The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

An increase in demand for electric vehicles are expected to drive innovation in electric vehicle fluids manufacturing, thus driving the market during the forecast period.

The global electric vehicle fluids market is expected to grow from $1.33 billion in 2022 to $1.7 billion in 2023 at a compound annual growth rate (CAGR) of 27.4%. The electric vehicle fluids market size is expected to grow to $4.57 billion in 2027 at a CAGR of 28.0%.

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Global Electric Vehicle Fluids Market Segments Include:

• By Product Type: Engine Oil, Coolants, Transmission Fluids, and Greases
• By Vehicle Type: Passenger Vehicle, Commercial Vehicle
• By EV Type: BEV, PHEV, or HEV
• By Application: Driveline, Battery Coolant, Grease
• By Geography: The market is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, Europe is the largest region in the global electric vehicle fluids market in 2021.

Major Market Players in the electric vehicle fluids market include Castrol Limited, ExxonMobil Corporation, FUCHS Lubricants, Lubrizol Corporation, Petronas Nasional Bhd., Royal Dutch Shell plc., Gulf Oil, BP plc.

An Increase in research and development is shaping the electric vehicle fluids market. Research and development are done in the market for the development, introduction, and optimization of products and processes. For instance, in 2021, Gulf Oil, an India-based manufacturer of automobile lubricants and greases, launched a new range of e-fluids for hybrid and electric (EV) passenger cars. These e-fluids are formulated to enhance the performance and safety of the vehicle, along with other applications, including improving braking performance and preventing corrosion, while Elec coolant keeps electric vehicle batteries cool in high temperatures.

The Electric Vehicle Fluids Global Market Report 2023  provides a electric vehicle fluids market overview for the time series: historic years (2010 – 2021) and ten years forecast (2023 – 2032). The electric vehicle fluids market forecast analyzes electric vehicle fluids market size, electric vehicle fluids market share, leading competitor market positions. The regions covered in the report include Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa and the countries include Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The electric vehicle fluids aid in the reduction of energy losses in the drivetrain system and the enhancement of EV transmission efficiency. Electric vehicle fluids offer insulation to stop any arcing due to close contact with the electrical components of the vehicle. They help in cooling e-motors and gears and provide insulation for electric current, along with extending the lifetime of each electric motor part and the mileage of EVs by improving machine efficiency.

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