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LONDON, GREATER LONDON, UNITED KINGDOM, November 29, 2024 /EINPresswire.com/ -- The Business Research Company’s Early Year-End Sale! Get up to 30% off detailed market research reports—limited time only!
What is Ailing the Electric Vehicle Fluids Market Size in 2024 and its Growth Rate?
The electric vehicle fluids market has experienced remarkable growth in the recent past. According to a new report, the market will grow from $1.71 billion in 2023 to $2.2 billion in 2024 at a Compound Annual Growth Rate CAGR of 28.6%. The gain in the historic span can be credited to multiple factors. Among them are electric vehicle EV adoption and sales growth, government initiatives and regulations, environmental concerns clubbed with emission reduction goals, consumer's increasing inclination for convenient charging, and notable investments in EVs by the automotive sector.
Read more about the market's intriguing insights in the complete Sample Reporthttps://www.thebusinessresearchcompany.com/sample.aspx?id=5566&type=smp
What Will be the Future Market Growth of Electric Vehicle Fluids?
We anticipate an exponential upswing in the size of the electric vehicle fluids market in the ensuing years. It is expected to escalate to $6.13 billion by 2028, reflecting a Compound Annual Growth Rate CAGR of 29.2%. This growth during the forecast period is attributed to the expansion of EV charging networks, standardization of charging connectors, international market growth, increased global EV adoption, and the rise of public and private charging stations. Other noteworthy trends expected in the forecast period include the development of specialized EV fluids, biodegradable and eco-friendly formulations, collaborations with OEMs, focus on thermal management, and advancements in fluid monitoring and maintenance.
You can now avail detailed insights about the market with our Complete Reporthttps://www.thebusinessresearchcompany.com/report/electric-vehicle-fluids-global-market-report
How does the Increased Demand for Electric Vehicles Affect the Electric Vehicle Fluids Market?
An increase in demand for electric vehicles is set to significantly propel the growth of the electric vehicle fluids market. An electric vehicle EV is a vehicle that operates entirely or partially on electricity, storing the electrical energy powering the motor in a battery pack. The surge in electric vehicle manufacturing and sales has been driving the demand for electric vehicle fluids as it enhances fuel efficiency and aids in reducing the carbon footprint in vehicles. For instance, according to Bloomberg New Energy Finance BNEF, the sales of EVs are expected to constitute 10% of global passenger vehicle sales by 2025, and this fraction is estimated to rise to 28% by 2030 and further to a majority 58% by 2040. Therefore, this rising demand for electric vehicles is predicted to have a positive influence on the growth of the electric vehicle fluids market.
Who are the Key Industry Players in the Electric Vehicle Fluids Market?
The key industry players in the electric vehicle fluids market are 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, and Lubrication Engineers Inc.
What are the Emerging Trends in the Electric Vehicle Fluids Market?
With the increase in R&D activities, newer improvements are reshaping the electric vehicle fluids market. The market is witnessing development, introduction, and optimization of products and processes. For instance, in 2021, Gulf Oil, based in India - a manufacturer of automobile lubricants and greases, brought out a new range of e-fluids for hybrid and electric EV passenger cars. These e-fluids are designed to boost the performance and safety of the vehicle, along with other applications such as enhancing braking performance, preventing corrosion, and keeping electric vehicle batteries cool in high temperatures.
What Segments are Covered in the Electric Vehicle Fluids Market?
The electric vehicle fluids market report is segmented by -
1 Product Type: Engine oil, Coolants, Transmission fluids, Greases.
2 Vehicle Type: Passenger Vehicle, Commercial Vehicle.
3 EV Type: BEV, PHEV, HEV.
4 Application: Driveline, Battery Coolant, Grease.
Which Regions are Making an Impact in the Electric Vehicle Fluids Market?
Europe held the largest share in the electric vehicle fluids market in 2023. However; the Asia-Pacific region is predicted to experience the fastest growth during the forecast period. The report covers various regions including - Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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