According to a market research report, the “Electric Vehicle Fluids Market by Product Type (Engine oil, Coolants, Transmission Fluids, and Greases), Vehicle Type (On-highway Vehicle, Off-highway vehicle), Propulsion Type (Hybrid EV, Battery EV), Fill Type, and Region – Global Forecast to 2030″, published by MarketsandMarkets, the Electric Vehicle Fluids market is projected to reach USD 8,644 million by 2030, at a CAGR of 31.2% from USD 749 million in 2021. Increasing demand for electric vehicles is the major driver of the Electric Vehicle Fluids market. A specific fluid requirement in EVs is also one of the other driving factors for electric vehicle fluids as an ICE’s motor differs greatly from EV motors and thus, needs fluids, which cater to totally different functions than that in the n the ICEs. With the growing concern over tailpipe emissions and their harmful effects on the environment, stringent standards for carbon dioxide and pollutants such as nitrogen oxide, unburned hydrocarbons, and particulates have been put in place, resulting in hybrid and full EVs no longer being seen as uncommon, but the standard for the future.
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- 304 Market data Tables
- 58 Figures
- 276 Pages and in-depth TOC on “Electric Vehicle Fluids Market – Global Forecast to 2030″
This report also provides a comprehensive analysis of the companies listed below:
The electric vehicle fluids market has a high degree of competition. The key players in this market are Royal Dutch Shell plc (Netherlands), ExxonMobil Corporation (US), BP plc. (UK), TotalEnergies SE (France), FUCHS Petrolub AG (Germany), Petronas (Malaysia), ENEOS Corporation (Japan), Repsol S.A. (Spain), Valvoline Inc. (US), and PTT (Thailand), among others. The leading players are focusing on various strategic initiatives such as new product launches and expansions to retain their position in the market.
Merger & acquisitions, investments & expansions, partnerships & collaborations, and new product developments are some of the major strategies adopted by these key players to enhance their positions in the Electric Vehicle Fluids Market.
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Players in the Electric Vehicle Fluids market are mainly concentrating on new product launches, acquisition, and collaboration to meet the growing demand for various end-use industries. New product launches help companies to strengthen their product portfolio and meet the specific demands of customers.
The growth of the EV Fluids market has been largely influenced by new product launches that were undertaken between 2016 and 2020. Companies such as Royal Dutch Shell plc., ExxonMobil Corporation have adopted new product launches to enhance their market position.
Royal Dutch Shell plc (also known as Shell) is an international energy company engaged in the principal aspects of the oil & gas industry and reports its business through different segments. Shell’s reporting segments consist of integrated gas, upstream, oil products, chemicals, and corporate. It offers electric vehicle fluids through the oil products segment. The oil products segment comprises the refining and trading, and marketing classes of business. The marketing class of business includes the retail, lubricants, business-to-business (B2B), pipelines and biofuels businesses. Its electric vehicle fluids are specially formulated with synthetic base oils and additive technology unique to Shell.
ExxonMobil Corporation is the world’s largest publicly traded international oil & gas company. It produces and sells crude oil, natural gas, and petroleum products. The company has introduced Mobil EV that delivers products and services to support electric vehicle mobility ambitions. It offers its products through four business segments namely upstream, downstream, chemical, and corporate & financing. It offers electric vehicle fluid through the downstream business segment. Most of its operations are in the US and Canada.