyticsandinsights.com/market-report-research/electric-vehicle-fluids-market-21
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