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Global Electric Vehicle Fluids Market 2023 Industry Insights, Regional Overview, Latest Trends And Top Key Players Analysis Till 2032 | Castrol Limited, ExxonMobil Corporation, FUCHS Lubricants, Lubrizol Corporation, Petronas Nasional Bhd
Electric Vehicle Fluids Market
The Business Research Company's Electric Vehicle Fluids Global Market Report 2023 identifies An increase in demand for electric vehicles as the major driver for the Electric Vehicle Fluids Market's growth in the forecast period. 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 helps reduce carbon footprints in vehicles.
The global electric vehicle fluids market size grew from $1.33 billion in 2022 to $1.7 billion in 2023 at a compound annual growth rate (CAGR) of 27.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The electric vehicle fluids market size is expected to grow to $4.57 billion in 2027 at a CAGR of 28.0%.
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Major competitors in the Electric vehicle fluids market are 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.
A key trend in the Electric Vehicle Fluids Market includes increase in research and development. Research and development are done in the market for the development, introduction, and optimization of products and processes. For instance, in 2021, Gulf Oil, an India-based manufacturer of automobile lubricants and greases, launched a new range of e-fluids for hybrid and electric (EV) passenger cars. These e-fluids are formulated to enhance the performance and safety of the vehicle, along with other applications, including improving braking performance and preventing corrosion, while Elec coolant keeps electric vehicle batteries cool in high temperatures.
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The Electric Vehicle Fluids Market is segmented -
By Product Type: Engine Oil, Coolants, Transmission Fluids, and Greases
By Vehicle Type: Passenger Vehicle, Commercial Vehicle
By EV Type: BEV, PHEV, or HEV
By Application: Driveline, Battery Coolant, Grease
By Geography: Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. Europe was the largest region in the Electric Vehicle Fluids Market.
The Business Research Company's "Global Electric Vehicle Fluids Market Report 2023" provides a thorough understanding of the market across 60 geographies. The report covers market size, growth rate, segments, drivers and trends in every region and country. In addition, the report offers insights on historical and forecast growth, helping players analyze and strategize better.
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The Table Of Content For The Electric Vehicle Fluids Market Include:
1. Executive Summary
2. Electric Vehicle Fluids Market Characteristics
3. Electric Vehicle Fluids Market Trends And Strategies
4. Electric Vehicle Fluids Market - Macro Economic Scenario
5. Electric Vehicle Fluids Market Size And Growth
……
26. Africa Electric Vehicle Fluids Market
27. Electric Vehicle Fluids Market Competitive Landscape And Company Profiles
28. Key Mergers And Acquisitions In The Electric Vehicle Fluids Market
29. Electric Vehicle Fluids Market Future Outlook and Potential Analysis
30. Appendix
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