Stratview Research has published a new report on the Electric Vehicle (Car) Polymers Market and bifurcated the market by Type (Engineering Plastics, Elastomers), by Component Type (Powertrain System, Exterior, and Interior), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
Electric Vehicle (Car) Polymers Market is likely to grow from USD 11.32 billion in 2021 to USD 373.23 billion by 2028 at an impressive CAGR of 64.24% during the forecast period.
What are the factors that drives the Electric Vehicle (Car) Polymers Market?
The key factors driving the market for electric vehicle (car) polymers are the growing demand for electric vehicles among the emerging economies of the Asia-Pacific region, such as China and India, rapid increase in government regulations in order to reduce CO2 emissions, and development of charging infrastructure in the developing as well as developed nations.
What is EV polymer?
Polymers are used in electric cars to reduce the weight without affecting the efficiency of the car. Polymers replacing metals have similar properties as metals such as flame retardancy, abrasion resistance, stiffness, toughness, electrical insulation, and heat resistance.
How does the report help?
The reports provided by Stratview Research are a comprehensive analysis of the market potential in various industry applications. The researchers and analysts study the market minutely and focus on the opportunity of the emerging economies of the globe, so that companies can strategically make region specific plans and gain competitive edge.
Segment-Wise market Analysis
Based on the type, the market is segmented as engineering plastics and elastomers. The elastomers segment is expected to fuel the major share of the market during the forecast period as elastomers find their extensive usage in insulation in cars and also, in manufacturing of tires.
Based on the component type, the electric vehicle (car) polymers market is segmented as powertrain system, exterior, and interior. The interior segment of components is witnessing a significant transformation by replacement of metals with polymers, as components made with polymers have lower accidental risk and safety issues. Therefore, electric car manufacturers are employing polymers, instead of metals, in the interiors of electric cars, which also reduce the overall weight of electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing, also reducing the noise, vibration, and harshness (NVH) levels of an electric car. All these factors are likely to drive the growth of the segment during the forecast period.
In terms of regions, Asia-Pacific is estimated to dominate the overall market for electric vehicle (car) polymers during the forecast period. The region has emerged as the largest consumer of electric vehicle (car) polymers, owing to the surge in production of electric cars in China, Japan, South Korea, among other countries. Growing concern for reducing the level of carbon footprints, increasing government support, and reduction in the overall weight of electric cars are the major factors bolstering the growth of the market for electric vehicle (car) polymers in the Asia-Pacific region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.
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