London, Aug. 23, 2022 (GLOBE NEWSWIRE) — Remarkable growth in electric vehicle (EV) sales over the recent past has also been favouring demand for EV fluids. Fairfield Market Research in its latest upcoming study would assess the growth outlook of electric vehicle fluids market through the forecast year 2027. A panoramic snapshot of global electric vehicle fluids market would offer valued insights pertaining to the existing nature of the market competition in addition to the expected market size, and projected shares of the key incumbent players steering the electric vehicle fluids market landscape.
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Expanding Global EV Parc Boosts Electric Vehicle Fluids Market Growth
While the auto world has been experiencing a paradigm shift from ICE vehicles to EVs, the fluids like engine and gear oils, and transmission fluids remain among the most overlooked elements of this shift. In battery electric vehicles (BEVs), EV fluids such as driveline fluids, and coolants will replace these conventional fluids. With rocketing demand surge in BEVs, EV fluids are thus also likely to rise high in the next few years. Global electric vehicle parc including hybrid and plug-in hybrid EVs (HEVs, PHEVs), and BEVs was around 30 million in 2020, which will most likely see more than twelve-fold expansion through 2035. As this points to a significant rise in EV fluid consumption in the near future, thereby warranting notable growth of global electric vehicle fluids market.
Opportunities Abound in Electric Fluids Market with Increasing Stringency of Supportive Regulation
Several government initiatives in favour of adopting e-mobility solutions continue to present multiple revenue generation opportunities for both EV makers, as well as EV fluids market participants. Increasing stringency of the various carbon emission standards, and mandates worldwide are expected to play a vital role in the build-up of electric vehicle fluids market. Moreover, a continuous stream of opportunities is likely to appear on the horizon in the light of a rapidly growing boom around HEVs, says the initial findings of the report. On the other hand, the exorbitant initial costs associated with electric vehicles are projected as a significant impediment facing electric fluids market in long term. More support coming in from governments worldwide will further stir the demand and production dynamics for EV manufacturers as it would aid in overall reduction in EV production costs.
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Exploding EV Market in China to Elevate Electric Vehicle Fluids Market in Asia Pacific
Europe remains the epicentre for sales of EVs, as well as electric vehicle fluids. Asia Pacific that currently follows the European market however shows strong signs of reaching at the top through 2027 in terms of electric vehicle fluids. The initial report findings foresee this scenario based on China’s continued primacy in electric vehicle industry. The government of China’s massive investment of US$360 Bn in EV infrastructure by the end 2025 is being touted as the largest driving force behind the growth of China’s EV and electric vehicle fluids markets. The Chinese markets associated with EVs will thus continue to surge ahead as they receive strong support from the various favourable government initiatives that promote adoption of EVs but through a balanced mix of financial incentivisation, and regulation.
Leading Players in Global Electric Vehicle Fluids Market
Besides Royal Dutch Shell plc., PTT, BP plc., FUCHS Petrolub AG, and ExxonMobil Corporation, the report would also cover a few more prominent players under the competition analysis section, including Total Energies SE, ENEOS Corporation, Valvoline Inc., Repsol S.A., and Petronas.
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