Press release
Electric Vehicle Fluids Market Size, Share Analysis, Growth, Trends And Forecast To 2033 - By Product Type (Engine Oil, Coolants, Transmission Fluids, Greases), By Vehicle Type (Passenger Vehicle, Commercial Vehicle), By EV Type (BEV, PHEV, HEV), By Appli
Electric Vehicle Fluids Market Report
The Business Research Company presents an extensive market research report on the ""Electric Vehicle Fluids Global Market Report 2024,"" furnishing businesses with a competitive edge through a detailed examination of the market structure, encompassing estimates for various segments and sub-segments.
Furthermore, the report highlights on emerging trends, significant drivers, challenges, and opportunities, providing all necessary data for thriving in the electric vehicle fluids industry. This report on electric vehicle fluids market research offers a comprehensive perspective, including an in-depth analysis of the present and future scenarios within the industry.
Market Sizing:
The electric vehicle fluids market size has grown exponentially in recent years. It 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 electric vehicle fluids market size is expected to see exponential growth in the next few years. It will grow to $6.13 billion in 2028 at a compound annual growth rate (CAGR) of 29.2%.
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Key Market Players:
Castrol Limited, ExxonMobil Corporation, Fuchs Petrolub SE, The Lubrizol Corporation, Petronas Nasional Bhd are prominent players in the electric vehicle fluids industry.
Market Drivers:
According to the Electric Vehicle Fluids Market Report 2024 by The Business Research Company, the key factors driving the growth of the Electric Vehicle Fluids market, includes an increase in demand for electric vehicles. 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. For instance, 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 increase in demand for electric vehicles is predicted to drive the growth of the electric vehicle fluids market.
More information about the Global Electric Vehicle Fluids Market Report -
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Market segments for electric vehicle fluids include:
1) By Product Type: Engine oil, Coolants, Transmission fluids, Greases
2) By Vehicle Type: Passenger Vehicle, Commercial Vehicle
3) By EV Type: BEV, PHEV, HEV
4) By Application: Driveline, Battery Coolant, Grease
The report answers the following questions:
What are the primary factors propelling the market during the projected period?
In which region is the most substantial growth expected?
Which trend will take center stage in the upcoming period?
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