Home / Automotive & Transportation / 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

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

Published: May 2021 | Report Code: 60251-05-21

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.

Global Electric Vehicle Insulation Market

Key Market Drivers and Restraints

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

Global Electric Vehicle Insulation Market

However, lack of charging infrastructure standardization is expected to hamper the global electric vehicle insulation market.

Impact of COVID 19

The electric vehicle insulation market will show considerable growth on the back of 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 cases. In addition, due to supply chain interruptions, production lines are delayed, as well as distributors, suppliers, and retailers have inventory in warehouses but cannot sell them, and participants are taking advantage of the demand for the final product.

Global Electric Vehicle Insulation Market

Asia Pacific to dominate the global electric vehicle insulation market

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

Global Electric Vehicle Insulation Market

Foamed plastics would continue to dominate the global electric vehicle insulation market in terms of material type

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

Battery electric vehicles is 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 electric vehicle insulation market. In 2020, thermal insulation segment accounted for the largest share of global electric vehicle insulation market.

Global Electric Vehicle Insulation Market is led by the 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 vehicle, and battery electric vehicles (BEVs). In 2020, hybrid electric vehicles segment is accounted for a significant share in 2020 of the global electric vehicle insulation market.

Global Electric Vehicle Insulation Market

Frequently asked questions about global electric vehicle insulation market

  • What are the consequences of COVID 19 on global electric vehicle insulation market?
    Ans: Disruption of supply chain and shutdown of production lines caused by the current pandemic
  • Which are the key material types through electric vehicle insulation market?
    Ans: Thermal interface materials, foamed plastics, ceramics, and others are the most frequently through electric vehicle insulation market
  • Which is the key product type through which electric vehicle insulation market occurs?
    Ans: Thermal insulation is the main application segment in electric vehicle insulation market
  • Which is the key vehicle type through which electric vehicle insulation market occurs?
    Ans: Hybrid electric vehicles is the major vehicle type segment in electric vehicle insulation market
  • Who are the key players in the global electric vehicle insulation market?
    Ans: Compagnie de Saint-Gobain S.A., BASF SE, Autoneum Holding AG, Zotefoams Plc, Alder Pelzer Holding Gmbh, Morgan Advanced Materials, 3M Company, Elmelin Ltd., Unifrax, DuPont, and Othersare key players operating in this market
  • Which is the leading regional market for global electric vehicle insulation market?
    Ans: Asia Pacific has the largest share owing to local presence of market players and increasing demand in electric vehicles
  • What will be the CAGR (2021 - 2027) of in global electric vehicle insulation market?
    Ans: The market is anticipated to grow at a CAGR of 36.1% throughout the forecast period
  • Which are the major factors driving the growth of global electric vehicle insulation market?
    Ans: Increasing demand for the insulation in electric vehicles owing to its properties is a key driving factors propelling the growth of this market

Key Market Insights

“Increasing government spending for power utilities along with growing energy demand will boost the market”

Electrical vehicle cabin insulation types highly rely on vibration, noise, and harness (NVH) design of an automobile. The overall electrical vehicle cabin insulation is precisely intended for making the ride quality smooth for the occupants of the particular automobile. The automotive cabin insulation and refinement is part of the NVH design quality. Although electric vehicles already produce less noise, but there are still significant opportunities for the manufacturers for tapping markets in this emerging industry. The electric vehicle's cabin can be made 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 is 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 are driving the demand for electric vehicles, which in turn 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 fastest and expected to available at the longest range than any other electric vehicle. These types of advancements in the electrical vehicles industry are anticipated to create lucrative opportunities for the manufacturers operating in the electric vehicles insulation market. Moreover, the presence of key manufacturers of EV 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 implementation of 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, is reducing significantly which would make EVs more affordable. Mid-Priced vehicle class has limited features with less emphasis on features like infotainment, instrument cluster, and other expensive features. China is one of the leading countries for the mid-priced segment. Companies such as BYD, Smart, and Great Wall Motors are manufacturing 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 at a faster rate with holding a market share of around 43% in the Asia-Pacific region, particularly in Japan, China, and South Korea. Growing energy demand across the region and 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 a potential for foreign direct investment (FDI) ona global scale. Moreover, increasing investments for improving infrastructure and urbanizing populations, particularly in emerging economies like India and China, is anticipated to drive the market for electric vehicle insulation across the region. Furthermore, growing investments and developments for smart cities and grid technologies like installation of smart meters, distribution grid automation, and demand response systems in countries such as South Korea, Japan, and Australia would generate an 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 vehicle. The increasing demand for reducing carbon emission and developing more advanced and fast charging stations are expected to propel the growth of electric vehicle. 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.
  • BASF SE
  • Autoneum
  • Saint-Gobain

Key Industry Development:

  • In In March 2019, Tesla launched its fully electric Model Y, which can carry 7 passengers and their 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 to be the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period from 2019 to 2027.

Market Segmentation 

ATTRIBUTE DETAILS
Research Period  2017-2027
Base Year 2018
Forecast Period  2019-2027
Historical Year  2017
Unit  USD Billion
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 market understanding of the overall electric vehicle insulation market. Additionally, the global report also comprises graphical representation of competitive landscape based on their market initiatives and strategies, product portfolio and business strengths.

Key questions answered in this report

  • What are the current market trends and dynamics in the electric vehicle insulation market and valuable opportunities for emerging players?
  • Which segment accounts for the fastest CAGR during the forecast period?
  • Which type segment holds a larger market share and why?
  • Are low and middle-income economies investing in the electric vehicle insulation market?
  • What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
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