Market Size of Asia-Pacific Electric Vehicle (EV) Fluids Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| Historical Data Period | 2019 - 2022 |
| CAGR | < 30.00 % |
| Market Concentration | Medium |
Major Players_Fluids_Market-Market_Concentration.webp)
*Disclaimer: Major Players sorted in no particular order |
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Asia-Pacific Electric Vehicle (EV) Fluids Market Analysis
The Asia-Pacific electric vehicle (EV) fluids market is expected to register a CAGR of over 25%, during the forecast period.
The market was hampered by the COVID-19 pandemic, as lockdowns, social distances, and trade sanctions triggered massive disruptions to global supply chain networks. The automotive industry, including sales and manufacturing of electric vehicles,witnessed a decline due to the halt in activities. However, the condition recovered in 2021, which was expected to benefit the market during the forecast period.
- Major factors driving the market studied are the increasing demand for electric vehicles and
- The high cost of purchasing an electric vehicle is expected to hinder the growth of the market studied.
- Increasing government initiatives to promote the sale of EVs is likely to act as an opportunity in the future.
- China is the dominant country in the Asia-Pacific region due to the rise in electric vehicle sales.
