According to a recent research report titled ‘Global Fluid and Lubricants for Electric Vehicle Market Analysis, 2020’, available with Market Study Report, global fluid and lubricants for electric vehicle market is projected to register a y-o-y growth rate of 17.5% over 2020-2026.
 

As per the findings of the report, rising adoption of EVs on account of increasing concerns regarding CO2 emission and environmental safety coupled with escalating demand for durable fluids in these vehicles are the major factors driving global fluid and lubricants for electric vehicle market growth. Moreover, introduction of different variants of lubricants and coolants are positively impacting the industry dynamics.
 

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Based on vehicle type, electric motor vehicle is pulling the overall fluid and lubricants for electric vehicle market share from passenger vehicle and commercial vehicle segments, attributable to rise in number of government initiatives promoting the adoption of EVs. Moreover, soaring investments in development of electric charging solutions are boosting the segmental share. On the other hand, passenger vehicle segment is likely to pick up pace during the forecast period owing to increasing electrification of passenger cars.
 

Apart from this, global fluid and lubricants for electric vehicle industry size and shares is also studied from the perspective of product type, distribution channel, propulsion type, and geographical scope.
 

In terms of product type, the industry is split into grease (E-motors, constant velocity joints, bearings, and others), heat transfer fluids (E-motors, battery, power electronics, and others), drive system fluid (E-motors and gears), and brake fluids. Considering distribution channel, the market is divided into OEM and aftermarket. Moving on to propulsion type, the market is categorized into plug-hybrid electric vehicles, hybrid electric vehicles, and battery electric vehicles.
 

With respect to the geographical scope, the key contributors to global fluid and lubricants for electric vehicle market remuneration are North America (US, Canada, Mexico), South America (Brazil), Europe (Germany, France, Spain, Italy, UK), Middle East & Africa (Saudi Arabia, South Africa, UAE), and Asia Pacific (India, China, Japan, Australia, South Korea).
 

Speaking of the competitive landscape, top players influencing the global fluid and lubricants for electric vehicle market trends are Engineered Fluids, FUCHS, Motul, M&I Materials Ltd., Klüber Lubrication, Infineum International Ltd., Dober, Afton Chemicals Corp., Valvoline, Inc., Exxon Mobil Corp., and 3M Company among others.