Electric Vehicles Fluids and Lubricants Market by Product Type (Grease, Brake Fluid, Heat Transfer Fluid, Drive System Fluid) by Distribution Channel (OEMs, Aftermarket): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The global Electric Vehicles Fluids and Lubricants Market is anticipated to have a market value of USD 3.31 billion in 2027 from USD 1.20 billion in 2020. It is projected to reach a CAGR of over 18.4% during the forecast period.

Fluids for high-voltage hybrids and electric vehicles must meet certain electrical requirements and be compliant with insulating materials. Since BEVs have up to 4X the copper content of ICE vehicles, an electric driveline fluid can also protect against copper corrosion. Credence Research is offering holistic information and absolute accuracy in the report titled “Global Electric Vehicles Fluids and Lubricants Market.”

Key Market Drivers and Restraints

Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the market will be discussed to identify revenue generation.

Factors that are Driving Market Growth

The growing demand for reliable and long-lasting fluids for electric vehicles is driving the global fluids market for electric vehicles. Various components of an electric vehicle, such as the battery system and the e-motors, produce a lot of heat while the vehicle is running. As a result, better thermal management in these vehicles is needed. Therefore, additives and dielectric properties have been applied to the new EV fluids, making them suitable for use in electric vehicle parts.

North America to Dominate the global market.

On the geographic front, the global market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the global market. North America dominated with over 38.91% share in 2020.

The Brake Fluid leads Global Market.

Grease, Brake Fluid, Heat Transfer Fluid, and Drive System Fluid are the four Product Types of the global market. In the upcoming years, revenue growth in the brake fluids segment is expected to be necessary. Electric vehicles are recognized for regenerative braking, the most common mode of operation. However, mechanical regenerative brakes are not often used, and such vehicles incorporate standard brake discs for such situations, requiring the vehicle to have brake fluid.

OEMs continue to dominate the global market in Distribution Channel.

OEMs and Aftermarket are the two various Distribution Channels of this market. OEMs held the highest share in terms of distribution channels in 2020. The OEMs segment is anticipated to expand significantly in terms of revenue in the forthcoming year due to increased partnerships between key fluid suppliers and automotive OEMs to supply fluids for their EVs to enhance the driving experience.

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