IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global electric vehicle fluids market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
How big is the electric vehicle fluids market?
|Market Size in 2022||US$ 1.2 Billion|
|Market Forecast in 2028||US$ 5.8 Billion|
|Growth rate (2023 to 2028)||CAGR of 26.70%|
|Base Year of the Analysis||2022|
What is electric vehicle fluids?
Electric vehicle fluids are a specialized type of fluid designed for use in electric vehicles, which include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). They possess several unique properties, such as high thermal stability, excellent dielectric properties to prevent electrical arcing, low viscosity for efficient heat transfer, and high flash points to minimize the risk of accidental explosion. They provide lubrication to the moving parts of the electric motor, which reduces wear and tear and prolongs the motor’s lifespan. They also add an extra layer of protection against electrical arcs and moisture damage. As a result, electric vehicle fluids find extensive applications as a protective layer around various EV components, including batteries, electric motors, and power electronics across the globe.
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What are the growth prospects and trends in the electric vehicle fluids?
The global electric vehicle fluids market is primarily driven by the increasing sales of electric vehicles (EVs) due to rising awareness among consumers regarding the harmful environmental impact of internal combustion engine (ICE) vehicles. Moreover, the implementation of several favorable measures, incentives, and subsidies by governments of numerous countries to support the adoption of EVs is positively influencing market growth. Additionally, various technological advancements in the manufacturing of plug-in hybrid EVs and the development of more efficient and customized electric vehicle fluids have catalyzed market growth. Other factors, including ongoing research and development (RD) activities, rising investments in the electric vehicle industry, and product innovations, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
- Engine Oil
- Transmission Fluids
Vehicle Type Insights:
- Passenger Vehicle
- Commercial Vehicle
EV Type Insights:
Distribution Channel Insights:
Breakup by Geography:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Who are the key players operating in the industry?
The report covers the major market players including:
- BP p.l.c.
- ENEOS Corporation (ENEOS Holdings Inc.)
- Exxon Mobil Corporation
- Fuchs Petrolub SE
- Gulf Oil International Ltd
- Hindustan Petroleum Corporation Limited (Oil and Natural Gas Corporation)
- Idemitsu Kosan Co. Ltd.
- Petroliam Nasional Berhad (PETRONAS)
- Repsol S.A.
- Shell plc
- TotalEnergies SE
- Valvoline Inc.
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