In 2022, the global electric vehicle fluids market had a
total size of USD 1,799 million, and it is projected to hit USD 13,263 million
by 2030, progressing at a rate
of 28.4% from 2022 to 2030, according to a research report by a market
research company P&S Intelligence.
This can be credited to the increasing need for e-vehicles, the rising utilization of electric equipment in the building sector, and strict guidelines by governments to boost the sales of electric vehicles.
Diverse components of an e-vehicle, including an electric
motor, generates a lot of heat. Efficient electric vehicle fluids have been
framed to fulfill the need of the vehicle’s mechanisms. Though, old-style
fluids can harm such components and can also compromise the performance and
durability of the vehicle.
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The battery EV category held the largest market share in
recent years. This is mainly because battery electric vehicles require no
diesel and petrol engines and need e-vehicle fuel and routine maintenance.
In 2022, Europe dominated the electric vehicle fluids
market, with the largest revenue, of approximately 45%. This growth can be
credited to the huge count of hybrid vehicles made and ended in Europe, which
creates a high requirement for electric vehicle fluids in the continent. Also,
the costs of engine oils are more advanced than other fluids, which are
utilized in hybrid vehicles.
APAC is the second-largest and fastest-rising industry for
e-vehicle fluids. This is because of the projected high requirement for
e-vehicles in nations like China and India, which are also densely populated
around the globe.
Hence, the increasing need for e-vehicles, the rising
utilization of electric equipment in the building sector, and strict guidelines
by governments are the major factors contributing to the growth of the electric
vehicle fluids market.
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