Segmentations and Regional Insights in the Electric Vehicle Fluids Market

The Electric Vehicle Fluids market is projected to reach USD 8,644 million by 2030, at a CAGR of 31.2% from USD 749 million in 2021. Demand is steadily shifting in favor of electric vehicles over ICE vehicles. Along with consumer demand, the automakers must meet ever-stringent carbon dioxide emission targets and fuel economy mandates imposed by governments. This, in turn, has opened opportunities for lubricant manufacturers as EVs need different lubricants. Hardware efficiency and durability in a growing number of applications are best enabled by specialized, custom fluids designed and formulated specifically for electric applications. Growth in electric vehicle production and sales drives the demand for electric vehicle fluids. Lack of proper infrastructure affects the customer’s decision to purchase an electric vehicle due to the uncertainty of it not being able to perform equivalent to ICE vehicles, and this directly affects the electric vehicle fluids market.

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Electric Vehicle Fluids Producers:

The key players in the market are focusing on strategies, such as new product launches, partnerships & agreements, acquisitions, and expansions, to expand their businesses globally. The key players operating in the Electric Vehicle Fluids market are trying to increase their scope of services to address the increasing demand. Royal Dutch Shell plc., ExxonMobil Corporation, BP plc., FUCHS Petrolub SE, and Total Energies SE are the leading providers of Electric Vehicle Fluids, globally.

Players in the Electric Vehicle Fluids market are mainly concentrating on new product launches, acquisition, and collaboration to meet the growing demand for various end-use industries. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.