NEW YORK, May 16, 2023 /PRNewswire/ — The total size of the electric vehicle fluids market will grow at a CAGR of 28.4% to reach USD 13,263 million by 2030.
This is because of the increasing requirement for EVs, growing use of electric machinery in the construction industry, and strong support of governments for electric vehicles.
Increasing Requirement for EVs
The acceptance of EVs is snowballing as a result of the increasing requirement to reduce the use of fossil fuels, which are themselves becoming increasingly expensive, thus leading to financial pressure.
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Fluid Demand for Passenger Vehicles To Grow Fastest
- The passenger vehicles category will register the highest rate of growth in the future. This is because of the development of road infrastructure, increase in the disposable income, and government benefits provided to those purchasing on electric cars.
- Furthermore, the requirement for passenger vehicles will double by 2024, as the key automakers are working on launching technologically advanced electric car models.
Heat Transfer Fluids Are Most-Widely Used
- The heat transfer fluids category has the largest revenue share. This is because these fluids help in temperature control without themselves heating up as much as steam.
- This way, these fluids extend the life of the traction motors and other components that heat up quickly, act as electrical insulation, and improve mileage.
Fluid Demand Highest for Battery EVs
- The battery EV category dominates the industry, as BEVs require no diesel or gasoline engines, which means users can save up on fuel and maintenance expenses.
- Moreover, battery vehicles help decarbonize road transportation, which generates nearly 16% of the global emissions.
- Considerable sales growth is also being recorded for these vehicles because of their improved range, good performance, and more features.
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EV Fluid Demand in APAC Growing Fastest
- Europe accounted for the largest revenue share, of about 45%, in 2022. This is because of the large count of hybrid vehicles manufactured and sold in Europe.
- APAC is the fastest-growing market for EV fluids, as stated by a market expert at P&S Intelligence. This is owing to the projected high requirement for EVs in China and India.
Construction Industry Too Embracing Electric Machinery
Every year, the construction sector releases 400 metric tonnes of greenhouse gas emissions. Thus, with the growing concerns for the environment, infrastructure development firms are quickly adopting electric vehicles and machinery.
Electric construction machinery is not only cleaner but also quieter than its ICE counterpart. This factor continues to drive the demand for a range of fluids for the electric vehicles and machinery used in the real estate sector.
Electric Vehicle Fluids Market Segmentation Coverage in the Report
By Propulsion Type
- Plug-In Hybrid EV
- Battery EV
By Vehicle Type
- Passenger Vehicle
- Commercial Vehicles
By Product Type
- Heat Transfer Fluid
- Grease
- Transmission Fluid
- Brake Fluid
By Distribution Channel
Regional Analysis
- North America
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Asia-Pacific
- Japan
- China
- India
- South Korea
- Australia
- Latin America
- Middle East and Africa
- Saudi Arabia
- South Africa
- U.A.E.
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