Shibuya-ku, Tokyo, Japan, Japan, Aug 11, 2021, 01:01 /Comserve / -- This detailed analysis includes market size and forecasts, covering regional analysis, trends, opportunities and COVID-19 analysis. The analysis also includes key players with business strategies and key indicators that influence market growth.
The electric vehicle (Car) polymers market size was estimated to be USD 4.1 billion in 2018 and is projected to reach USD 52.5 billion by 2024, at a CAGR of 67%. The market is driven by the growing need for lightweighting the electric car to increase its range. However, the high price of electric vehicle polymers can act as a restraint for the market.
The engineering plastics segment is projected to witness higher growth rate than elastomers during the forecast period. Owing to their enhanced properties and advantages they are used in electric cars as substitutes for metals to fulfill the purpose of lightweighting of the cars. The growing production of electric cars and need for lightweighting of components of electric cars around the globe will drive the market of engineering plastic during the forecast period.
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"The Final Report will cover the impact analysis of COVID-19 on this industry: Electric Vehicle Polymers Market - Global Forecast to 2024
The interior segment of components allows easy replacement of metals with polymers as these components have lower accidental risk and safety issues. Hence, most of electric car manufacturers use polymers in place of metals in this segment to reduce the overall weight of the electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing. In addition, it reduces noise, vibration, and harshness (NVH) levels of an electric car. Both the types of polymers, engineering plastics and elastomers are preferred for this segment of components.
APAC is projected to be the fastest-growing market of electric vehicle polymers during the forecast period due to the growing production of electric cars in China, Japan, and South Korea. Canada is projected to be fastest-growing country in the North American electric vehicle polymers market followed by Mexico and US. Europe is the second-fastest growing electric vehicle polymers market. Increasing government regulation and consumer-friendly incentive schemes are expected to provide growth opportunities in this region.
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"The Final Report will cover the impact analysis of COVID-19 on this industry: Electric Vehicle Polymers Market - Global Forecast to 2024
The breakup of primary interviews is given below:
• By Company Type: Tier 1 – 55%, Tier 2 – 30%, and Tier 3 – 15%
• By Designation: C level – 42%, Director Level – 30%, and Others – 28%
• By Region: APAC – 40%, Europe – 28%, North America – 25%, Rest of the World – 7%
Research Coverage:
This research report categorizes the electric vehicle polymers market on the basis of type, component, and region. The report includes detailed information regarding the major factors, such as drivers, restraints, challenges, and opportunities, influencing the growth of the market. A detailed analysis of the key industry players has been done to provide insights into business overviews, products, key strategies, and recent developments associated with the market.
TABLE OF CONTENTS
1 INTRODUCTION 17
1.1 OBJECTIVES OF THE STUDY 17
1.2 MARKET DEFINITION 17
1.3 MARKET SCOPE 18
1.3.1 ELECTRIC VEHICLE POLYMERS MARKET SEGMENTATION 18
1.3.2 REGIONS COVERED 18
1.3.3 YEARS CONSIDERED FOR THE STUDY 19
1.4 CURRENCY 19
1.5 UNITS CONSIDERED 19
1.6 STAKEHOLDERS 19
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