Increasing demand for effective and reliable electric vehicle fluids and lubricants and rising adoption of electric vehicles are some key factors driving market growth.
Vancouver, BC -- (SBWIRE) -- 05/06/2021 -- The global electric vehicle fluids and lubricants market size reached USD 1,178.8 Million in 2020 and is expected to register a CAGR of 18.7%, during the forecast period, according to latest analysis by Emergen Research. Increasing demand for effective and reliable electric vehicle fluids and lubricants is one of the key factors expected to drive global electric vehicle fluids and lubricants market growth during the forecast period. Rising adoption of electric vehicles and increasing government support in the form of subsidies and incentives to increase adoption of electric vehicles are other key factors expected to augment growth of the global electric vehicle fluids and lubricants market going ahead.
The market is anticipated to grow exponentially due to the recent progression of technology and developments in products and services. The report further analyzes the revenue growth at the global, regional, and country level with an extensive analysis of current and future industry trends pertaining to each segment and sub-segment.
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Some Key Highlights in the Report
Grease segment revenue is expected to expand at a significant CAGR during the forecast period. Increasing use of grease in electric vehicles for lubricating door locks, hinges, and powertrain is expected to boost revenue growth of this segment.
Increasing adoption of BEVs globally is expected to drive revenue growth of the battery electric vehicles segment during the forecast period.
Factors such as increasing adoption of electric vehicles due to stringent regulations implemented by government in countries in North America to reduce carbon emissions, adopt more environment-friendly and renewable energy resources and vehicles, and rising focus on reducing dependence on fossil fuels among others, are driving growth of the market in the region.
Key players in the market include 3M, Castrol, Royal Dutch Shell, Total Lubricants, Valvoline Inc., Motul, Fuchs Petrolub SE, Engineered Fluids Inc, Exxon Mobil Corporation, and Lubrizol Corporation.
In September 2019, Valvoline Inc. launched electric vehicle-specific product offerings with the introduction of EV Performance Fluids. The global product line includes EV drive system fluid, EV heat transfer fluid, EV grease, and EV brake fluid which is designed to meet the distinctive requirements of electric vehicles.
Electric Vehicle Fluids and Lubricants Market Segmentation:
Emergen Research has segmented the global electric vehicle fluids and lubricants market on the basis of product type, distribution channel, propulsion type, and region:
Product Type Outlook (Revenue, USD Million; 2018–2028)
Grease
Brake Fluid
Heat Transfer Fluid
Drive System Fluid
Distribution Channel Outlook (Revenue, USD Million; 2018–2028)
OEMs
Aftermarket
Propulsion Type Outlook (Revenue, USD Million; 2018–2028)
Battery Electric Vehicles (BEVs)
Hybrid Electric Vehicles (HEVs)/Plug-In Hybrid Electric Vehicles (PHEVs)
The market is spread across several key geographical regions, and the report covers the regional analysis as well as the production, consumption, revenue, and market share in those regions for the forecast period. The regions include North America, Latin America, Europe, AsiaPacific, and Middle East and Africa.
Comprehensive Regional Analysis Covers the Following Regions:
North America (U.S., Canada, Mexico)
Europe (U.K., Italy, Germany, France, Rest of EU)
AsiaPacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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Key Coverage of the Electric Vehicle Fluids and Lubricants Market:
Insightful information regarding the global Electric Vehicle Fluids and Lubricants market
Identification of growth in various segments and sub-segments of the Electric Vehicle Fluids and Lubricants market
Strategic recommendations for investment opportunities
The report covers significant statistics related to the industry along with products, applications, price analysis, demand & supply, and production and consumptions rate
Emerging trends and current market segment analysis to help investors formulate new business strategies
Accelerates the decision-making process through the availability of the drivers and limitations
Table of Content
Chapter 1. Methodology & Sources
1.1. Market Definition
1.2. Research Scope
1.3. Methodology
1.4. Research Sources
1.4.1. Primary
1.4.2. Secondary
1.4.3. Paid Sources
1.5. Market Estimation Technique
Chapter 2. Executive Summary
2.1. Summary Snapshot, 2021–2028
Chapter 3. Key Insights
Chapter 4. Electric Vehicle Fluid and Lubricants Market Segmentation & Impact Analysis
4.1. Electric Vehicle Fluid and Lubricants Market Material Segmentation Analysis
4.2. Industrial Outlook
4.2.1. Market indicators analysis
4.2.2. Market drivers analysis
4.2.2.1. Increasing demand for effective and reliable electric vehicle Fluid and lubricants
4.2.2.2. Growing need for better thermal management in electric vehicles
4.2.2.3. Rising adoption of electric vehicles
4.2.2.4. Increasing focus among users on timely servicing of electric vehicles
4.2.3. Market restraints analysis
4.2.3.1. The high cost of electric vehicle Fluid and lubricants
4.2.3.2. Issues regarding feasibility of developing immersion cooling battery during thermal management
4.3. Technological Insights
4.4. Regulatory Framework
4.5. Porter's Five Forces Analysis
4.6. Competitive Metric Space Analysis
4.7. Price trend Analysis
4.8. Covid-19 Impact Analysis
Chapter 5. Electric Vehicle Fluid and Lubricants Market By Product Type Insights & Trends, Revenue (USD Million)
5.1. Product Type Dynamics & Market Share, 2021–2028
5.1.1. Grease
5.1.2. Brake Fluid
5.1.3. Heat Transfer Fluid
5.1.4. Drive System Fluid
CONTINUED..!!
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