Chicago, June 28, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Arizton, the electric vehicle fluids market is expected to grow at a CAGR of 25.09% from 2022 to 2027. The rising focus of the government to offer monetary and non-monetary benefits to manufacturers, as well as consumers, is leading to the adoption of electric vehicles which in turn, is augmenting the demand for electric vehicle fluid.
The government has put in place several legislation and incentives to encourage the use of electric powertrain vehicles. NGOs have also launched a few awareness-raising efforts to inform the public about the long-term effects of conventional fuel vehicles on the environment and human health. Governments, all over the world have laid down strict restrictions on emissions from vehicles as each vehicle needs to get environmental clearance from respective countries before launching vehicles for road use. Therefore, demand for electric powertrains has increased over the years.
Electric Vehicle Fluids Market Report Scope
| Report Attributes | Details | |
| MARKET SIZE (2022) | $2.61 Billion | |
| MARKET SIZE (2027) | $8.04 Billion | |
| CAGR (2022-2027) | 25.09% | |
| BASE YEAR | 2021 | |
| FORECAST YEAR | 2022-2027 | |
| MARKET SEGMENTS | Propulsion Type (Battery EV and Plug-in Hybrid EV), Vehicle Type (Passenger Vehicle Commercial Vehicles Others), Product Type (Heat Transfer Fluid, Grease, Transmission Fluid, Brake Fluid), Distribution Channel (OEMs, Aftermarket) | |
| GEOGRAPHIC ANALYSIS | North America, Europe, APAC, Latin America, Middle East & Africa | |
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Increasing Government Subsidies, Rebates, and Incentives to Promote the Sale of EVs
The dynamics of the automotive sector have changed recently. A paradigm shift from an internal combustion engine to an electric car is anticipated by the industry. However, to accelerate the rapid adoption of electric vehicles governments across the countries are offering attractive incentives ranging from tax exemptions to grants and subsidies. The range of tax benefits or subsidies varies from country to country depending upon the economic growth, literacy rate, and penetration of the electric vehicle. Therefore, the rising focus of the government to offer monetary and non-monetary benefits to manufacturers, as well as consumers, is leading to the adoption of electric vehicles which in turn is augmenting the demand for electric vehicle fluid. For instance, at the federal level, the US has less supportive measures regarding incentives for EVs as compared to China and Europe.
Key Highlights
- Electric vehicle fluid manufacturers have the immense opportunity across the globe due to the increasing demand for electric vehicles. This is primarily due to the rising cost of fuel, rising pollution levels, and the declining price of batteries. In addition, the continuous support of the government in terms of subsidies, taxes, and rebates is also supporting the demand for electric vehicles.
- Canada announced an ambitious plan to reach zero-emission vehicles by 2050. The Canadian government is offering subsidies for zero-emissions passenger vehicles to the owners.
- The major changes happening in the automotive industry is the shift from conventional vehicles to electric vehicles driven by increased regulatory standards and circular economy.
- Heat transfer fluid, brake fluid, grease, and transmission fluid are the major product categories for electric vehicle fluid.
- Heat transfer fluid is in a dominant phase and is expected to dominate the market during the forecast period.
- The passenger vehicle segment consumes the major chunk of electric vehicle fluid products.
- Europe is the leading market for electric vehicle fluid market and is expected to grow at a CAGR of 25.82% by revenue.
The EV fluids market concentration in developed countries such as the US and Western European countries is significant and observing a steady growth, while the market in developing economies such as China and India are growing very fast and booming because of the entry of many international brands in these countries. However, several players are expected to expand their presence worldwide during the forecast period, especially in the fast-developing countries in APAC, to gain more market share. Attaining sustainability, expanding into other geographies, and reviving domestic demand are essential factors for market vendors. Vendors are expected to boost profitability using efficient production techniques that minimize production costs and mitigate associated risks in the future.
Market Segmentation Analysis
Propulsion Type
- Battery EV
- Plug-In Hybrid EV
Vehicle Type
- Passenger Vehicle
- Commercial Vehicles
- Others
Product Type
- Heat Transfer Fluid
- Grease
- Transmission Fluid
- Brake Fluid
Distribution Channel
- OEMs
- Aftermarket
Geography
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Norway
- Rest of Europe
- APAC
- China
- India
- Japan
- South Korea
- Rest of APAC
- Latin America
- Brazil
- Mexico
- Chile
- Rest of Latin America
- Middle East & Africa
- South Africa
- UAE
- Saudi Arabia
- Rest of MEA
Top Vendors
- Castrol
- ExxonMobil
- FUCHS
- Shell
- TotalEnergies
Other Prominent Vendors
- 3M
- GS Caltex
- Gulf Oil International Ltd
- HP Lubricants
- Idemitsu Kosan Co., Ltd
- Kluber Lubrication
- Petronas
- Phillips 66
- Repsol
- Valvoline Inc.
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