According to the latest IMARC Group report, the global electric vehicle fluids market size will reach $1.2 billion by 2022.
UNITED STATES, March 14, 2023 / EINPresswire.com/ — According to IMARC Group’s latest report “Electric Vehicle Fluids Market: Global Industry Trends, Share, Size, Growth Rate, Research Report , Opportunity and Forecast 2023-2028”, The global electric vehicle fluids market size reached US$ 1.2 billion by 2022. Looking ahead, IMARC Group expects the market to reach US$ 5.8 billion by 2028 , with a growth rate (CAGR) of 26.70% during the period 2023-2028. serve as an excellent guide for investors, researchers, consultants, marketing strategists and all those who plan to venture into the market in any form.
Electric vehicle fluids are a specialized type of fluid designed for use in electric vehicles, including battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). They have several unique properties, including high thermal stability, excellent dielectric properties to prevent 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 extends the life of the motor. They also add an extra layer of protection against arcing and moisture damage. As a result, electric vehicle fluids find wide applications as a protective layer around various electric vehicle components such as batteries, electric motors and power electronics worldwide.
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Electric vehicle fluid market trends:
The global electric vehicle fluids market is primarily driven by increasing sales of electric vehicles (EVs) due to growing consumer awareness about the harmful environmental impact of internal combustion engine (ICE) vehicles. In addition, the implementation of various favorable measures, incentives and subsidies by the governments of numerous countries to support the adoption of electric vehicles is positively influencing the growth of the market. In addition, various technological advancements in the manufacturing of plug-in hybrid electric vehicles and the development of more efficient and customized electric vehicle fluids have catalyzed the growth of the market. Other factors, including ongoing research and development (R&D) activities, increased investments in the electric vehicle industry, and product innovations are also expected to drive the growth of the market.
The report has segmented the market based on product type information, vehicle type information, EV type information, distribution channel information and market breakdown by region.
Product Type Statistics:
engine oil
Refrigerants
Transmission fluids
fats
others
Vehicle Type Statistics:
Passenger vehicle
Commercial Vehicle
others
EV Type Stats:
DRINK
PHEV
Distribution channel statistics:
OEMs
Aftermarket
Market distribution by region:
North America (United States, Canada)
Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia and others)
Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
Latin America (Brazil, Mexico, others)
Middle East and Africa
Competitive landscape:
BP plc
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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