The Global Electric Vehicle Polymers Market is valued at USD 3.78 Billion in 2020 and is anticipated to grow with a CAGR of 58.4% during the forecast period from 2020 to 2028. The major factors that are contributing to the growth of the market are, an increasing trend towards low pollution, environment-friendly cars and technological advancements in automotive engineering to produce lightweight vehicles that can meet the required environmental norms and standards.
Electric vehicles are the innovation in the transportation history that mainly use one or several motors powered by fuel cell, battery, solar panels, or generators, which are installed in vehicles for propulsions. Many innovators from Hungry, Netherlands, and the U.S. tried the concept of battery-operated vehicles and succeeded to develop a concept small scale electric vehicle model in early 1800. But in 1890, William Morrison, who was by profession a chemist, developed an electric vehicle that was capable of carrying six persons and which attained a speed of 14 miles per hour. And from that time, development of technologies, growing R&D expenditure, and increasing environment-related norms and regulations led the development of electric vehicles that can be used for passenger and commercial purposes.
Electric vehicles are made with various parts and components, made mainly from composites, plastics, and other lightweight materials that can replace metal parts and components to reduce the weight of vehicles. As these vehicles are lightweight, they provide maximum fuel efficiency and pollution reduction (up to 45%) compared to conventional vehicles. Electric vehicle polymers are the type of polymers that are mainly used to manufacture various products and components used in electric vehicles. These polymers are mainly engineering plastics or elastomers that provide superior stiffness, thermal and mechanical stability, and durability, along with dimensional stability. Various interior and exterior parts and components such as dashboard, panel, bumper, wheel house, trim, powertrain, under hood components, door components, and roof components, among others, are made from polymers.
Global Electric Vehicle Polymers Market, by Polymer Type
In terms of polymer type, the engineering plastic polymer segment is holding a major share in the global electric vehicle polymer market in 2020 and is anticipated to remain the largest till the forecast period. Body parts, door components, trim, lighting components, dashboards, battery components, instrument panels, and circuits are mainly made from various engineering plastics in electric vehicles. Engineering plastics provide better mechanical and physical stability, dimensional stability, and durability, along with giving an aesthetic look to electric vehicles.
Global Electric Vehicle Polymers Market, by Component
In terms of components, the interior segment of the electric vehicle market is leading the global market in 2020 and is anticipated to grow with the highest CAGR during the forecast period. Polymer-based electric vehicle interior components or products offer superior dimensional stability, enhance mechanical and physical properties along with reducing the weight of the vehicle, which in turn, helps reduce noise and vibration and increase efficiency of the vehicle.
Global Electric Vehicle Polymers Market, by Vehicle type
In terms of vehicle type, the passenger vehicle segment of electric vehicle polymers market has captured the largest market share in 2020 and is anticipated to remain the largest till the forecast period. Increasing production of passenger electric vehicles, growing concern for environment-related issues, and development of electric vehicles charging platforms across developed economies are contributing to the growth of this market segment.
Global Electric Vehicle Polymers Market, by Region:
In terms of region, the Asia Pacific region has captured the largest market for global electric vehicle polymers in 2020 and is anticipated to be dominant till the forecast period. The major contributing factors are growing environment-related concerns, government initiatives towards promoting green transportation, along with the electric vehicles manufacturers’ aggressive business expansion policies in regions such as Japan, China, and South Korea. These are some of the leading electric vehicles market in the region.
Some Major Findings of Electric Vehicle Polymers Market Report Include:
By Polymer Type:
By Vehicle Type
Detailed scope covering all the major segments in the market
In line data validations to ensure data precision
Market recommendations supporting decision making processes
Round the clock analyst support to resolve your queries
Up to 15% additional free customization to meet your specific requirements