Electric vehicles require completely different engine fluids than traditional, burning engines. The products within the India electric vehicle fluids market also serve different purposes in 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 electric vehicle fluids market. Moreover, government initiatives aimed toward promoting the usage as well as adoption of electric vehicles are also expected to create various attractive opportunities for the players and manufacturers in the country's electric vehicle market in coming years. Various government organizations across the world have placed strict carbon emission mandates and standards. Within the coming years, these are also expected to fuel demand for electric vehicles and products in the electric vehicle fluids market. According to the research report "India Electric Vehicle Fluids Market Overview, 2027" published by Bonafide Research, the electrical vehicle fluids market is expected to grow significantly during the forecast period. The heat transfer fluid has been growing at a steady pace on account of high demand from consumers in the country. The BEV segment is predicted to grow at a significant rate during the forecast period due to changes in consumer preference. Electric vehicle fluid manufacturers have an immense opportunity across the world due to the increasing demand for electric vehicles. This is often primarily due to the rising cost of fuel, rising pollution levels, and also the declining price of batteries. In addition, the continual support of the government in terms of subsidies, taxes, and rebates is also supporting the demand for electric vehicles. There's an increasing demand for electric vehicles With the growing concern over tailpipe emissions and their harmful effects on the environment, stringent standards for CO2 and pollutants such as nitrogen oxide, unburned hydrocarbons, and particulates are put in place, leading to hybrid and full EVs no longer being seen as uncommon, but the quality for the future. Growth in electric vehicle production and sales drives the demand for electric vehicle fluids. Fluid is the main component of a vehicle that improves fuel economy and helps in reducing carbon footprints in vehicles. Electric vehicle fluids help remove excess heat from the engine motor and keep it cool. Hence, cool engines provide better fuel efficiency. Moreover, the utilization of fluids to reduce heat maximizes the life of vehicles. Thus, the utilization of electric vehicle fluids helps in providing durability to engines. With the improved performance of EVs, the utilization of exclusive lubricant products for these vehicles is an essential practice. EV fluids play a necessary role in power trains in boosting performance and driving experience. Compared with conventional engine lubricants, e-fluids cool e-motors and gears and provide insulation from electric current. They also extend the lifetime of every electric motor part and the mileage of EVs by improving machine efficiency. Current EVs are sold at high prices compared to traditional petrol and diesel vehicles. This price surplus can burden their market introduction. Current sales prices of EVs are still above similar conventional vehicles. This is mainly due to the expensive battery pack but also to the absence of economies of scale. The production costs of a vehicle can decrease when production figures increase from 10,000 to 500,000 units a year. Currently, PHEVs have even higher initial purchase costs due to the presence of a battery pack, a traditional internal combustion engine, and an electrical engine. On the other hand, PHEVs have the benefit of cost savings because of the downsizing of the conventional engine Vehicles depreciate over time. The loss important due to depreciation is the highest in the first years of the vehicle’s lifespan. Depreciation rates not only vary in keeping with the fuel or drive train, but they also vary in keeping with brand image, mileage, and vehicle class, among others. The carbon emissions of ICE vehicles are now treated as a major threat. Several countries have partnered with private companies to realize the sustainable development of EV charging infrastructure. Covid-19 The world has gone through a phase of unprecedented health crisis, economic, social, and political instability triggered by COVID-19. The India community is busy digesting a plethora of views on the immediate impact of COVID-19 on every type of sector. The market for fluids for EVs emerges as the new blue ocean. Considered in this report: Geography: India Base year: 2021 Estimated year: 2022 Forecast year: 2027 Aspects covered in this report India Electric Vehicle Fluids market with its value and forecast along with its segments Various drivers and challenges On-going trends and developments Top profiled companies Strategic recommendation By Vehicle Type: •Passenger Car •Light Commercial By Propulsion type: •BEV •PHEV By charging type: •Slow •Fast By Vehicle Class: •Mid-priced •Luxury class The approach of the report: This report consists of a combined approach of primary as well as secondary research. Initially, secondary research was used to get an understanding of the market and listing out the companies that are present in the market. The secondary research consists of third-party sources such as press releases, annual report of companies, analysing the government generated reports and databases. After gathering the data from secondary sources primary research was conducted by making telephonic interviews with the leading players about how the market is functioning and then conducted trade calls with dealers and distributors of the market. Post this we have started doing primary calls to consumers by equally segmenting consumers in regional aspects, tier aspects, age group, and gender. Once we have primary data with us, we have started verifying the details obtained from secondary sources. Intended audience: This report can be useful to industry consultants, manufacturers, suppliers, associations & organizations related to Electric Vehicle Fluids Industry, government bodies and other stakeholders to align their market-centric strategies. In addition to marketing & presentations, it will also increase competitive knowledge about the industry.
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