Electric Vehicle Insulation Market by Product Type (Thermal Insulation, Electric Insulation, Acoustic Insulation) by Vehicle Type ( Hybrid Electric Vehicles (HEVs), Plug-In Hybrid Electric Vehicles (PHEVs), Fuel Cell Electric Vehicle, Battery Electric Vehicles (BEVs)) by Material Type (Thermal Interface Materials, Foamed Plastics, Ceramics, Others): Growth, Future Prospects & Competitive Analysis, 2015 - 2027

The Electric Vehicle Insulation Market is expected to cross-market value of USD 7,258.5 million in 2027 from USD 1,647.1 million in 2020. It is expected to grow at a CAGR of over 23.6% during the forecast period.

Key Market Drivers and Restraints

Rising awareness regarding the benefits of insulation in electric vehicles and high investments by major players are factors expected to drive the growth of the global electric vehicle insulation market. Also, increasing demand for electric vehicles owing to rising concerns over pollution, which in turn has stimulated the demand for insulation in electric vehicles over the forecast period.

Impact of COVID 19

The electric vehicle insulation market will show considerable growth due to the global pandemic. Due to the COVID-19 outbreak, all or part of it has been closed globally to maintain social distancing and reduce the number of cases. In addition, due to supply chain interruptions, production lines are delayed, distributors, suppliers, and retailers have inventory in warehouses. Still, they cannot sell them, and participants are taking advantage of the demand for the final product.

The Asia Pacific dominates the global electric vehicle insulation market.

The global electric vehicle insulation market covers six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), the Middle East, and Africa, including all the key economies in these regions. Asia Pacific dominates the global market and accounts for more than 32.4% of the total market. This is attributed to increasing demand for insulation in electric vehicles and rising collaboration among players to enhance market penetration.

Foamed plastics would continue to dominate the global electric vehicle insulation market regarding material type.

Thermal interface materials, foamed plastics, ceramics, and others are the material types of the electric vehicle insulation market. In 2020, foamed plastics segment accounted for the largest share of the global electric vehicle insulation market, owing to its properties.

Battery electric vehicles are the major segment in the global electric vehicle insulation market in terms of product type.

Thermal insulation, electric insulation, and acoustic insulation are the product types of the electric vehicle insulation market. In 2020, the thermal insulation segment accounted for the largest share of the global electric vehicle insulation market.

Global Electric Vehicle Insulation Market is led by Hybrid Electric Vehicles.

Based on vehicle type, the global electric vehicle insulation market is segregated into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell electric vehicles, and battery electric vehicles (BEVs). In 2020, the hybrid electric vehicles segment accounted for a significant share 2020 of the global electric vehicle insulation market.

Key Market Insights

"Increasing government spending for power utilities and growing energy demand will boost the market."

Electrical vehicle cabin insulation types highly rely on the vibration, noise, and harness (NVH) design of an automobile. The overall electrical vehicle cabin insulation is intended to make the ride quality smooth for the occupants of the particular automobile. The automotive cabin insulation and refinement are part of the NVH design quality. Although electric vehicles already produce less noise, there are still significant opportunities for manufacturers to tap markets in this emerging industry. The electric vehicle's cabin can be silent by close analysis of the NVH transfer paths. The quest for making luxurious electrical vehicles amongst manufacturers is anticipated to fuel the market growth to a greater extent. The heavy investments by the automakers and growing concern over pollution are generating significant demand for electric vehicles in the automotive industry, which is expected to drive the electric vehicle insulation market. Also, the increasing demand for high-range vehicles and high-density batteries is driving the demand for electric vehicles, which is estimated to fuel the electric vehicle insulation market. Cybertruck and Roadstar are high-performance electric vehicles made by Tesla Inc., which are already production-ready. These electric vehicles are the fastest and expected to be available at the longest range than any other electric vehicle. These advancements in the electrical vehicles industry are anticipated to create lucrative opportunities for manufacturers operating in the electric vehicle insulation market. Moreover, the presence of key EV manufacturers such as BAIC, BYD, Geely, and SAIC, among others, is anticipated fuel market growth in the Asia Pacific region to a greater extent.

Market Synopsis

Propulsion Analysis

"Rising demand for capacity utilization along with implementing government policies and schemes will drive the demand for electric vehicle insulation globally."

The future of EVs is expected to be bright, and with time the price of batteries, one of the most vital components in an EV, will be reduced significantly, making EVs more affordable. The mid-priced vehicle class has limited features with less emphasis on infotainment, instrument cluster, and other expensive features. China is one of the leading countries in the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors manufacture comparatively less expensive vehicles. In July 2018, Great Wall Motors announced a partnership with BMW Group to produce electric MINI vehicles in China. In December 2018, the company launched its new flagship vehicle under its new 'ORA' electric car brand: the ORA R1. The small urban car will cost only USD 8,680 after incentives with a range of almost 200 miles.

Regional Analysis

"Dominance is led by rising power demand from residential and industrial communities coupled with intensifying utility investments to drive the market growth."

The electric vehicle insulation market is expected to grow faster, holding a market share of around 43% in Asia, particularly in Japan, China, and South Korea. Growing energy demand across the region and the presence of emerging economies like Japan, China, India, and Singapore is likely to propel the demand for electric vehicle insulation across the region. Additionally, in 2017 the Asia-Pacific tempted a capital investment of around 45%, thereby leading to the potential for foreign direct investment (FDI) on a global scale. Moreover, increasing investments in improving infrastructure and urbanizing populations, particularly in emerging economies like India and China, are anticipated to drive the market for electric vehicle insulation across the region. Furthermore, growing investments and developments for smart cities and grid technologies like installing smart meters, distribution grid automation, and demand response systems in countries such as South Korea, Japan, and Australia would generate ample prospects for the electric vehicle insulation market.

The Asia Pacific market is expected to witness the fastest growth, followed by Europe and North America. The automotive industry in the countries such as China, Japan, and South Korea is inclined toward innovation, technology, and development of advanced electric vehicles. The increasing demand for reducing carbon emissions and the development of more advanced and fast charging stations are expected to propel the growth of electric vehicles. BYD, BAIC, Chery, and SAIC, among others, are some of the key players in the Asia Pacific electric vehicle market.

List of Companies Covered:

  • Hilti
  • Marian Inc.
  • Techman Advanced Material Engineers
  • Pyrophobic Systems Ltd.
  • Elmelin Ltd.
  • Alder Pelzer Holding Gmbh
  • Morgan Advanced Materials
  • 3M
  • DuPont
  • Unifrax
  • Von Roll Holding AG
  • Zotefoams Plc
  • ITW Inc.
  • Autoneum
  • Saint-Gobain

Key Industry Development:

  • In March 2019, Tesla launched its fully electric Model Y, which can carry seven passengers and cargo. It has two ultra-responsive, independent electric motors that digitally control torque to the front and rear wheels—for better handling, traction, and stability control.
  • In July 2018, Tesla landed a deal with Chinese authorities to build a new auto plant in Shanghai, its first factory outside the US that would double the size of the electric car maker's global manufacturing.
  • In April 2019, Nissan announced that the new Nissan Leaf would go on sale in Indonesia and the Philippines by 2020, underscoring Nissan's commitment to driving electrification in the region.

Historical & Forecast Period

This study report represents analysis for each segment from 2017 to 2027, considering 2018 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

Segmentation Propulsion Type (2017–2027; US$ Bn)

  • Battery Electric Vehicle
  • Hybrid Electric Vehicle
  • Plug-In Hybrid Electric Vehicle
  • Fuel Cell Electric Vehicle

 Insulation Type (2017–2027; US$ Bn)

  • Thermal
  • Electric
  • Acoustic

 Application (2017–2027; US$ Bn)

  • Bonnet
  • Interior
  • Battery Packs
  • Others

 Geography (2017–2027; US$ Bn)

  • North America (U.S., Canada)
  • Europe (U.K., Germany, Spain, Italy, Rest of Europe)
  • Asia Pacific (Japan, China, India, Rest of Asia Pacific)
  • Rest of the World (Latin America, Middle East & Africa)

The current report also comprehends qualitative and qualitative market valuation factors such as key market drivers, market trends, restraints, and opportunities that give a better understanding of the overall electric vehicle insulation market. The global report also comprises a graphical representation of the competitive landscape based on market initiatives and strategies, product portfolio, and business strengths.

Frequently Asked Questions:

The market for Electric Vehicle Insulation is expected to reach USD 7,258.5 million in 2028.

The Electric Vehicle Insulation market is expected to see significant CAGR growth over the coming years, at 23.6%.

The report is forecasted from 2015-2027.

The base year of this report is 2021.

Autoneum Holding AG, Zotefoams Plc, Elmelin Ltd., Unifrax, DuPont, Compagnie de Saint-Gobain S.A. are some of the major players in the global market.

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Published Date:  May 2021
Category:  Automotive & Transportation
Report ID:   60251
Report Format:   PDF
Pages:   120
Rating:    4.2 (70)
Delivery Time: 24 Hours to 48 Hours   
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