June 28, 2022 17:30 ET | Source: Arizton Advisory and Intelligence Arizton Advisory and Intelligence
Chicago, June 28, 2022 (GLOBE NEWSWIRE) -- According to the latest research report by Arizton, the electric vehicle fluids market is expected to grow at a CAGR of 25.09% from 2022 to 2027. The rising focus of the government to offer monetary and non-monetary benefits to manufacturers, as well as consumers, is leading to the adoption of electric vehicles which in turn, is augmenting the demand for electric vehicle fluid.
The government has put in place several legislation and incentives to encourage the use of electric powertrain vehicles. NGOs have also launched a few awareness-raising efforts to inform the public about the long-term effects of conventional fuel vehicles on the environment and human health. Governments, all over the world have laid down strict restrictions on emissions from vehicles as each vehicle needs to get environmental clearance from respective countries before launching vehicles for road use. Therefore, demand for electric powertrains has increased over the years.
Electric Vehicle Fluids Market Report Scope
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Increasing Government Subsidies, Rebates, and Incentives to Promote the Sale of EVs
The dynamics of the automotive sector have changed recently. A paradigm shift from an internal combustion engine to an electric car is anticipated by the industry. However, to accelerate the rapid adoption of electric vehicles governments across the countries are offering attractive incentives ranging from tax exemptions to grants and subsidies. The range of tax benefits or subsidies varies from country to country depending upon the economic growth, literacy rate, and penetration of the electric vehicle. Therefore, the rising focus of the government to offer monetary and non-monetary benefits to manufacturers, as well as consumers, is leading to the adoption of electric vehicles which in turn is augmenting the demand for electric vehicle fluid. For instance, at the federal level, the US has less supportive measures regarding incentives for EVs as compared to China and Europe.
The EV fluids market concentration in developed countries such as the US and Western European countries is significant and observing a steady growth, while the market in developing economies such as China and India are growing very fast and booming because of the entry of many international brands in these countries. However, several players are expected to expand their presence worldwide during the forecast period, especially in the fast-developing countries in APAC, to gain more market share. Attaining sustainability, expanding into other geographies, and reviving domestic demand are essential factors for market vendors. Vendors are expected to boost profitability using efficient production techniques that minimize production costs and mitigate associated risks in the future.
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