Electric Vehicle Fluids Market Will Reach USD 13,263 Million by 2030

In 2022, the global electric vehicle fluids market had a total size of USD 1,799 million, and it is projected to hit USD 13,263 million by 2030, progressing at a rate of 28.4% from 2022 to 2030, according to a research report by a market research company P&S Intelligence.

This can be credited to the increasing need for e-vehicles, the rising utilization of electric equipment in the building sector, and strict guidelines by governments to boost the sales of electric vehicles.

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Diverse components of an e-vehicle, including an electric motor, generates a lot of heat. Efficient electric vehicle fluids have been framed to fulfill the need of the vehicle's mechanisms. Though, old-style fluids can harm such components and can also compromise the performance and durability of the vehicle.

Main fluid types, including brake fluid, drive system fluid, and heat transfer fluid, are advanced to professionally fulfill a range of performance needs and are only to be utilized for electrified vehicles. They also aid in cooling systems and improve EV transmission effectiveness. With the growth in the count of tough fluids and considering their advantages in e-vehicle, their need is projected to grow in the coming few years.

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Building machines generate approximately 400 Mt of CO2 release every year, which accounts for 1.1% of worldwide carbon release. To lessen such releases, the construction industry is concentrating on the adaption of low-emission drives including electric initiatives, and technological improvement in building equipment. Therefore, electrification in the construction sector is rising exponentially.

The battery EV category held the largest market share in recent years. This is mainly because battery electric vehicles require no diesel and petrol engines and need e-vehicle fuel and routine maintenance.

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In 2022, Europe dominated the electric vehicle fluids market, with the largest revenue, of approximately 45%. This growth can be credited to the huge count of hybrid vehicles made and ended in Europe, which creates a high requirement for electric vehicle fluids in the continent. Also, the costs of engine oils are more advanced than other fluids, which are utilized in hybrid vehicles.

APAC is the second-largest and fastest-rising industry for e-vehicle fluids. This is because of the projected high requirement for e-vehicles in nations like China and India, which are also densely populated around the globe.

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The research offers market size of the electric vehicle fluid market for the period 2017-2030.

Market Segmentation by Propulsion Type

Plug-In Hybrid EV
Battery EV
Market Segmentation by Vehicle Type

Passenger Vehicle
Commercial Vehicles
Others
Market Segmentation by Product Type

Heat Transfer Fluid
Grease
Transmission Fluid
Brake Fluid
Market Segmentation by Distribution Channel

OEMs
Aftermarket

About P&S Intelligence
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This release was published on openPR.