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Electric Vehicle Fluids Market Key Trends And Forecast Report 2024-2033
Electric Vehicle Fluids Market Key Trends
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According to The Business Research Company's, 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 growth in the historic period can be attributed to electric vehicle (ev) adoption and sales growth, government incentives and regulations, environmental concerns and emissions reduction goals, consumer demand for convenient charging, and automotive industry investment in evs.
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%. The growth in the forecast period can be attributed to expansion of ev charging networks, standardization of charging connectors, international market growth, global ev adoption, and growing public and private charging stations. Major trends in the forecast period include development of specialized ev fluids, biodegradable and eco-friendly formulations, collaboration with oems, thermal management, and fluid monitoring and maintenance.
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Market Drivers and Trends:
An increase in demand for electric vehicles is expected to propel the growth of the electric vehicle fluids market. 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.
An Increase in research and development is shaping the electric vehicle fluids market. 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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Major Key Players of the Market:
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, Lubrication Engineers Inc.
Electric Vehicle Fluids Market 2024 Key Insights:
• 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%.
• Surging Electric Vehicle Demand Fueling Growth Of Electric Vehicle Fluids Market
• R&D Advancements Driving Innovation In The Electric Vehicle Fluids Market
• Europe was the largest region in the electric vehicle fluids market in 2023
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