DUBLIN--(BUSINESS WIRE)--The "Electric Vehicle Fluids Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global electric vehicle fluids market grew from $1.33 billion in 2022 to $1.7 billion in 2023 at a compound annual growth rate (CAGR) of 27.4%. The electric vehicle fluids market is expected to grow to $4.57 billion in 2027 at a CAGR of 28.0%.
The electric vehicle fluids aid in the reduction of energy losses in the drivetrain system and the enhancement of EV transmission efficiency. Electric vehicle fluids offer insulation to stop any arcing due to close contact with the electrical components of the vehicle. They help in cooling e-motors and gears and provide insulation to electric current, along with extending the lifetime of each electric motor part, and the mileage of EVs by improving machine efficiency.
Europe was the largest region in the electric vehicles fluids market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the electric vehicle fluids market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
Increasing 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 assists to reduce carbon footprints in vehicles.
For instance, according to the International Energy Agency, in 2020 the global electric car stock hit the 10 million mark, a 43% increase over 2019. Also, 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 increasing demand for electric vehicles is predicted to drive the growth of the electric vehicle fluids market.
Increasing research and development is shaping the electric vehicle fluids market. Research and development in the market are done 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 company 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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Scope
Markets Covered:
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
A selection of companies mentioned in this report includes
- 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.
- Shell
For more information about this report visit https://www.researchandmarkets.com/r/bbq7ik-vehicle?w=4
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