Electric Vehicle (EV) Fluids Market to Reach $8.04 Billion by 2027. Regulatory Standards and Circular Economy Driving the Demand for EV Fluids - Arizton

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.

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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.
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
o US
o Canada
• Europe
o Germany
o UK
o France
o Norway
o Rest of Europe
• APAC
o China
o India
o Japan
o South Korea
o Rest of APAC
• Latin America
o Brazil
o Mexico
o Chile
o Rest of Latin America
• Middle East & Africa
o South Africa
o UAE
o Saudi Arabia
o 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.

To know more: https://www.arizton.com/market-reports/electric-vehicle-fluids-market

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