The accelerating journey toward e-mobility that has been fuelling electric vehicle (EV) sales is also pushing demand for the fluids that are especially designed to work with these vehicles. Electric vehicle fluids market is expected to witness an optimistic growth trajectory and a new upcoming study of Fairfield Market Research suggests that the high price point of these EV fluids than that of conventional vehicle fluids will remain a major challenge facing market participants in future.
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High Initial Costs Associated with EVs Remain a Roadblock to Rapid Market Growth
Although EVs have been garnering popularity at a brisk pace, they currently capture only a small percentage of the entire auto industry. Demand for electric vehicle fluids will thus grow gradually over the coming years, following the pace of EV sales. Besides the fundamental costs associated with electric vehicle fluids, the rate of adoption of EVs also seems to be low due to the overall costs involved in EV production. The key impediment to faster EV sales, i.e., their 2x costs over that of the conventionally gasoline-powered vehicles will also continue to play out as the major barrier holding EV fluids adoption back to a large extent.
Asia Pacific All Set to Emerge as a Highly Lucrative Market for Electric Vehicle Fluids
While Europe currently remains the largest market for sales of electric vehicle fluids, that in Asia Pacific follows as indicated by the initial research. However, by the end of 2022, the scenario is expected to change, and Asia Pacific is likely to take over the European market. This projection is clearly attributed to China’s primacy in EV industry, which is well supported by the favourable government initiatives that promote EV uptake through a balanced mix of regulation, and financial incentives. The government of China has announced a whopping US$360 Bn investment in EV infrastructure by 2025. This will be a major development in China’s, as well as Asia’s electric vehicle industry. While this is likely to push the production and demand dynamics for EV manufacturers, it is also expected to slash the overall production costs and raise the affordability of EVs across the region. Electric vehicle fluids are also projected to benefit from the situation in the region. On the other hand, India also reflects strong growth potential in EV industry, which further points to a positive indication of strong market growth in India as well.
Global Electric Vehicle Fluids Market – Key Players
The report would cover some of the significant players under the competition analysis section, which include Royal Dutch Shell plc, PTT, BP plc., FUCHS Petrolub AG, ExxonMobil Corporation, Total Energies SE, ENEOS Corporation, Valvoline Inc., Repsol S.A., and Petronas.
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