The global Electric Vehicle Polymers Market is expected to cross-market at USD 82.42 billion in 2027 from USD 4.56 billion in 2020. It is expected to grow at a CAGR of over 62% during the forecast period.
Electric cars are the automobile industry's future, and their overall efficiency and efficiencies should be comparable to their gasoline counterparts. Because of their faster manufacturing, weight reduction capabilities, and complex component molding, electric vehicle polymers play a critical role in the EV market. Electric vehicles minimize reliance on petroleum-based fuels while lowering carbon emissions. Global economies view electric vehicle use as a significant way to reduce greenhouse gas emissions, which would fuel demand for electric vehicle polymers in the long run. Credence Research is offering holistic information and absolute accuracy in the report titled "Global Electric Vehicle Polymers Market."
Key Market Drivers and Restraints
Factors that greatly impact the market growth of industrial electric vehicles will be covered here. Also, covers factors that may challenge or act as an opportunity for the Market will be discussed to identify revenue generation.
Favorable Government Policies
Electric vehicle owners in nations such as Norway get benefits from policies like no road tax, vehicle tax exemption, road and ferry tolls, and cheap parking costs. In addition, as high-use vehicles such as public transportation become electrified, demand for electric vehicle polymers is expected to rise. Between 2025 and 2030, most governments have fixed deadlines for going fully electric. A variety of greenfield investments for EVs have been recorded in order to achieve the same goal. Volvo, a Swedish automaker, is now establishing a production plant in China(the world's largest automaker).
Asia-Pacific to Dominate the Global Market
On the geographic front, the global Market comprises six regions with all key economies pertaining to it. Credence Research provides in-depth insight into prominent regions of the worldwide Market. Asia-Pacific dominated with over 45% share in 2020.
Engineering Plastics, Elastomers, and Others are the different types available in this Market. In 2020, Engineering Plastics accounted for the largest global market share. The demand for engineering plastic was driven by the growing development of electric cars and the need for the lightweighting of electric car components all over the world.
Interior continues to dominate the global Market in terms of Component
Exterior, Powertrain systems, Interior, and Others are various components present in the Market. Interior components dominated the Market in 2020 as it lowers an electric car's noise, vibration, and harshness (NVH) speeds. Engineering plastics and elastomers are both preferred polymers for this category of components.
Frequently asked questions about global industry
Engineering Plastics, Others and Elastomers are different Types available in the market
Covestro AG, Arlanxeo, BASF SE, DSM Engineering Plastics, Daikin Industries Ltd., DowDuPont, Jsr Corporation, Evonik Industries, and Solvay Sumitomo Chemicals are the key players operating in this market
Interior component offers tremendous opportunities to players
Asia-Pacific has the largest share owing to various developments happening in this space
The market is anticipated to grow at a CAGR of 62% throughout the forecast period
