Global Electric Vehicle Fluids Market Report 2022 – Market Forecast, Trends And Strategies

4 Feb, 2022

The global electric vehicle fluids market size is expected to grow from $1.04 billion in 2021 to $1.32 billion in 2022 at a compound annual growth rate (CAGR) of 27.1%. The change in the market growth trend is mainly due to the companies stabilizing their output after catering to the demand that grew exponentially during the COVID-19 pandemic. The electric vehicle fluids market is expected to reach $3.39 billion in 2026 at a CAGR of 26.5%.

What is the Global Electric Vehicle Fluids Market?

The electric vehicle fluids market consists of sales of electric vehicle fluids by entities (organizations, sole traders, and partnerships) that 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 to electric current, along with extending the lifetime of each electric motor part, and the mileage of EVs by improving machine efficiency.

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What drives the Global Electric Vehicle Fluids Market?

Increasing 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 assist to reduce carbon footprints in vehicles. For instance, according to the International Energy Agency, in 2020 the global electric car stock hit the 10 million mark, a 43% increase over 2019. Also, 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 increasing demand for electric vehicles is predicted to drive the growth of the electric vehicle fluids market.

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Global Electric Vehicle Fluids Market Segments
The global electric vehicle fluids market is segmented:
By Product Type: Engine Oil, Coolants, Transmission Fluids, Greases
By Vehicle Type: Passenger Vehicle, Commercial Vehicle
By EV Type: BEV, PHEV, HEV
By Application: Driveline, Battery Coolant, Grease
By Geography: The regions covered in the electric vehicle fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa. Among these regions, Europe accounts for the largest share in the global electric vehicle fluids market.

Electric Vehicle Fluids Global Market Report 2022provides market size and growth forecasts for the global electric vehicle fluids market, global electric vehicle fluids market share, electric vehicle fluids market segments and geographies, electric vehicle fluids market competitive landscape including leading competitors’ revenues, profiles and market shares. The electric vehicle fluids market report identifies top countries and segments for opportunities and strategies based on market trends and leading competitors’ approaches.

Global Electric Vehicle Fluids Industry Playersinclude Castrol Limited, ExxonMobil Corporation, FUCHS Lubricants, 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, and Shell. Based on industry trends and company analysis, the report explains a number of strategies for companies in the market.