The latest market report published by Credence Research, Inc. “Global Electric Vehicles Fluids and Lubricants Market: Growth, Future Prospects, and Competitive Analysis, 2016 – 2028. The global Electric Vehicles Fluids and Lubricants market is anticipated to grow at a substantial CAGR of 32.50% in the upcoming years. The global Electric Vehicles Fluids and Lubricants industry was estimated to be worth USD 1.5 billion in 2022 and was expected to be worth USD 10.75 billion by 2028.
The report indicates that Hybrid Electric Vehicles accounted for the largest market share in 2022, with the Passenger Vehicles segment and the OEMs segment also dominating the market in the same year. The thermal fluids segment is reported to have the largest market share in 2022 due to its high demand from OEMs. Several factors are driving this growth, including the increasing demand for electric vehicles (EVs), evolving partnerships between automobile manufacturers and stakeholders in the EV fluids and lubricants market, and key investments by major players in the industry.
Regionally, North America is expected to hold a significant share in the global market, particularly the United States, which is experiencing advancements in EV technology. Similarly, Germany is anticipated to hold a substantial share in the global market due to its proactive approach in promoting the use of electric vehicles. China’s ambitious policies and initiatives to promote EV adoption have also resulted in increased demand for EV fluids and lubricants.
Companies like 3M, Afton Chemicals, Engineered Fluids, Dober, FUCHS, Infineum International Limited, Kluber Lubrication, M&I Materials Limited, and Motul PANOLIN International Inc. are significant players in the Electric Vehicles Fluids and Lubricants market.
Electric Vehicles Fluids and Lubricants Market Major Challenges are multifaceted and complex. One of the main challenges faced by this market is the lack of adequate infrastructure to support electric vehicles (EVs). This includes charging stations, battery recycling facilities, and reliable supply chains for EV fluids and lubricants. Additionally, there is a significant knowledge gap amongst consumers regarding EV maintenance requirements such as proper fluid levels, oil changes, and filter replacements. As a result, many owners may neglect these essential tasks leading to premature vehicle wear or even catastrophic failure. Another challenge relates to the sustainability of EV fluids and lubricants. The production of these compounds often involves environmentally harmful processes that can have adverse effects on ecosystems if not managed correctly.
Why to Buy This Report-
- The report provides a qualitative as well as quantitative analysis of the global Electric Vehicles Fluids and Lubricants Market by segments, current trends, drivers, restraints, opportunities, challenges, and market dynamics with the historical period from 2016-2020, the base year- 2021, and the projection period 2022-2028.
- The report includes information on the competitive landscape, such as how the market’s top competitors operate at the global, regional, and country levels.
- In-depth analysis of the global market segmentation on the Component and Deployment
- Major nations in each region with their import/export statistics
- The global Electric Vehicles Fluids and Lubricants Market report also includes the analysis of the market at a global, regional, and country-level along with key market trends, major players analysis, market growth strategies, and key application areas.
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