Electric Vehicle Fluid Market Size, Share, Growth, Analysis and Forecast Report 2027 including COVID-19 Analysis

The global electric vehicle fluid market is expected to witness CAGR of 30.5% during the forecast period. The rapid increase in the sale of electric vehicles globally owing to resolving environmental issues and decreasing vehicle emissions will lead to the adoption of electric vehicles globally, thereby augmenting the growth of the global electric vehicle fluid market.

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The rising concern over tailpipe emissions and their adverse effects on the environment, strict regulations for emission of carbon dioxide, nitrogen oxide, unburned carbons, and particulates will propel the growth of the electric vehicle fluid market. Moreover, there a specific fluid required in EVs will drive the growth of the market further. Thus, the need for efficient and durable fluids for electric vehicles and the growing need to have thermal management in vehicles will augment the growth of the electric vehicle fluid market. Nevertheless, automotive OEMs have joined hands with fluid providers to source fluids for electric vehicles to enhance the driving experience, resulting in the sale of electric vehicles and thus driving the growth of the electric fluid vehicle market. The different types of fluids like greases, heat transfer fluids, driver system fluids, and brake fluids are used in several components like e-motors, battery systems, bearings, brakes, power electronic gears, and constant velocity joints of electric vehicles.

Royal Dutch Shell plc added fluids for light-, medium- and heavy-duty electrified commercial vehicles to its existing range of passenger car e-fluids. The new fluids are for battery and fuel-cell EVs and include transmission fluids, greases, and battery coolants.

The COVID-19 outbreak has had an adverse impact on the automotive industry. Before the pandemic, the EV market was prospering and was driven by sales in China, Europe, and North America. However, the pandemic has disrupted the production chain and supply chain owing to stringent lockdown globally, hampering the growth of the electric vehicle fluid market.

Based on propulsion type, the global electric vehicle fluid market is categorized into battery electric vehicles and hybrid electric vehicles. Battery electric vehicles will dominate the market during the forecast period owing to change in consumer perception, technological advancement, and rising initiatives by the government to reduce vehicle emissions will lead to the adoption of battery electric vehicles.

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APAC is anticipated to have a high CAGR of 31.6% during the forecast period owing to large-scale production and consumption of electric vehicles in the region. Moreover, the rising focus of vehicle manufacturers on manufacturing electric vehicles in the region will accelerate the growth of the market for electric vehicle fluids. The initiatives by the government to increase the sale of electric vehicles will further drive the growth of the electric vehicle fluid market in the region.

Some of the major players in the global Electric Vehicle Fluid market include Royal Dutch Shell plc, Exxon Mobil Corporation, BP plc, TotalEnergies, Valvoline LLC, CASTROL LIMITED, The Lubrizol Corporation, Motul, FUCHS, and Petroliam Nasional Berhad (PETRONAS).

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