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Growing environmental concerns and awareness coupled with innovation and investments made by OEMs has resulted in a technological revolution in the global automobile industry, which in turn has commenced robust demand for electric vehicles across the world. EVs along with providing environmental sustainability are also fuel-efficient and require relatively less servicing and no expensive exhaust systems, starter motors, and other parts.
Plastics are common materials after metals that are increasingly utilized currently to build various parts of a vehicle as they help reduce running costs. These components can be found in the interior and exterior section, luggage section and bonnet section. In electric vehicles, higher quantity of plastic material is used owing to inclusion of larger battery pack, smaller size of internal combustion engines. Plastics are light weight and are durable which provide a greater range between recharges, and often less expensive which make them increasingly desirable for manufactures worldwide.
The global plastics for electric vehicle market is expected to witness growth at a tremendous CAGR over the years to come.
The growth of this market is attributed towards major relying factors which include but are not limited to; the rise in global demand, sales and production of electric vehicles, the stringent emission standards and norms driving electrification and weight reduction in PHEV/ HEV and BEV, the increasing demand of thermally stable plastic and lightweight materials to reduce vehicle weight by OEMS and others, increasing adoption of Bio-Plastics, Anti-Microbial Plastics/Additives in EVs.
Also, electric vehicle parts such as energy recovery systems, pumps, fans, casings and non-moving parts are increasingly produced using plastics thereby reducing the vehicle's overall weight without compromising on performance and increasing demand for plastics for electric vehicles industry globally.
Moreover, the advancement of technologies such as hybrid, plug-in-hybrid, and battery electric vehicles are set to propel and enhance the growth of plastics for electric vehicles extensively on a global level. Furthermore, OEMS are focusing on cost-effective materials which provide strength and protection to the battery compartment field with high temperature resistive properties. This, in turn, will comprehensively prove efficient in fueling the demand for products which are lighter in weight and comparatively less costly than metal parts, which will scale up the overall market growth.
However, the lack of charging stations for BEV operated vehicles & HEV operated vehicles, high cost of capital and infrastructure for re-engineering of plastics, slowdown in sales due to the COVID-19 outbreak are factors that are currently hindering the growth of this market.
PLASTICS FOR ELECTRIC VEHICLE MARKET SEGMENTATION:
By Plastic Type:
By Vehicle Type:
The Asia-Pacific region currently dominates and is expected to be the fastest growing regional market for plastics for electric vehicles. This can be attributed to the higher sales of electric vehicles in the region, continuous focus on weight reduction coupled with an increase in the average content of plastic per electric vehicle, increasing government initiatives to support the demand for EVs, the rise in the production of electric vehicles with advanced materials, presence of significant number of manufacturers in the region, increasing disposable income of the individuals and growing investment on electric vehicles by the manufacturers etc. The major contributors in the region include India, China, South Korea, and Japan.
The North American region along with the Eastern and Western European region currently hold a substantial share in the overall plastics for electric vehicles market and are also expected to witness steady growth in the near future owing to the increasing adoption of non-polluting vehicles as a means of transportation in the region along with the presence of key manufacturers and players of electric vehicles and related components in the region etc.
Lastly, the Latin American and Middle Eastern & African regions are anticipated to witness slower growth because of the limited demand and the low volume of sales of electric vehicles in the regions.
FEW KEY PLAYERS IN PLASTICS FOR ELECTRIC VEHICLE MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global plastics for electric vehicle market by the following segments:
Customization: We also offers customization’s in the industry report as per the company’s specific needs.
Key Questions Answered in the Global Plastics for Electric Vehicle Industry Report
The report offers a comprehensive insight on the Plastics For Electric Vehicle Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.