Rising concerns pertaining to harmful effects caused by excessive tailpipe emissions on environment as well as strict regulation standards for pollutants such as carbon dioxide, unburned hydrocarbons, particulates, and nitrogen oxide have made adoption of hybrid or completely electric vehicles a pertinent necessity in near future. However, high initial cost associated with purchasing an electric vehicle may restrain the growth in the global electric vehicle fluids market in coming years. On the other hand, rising adoption as well as increasing popularity of hybrid vehicles may offer plenty of lucrative opportunities in the global electric vehicle fluids market in the near future.
The research study on chemicals and materials industry, pertaining to the global electric vehicle fluids market offers a holistic information regarding major trends and essential drivers that influenced the industry’s trajectory in the past few years. It provides an all-inclusive snapshot of the recent conditions in global electric vehicle fluids market and predicts the development trajectory of the industry over the forecast period 2021 to 2031. The professional intelligence report also covers all the major regions as well as leading nations functional within the global electric vehicle fluids market. It also shares important insights pertaining to the nature of the competition in the industry as well as the size, status, and share of the major incumbent players in global electric vehicle fluids market.
One of the key drivers for the global electric vehicle fluids market is the specific fluid requirement in the electric vehicles. Electric vehicles require completely different engine fluids than the traditional internal combustion engines. The products in the global electric vehicle fluids market also serve different purposes in the electric vehicles. Furthermore, constantly rising demand for electric vehicles as well as increasing adoption of these vehicles in various developed economies are also driving the growth in the global electric vehicle fluids market.
Moreover, government initiatives aimed at promoting the usage as well as adoption of electric vehicles is also expected to create various attractive opportunities for the players and manufacturers in the global electric vehicle fluids market in coming years. Various government organizations across the world have placed strict carbon emission mandates and standards. These are also anticipated to fuel the demand for electric vehicles and for the products in the global electric vehicle fluids market in coming years.
Some of the major and incumbent players functional within the global electric vehicle fluids market include Royal Dutch Shell PLC, BP PLC, FUCHS Petrolab AG, ENEOS Corporation, Repsol S. A., PTT, Exxon Mobil Corporation, Total Energies SE, Petronas, and Valvoline, Inc., among others. Players and manufacturers in the global electric vehicle fluids market are adopting several growth strategies in order to expand their consumer base as well as revenue. Some of the key strategies include mergers and acquisitions as well as strategic partnerships.
For example, PTT and Foxconn signed an MOU in June of 2021 in order to set up an open platform designed to produce electric vehicles as well as their key components in Thailand.
In terms of value, the Europe region dominated the global electric vehicle fluids market in 2020. This trend can be attributed to high number of hybrid vehicles marked at high prices both produced and sold in the region. This has created massive demand for the global electric vehicle fluids market in Europe. On the other hand, Asia Pacific region is expected to showcase considerable growth rate in the global electric vehicle fluids market over the forecast period, owing to the high demand for electric vehicles in the region.