Fluids and Lubricants Market for Electric Vehicles
Asia-Pacific to Witness Fastest Growth in Global Fluids and Lubricants Market for EVs
The demand for electric vehicle fluids varies according to various geographical regions. Asia-Pacific is currently the largest region in the fluids market for electric vehicles. Government regulations, technological advancements, extensive investments for dedicated R&D facilities, and presence of major EV manufacturing companies are some of the major drivers that are propelling the growth of the market in the region. Rising CO2 emissions in China and Japan have led to several concerns from the countries’ governments. Therefore, various government initiatives have been undertaken to promote the adoption and manufacturing of electric vehicles, as they may help in the reduction of vehicular emissions and act as a potential substitute for the petrol and diesel engine-based cars.
Figure: Global Fluids and Lubricants Market for Electric Vehicles (by Region), 2018
Total Global Market: $850.9 Million South America Total Market: $101.7 Thousand
Middle East & Africa Total Market: $14.0 Thousand
Source: Expert Interviews and BIS Research Analysis
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