IMARC Group, a leading market research company, has recently releases report titled “Electric Vehicle Fluids Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028.” The study provides a detailed analysis of the industry, including the global electric vehicle fluids market size, share, trends and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.
Report Highlights
How big is the electric vehicle fluids market?
The global electric vehicle fluids market size reached US$ 1.2 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 5.8 Billion by 2028, exhibiting a growth rate (CAGR) of 26.70% during 2023-2028.
What is electric vehicle fluids?
Electric vehicle fluids are a specialized type of fluid designed for use in electric vehicles, which include battery electric vehicles (BEVs) and plug-in hybrid electric vehicles (PHEVs). They possess several unique properties, such as high thermal stability, excellent dielectric properties to prevent electrical arcing, low viscosity for efficient heat transfer, and high flash points to minimize the risk of accidental explosion. They provide lubrication to the moving parts of the electric motor, which reduces wear and tear and prolongs the motor’s lifespan. They also add an extra layer of protection against electrical arcs and moisture damage. As a result, electric vehicle fluids find extensive applications as a protective layer around various EV components, including batteries, electric motors, and power electronics across the globe.
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What are the growth prospects and trends in the electric vehicle fluids?
The global electric vehicle fluids market is primarily driven by the increasing sales of electric vehicles (EVs) due to rising awareness among consumers regarding the harmful environmental impact of internal combustion engine (ICE) vehicles. Moreover, the implementation of several favorable measures, incentives, and subsidies by governments of numerous countries to support the adoption of EVs is positively influencing market growth. Additionally, various technological advancements in the manufacturing of plug-in hybrid EVs and the development of more efficient and customized electric vehicle fluids have catalyzed market growth. Other factors, including ongoing research and development (RD) activities, rising investments in the electric vehicle industry, and product innovations, are also anticipated to propel the market growth.
What is included in market segmentation?
The report has segmented the market into the following categories:
Product Type Insights:
Vehicle Type Insights:
EV Type Insights:
Distribution Channel Insights:
Breakup by Geography:
Who are the key players operating in the industry?
The report covers the major market players including:
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