Electric Vehicle Fluids Market Outlook 2024-2033: Trends and Projections
Electric Vehicle Fluids Market Expansion 2024-2033: Growth Drivers and Dynamics
Global Electric Vehicle Fluids Market Analysis 2024: Size Forecast and Growth Prospects
Electric Vehicle Fluids Market 2024-2033: Technological Advancements, Competitive Landscape and Strategies
Global Electric Vehicle Fluids Market Overview 2024: Size, Growth Rate, and Segments
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The electric vehicle fluids global market report 2024 from The Business Research Company provides comprehensive market statistics, including global market size, regional shares, competitor market share, detailed segments, trends, and opportunities. This report offers an in-depth analysis of current and future industry scenarios, delivering a complete perspective for thriving in the industrial automation software market.
Electric Vehicle Fluids Market, 2024 report by The Business Research Company offers comprehensive insights into the current state of the market and highlights future growth opportunities.
Market Size –
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
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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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Scope Of Electric Vehicle Fluids Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Electric Vehicle Fluids Market Overview
Market Drivers –
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.
Market Trends –
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.
The electric vehicle fluids market covered in this report is segmented –
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
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Regional Insights –
Europe was the largest region in the electric vehicle fluids market in 2023. Asia-Pacific is expected to be the fastest-growing region in the electric vehicle fluids market during the forecast period. The regions covered in the electric vehicle fluids market report include Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the electric vehicle fluids market include 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.
Table of Contents
1. Executive Summary
2. Electric Vehicle Fluids Market Report Structure
3. Electric Vehicle Fluids Market Trends And Strategies
4. Electric Vehicle Fluids Market – Macro Economic Scenario
5. Electric Vehicle Fluids Market Size And Growth
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27. Electric Vehicle Fluids Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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