Electric Vehicle (EV) Fluid Market Size and Forecast by 2028
Increasing adoption of green vehicles and demand of thermal
management in electric vehicles drives the global Electric Vehicle Fluid Market
through 2028.
According
to TechSci Research report, “Electric Vehicle Fluid
Market- Global Industry Size, Share, Trends, Competition, Opportunity, and
Forecast, 2018-2028F.” Global Electric Vehicle Fluid Market growing at rapid
pace is the result of increased adoption of green vehicle technology and rising
demand of thermal stability management in electric vehicles. The market for electric vehicles' fluids is expanding
due to development in efficiency and range increase. It is difficult to develop
lubricants for EVs since each original equipment manufacturer has a distinct
electric motor design that requires a specific lubricant to satisfy their
standards for exceptional performance. Electric vehicles are still being
developed for mass manufacturing. Therefore, in upcoming year electric vehicle
fluids shows strong growth.
As modern electric vehicle batteries became more energy-dense
to exceed the range of the vehicle, battery system overheating became a
significant challenge for battery producers. To regulate thermal energy, liquid
cooling is employed in electric vehicles. To reduce the temperature in the
battery cells, new forms of coolants are distributed throughout the
battery system. These liquid cooling fluids are considered to transfer
heat in battery systems more effectively than air-cooling systems. The market
for fluids for electric vehicles is also seeing a growth in demand due to the
development of numerous techniques and fluids. With new technology development,
cost of EV fluids has increased becoming big hurdle in the growth of electric
vehicle fluid market. Many organizations investing in reducing cost while
maintaining its quality and specification. Owing to applications of new fluids
in multiple areas of electric vehicles have led to upsurge in demand.
With largest number of electric vehicles on the road,
the Asia-Pacific region leads the market, followed by Europe and North America.
Additionally, several governments throughout the world have imposed tough standards
and regulations for carbon emissions, which has increased demand for electric
vehicles. Therefore, lubricant
manufacturers are investing in research and development of fluids for electric
vehicles.
Based on propulsion type, hybrid electric vehicles has more shares due
to large number of vehicles on road followed by battery electric vehicles. Based
on vehicle types, majorities of share is captured by passenger car segment
followed by light commercial vehicles. In Product types, heat transfer fluids
dominate the market which is followed by drive system fluids, then grease.
Browse more than XX market data Figures spread through XX Pages and an in-depth TOC on "Global Electric Vehicle Fluid Market"
The global Electric
Vehicle Fluid Market can be segmented based on propulsion type, vehicle type, product
type, distribution channel, region, and by company. Based on propulsion type,
it is divided into Battery Electric Vehicles (BEVs), Hybrid Electric Vehicles (HEVs), and Plug-In Hybrid Electric Vehicles (PHEVs). Based on
vehicle type, the market is segmented into Passenger Car, Light Commercial
Vehicle, and Medium & Heavy Commercial Vehicle. Based on product type, the Electric
Vehicle Fluid Market is divided into Grease, Heat Transfer Fluids, and Drive
System Fluid. Based on distribution channel is it further divided into OEM and
Aftermarket.
Some of the major companies operating in the global Electric Vehicle
Fluid Market include:
- Afton Chemicals
- Dober
- Engineered Fluids Inc.
- ExxonMobil Corporation
- FUCHS Petrolub AG
- Castrol Limited
- Freudenberg Chemical Specialities SE &
Co. KG
- M&I Materials
- Petronas
- Shell plc.
These are the key players
developing advanced technologies and launching new products to stay competitive
in the market. Other competitive strategies include mergers with tech firms,
new product developments, and marketing activities to increase customer outreach.
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“The
maximum number of electric vehicle sales were made in the Asia-Pacific, which
propelled this region to be at the top of the worldwide electric car market. As
China plans to convert 20% of its domestic market to electric vehicles by 2025,
and 60% by 2030, the demand for electric vehicle fluid will rise in upcoming
years.” said Mr. Karan Chechi, Research Director with TechSci Research, a
research-based global management consulting firm.
“Electric Vehicle Fluid Market- Global Industry Size,
Share, Trends, Competition, Opportunity, and Forecast, 2017-2027” has
evaluated the future growth potential of global Electric Vehicle Fluid Market
and provides statistics & information on market size, structure, and future
market growth. The report intends to provide cutting-edge market intelligence
and help decision makers take sound investment decisions. Besides, the report
also identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in the global automotive battery management
system market.
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