Latest Research Report on Electric
Vehicle Plastics Market begins with a deep
introduction and then delves broad into specific segments such as raw material,
application, end user, and region, policy study, value chain structure, and
upcoming trends in particular segments or regions. The report on Electric
Vehicle Plastics prepare a case for investments in different regions based on a
practical view of their regulatory outline, manufacturing dynamics, and
availability of skills and resources in that region.
Electric Vehicle Plastics Market
Report by Material, Application, and Geography – Global Forecast to 2024 is a
professional and in-depth research report on the world’s major regional Electric
Vehicle Plastics Market conditions, focusing on the main regions (North
America, Europe and Asia-Pacific) and the main countries (United States,
Germany, united Kingdom, Japan, South Korea and China).
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Report Now @ https://www.millioninsights.com/industry-reports/electric-vehicle-plastics-market/request-sample
An electric vehicle uses
one or more electric motors or traction motor for propulsion. It may be powered
via a collector system by electricity or may be self-contained with a battery
or generator to convert fuel into electricity. These include road & rail
vehicles, surface & underwater vessels, electric aircraft & electric
spacecraft. On contrary, to traditional vehicles which possessed internal
combustion engine (ICE) is now getting blurred with usage of electric vehicles
which run on conventional energy or electricity. With the growing approach
towards electric vehicles (EV), plastic materials play a pivotal role in
helping to reduce carbon emissions or dependence on petroleum. By using
plastics in EV, the weight of the vehicle can be reduced upto 40%.
Additionally, high performance polymers and elastomers are used to integrate
components and functions. The miniaturization helps in reducing space and
improves packaging.
The major market drivers
for the global electric vehicle plastics market share include strict emission
norms & regulations leading to minimizing weight of passenger cars&
government initiatives to encourage adoption for electric vehicles. Therefore,
the electric vehicle plastics market share is estimated to grow at a higher
CAGR during the forecast period. However, a key factor restraining the market
share is the lack of charging stations for BEV operated vehicles & HEV
operated vehicles. Thus, charging infrastructure is significant for the growth
of electric vehicles as in case of BEV and PHEV.
On the basis of vehicle
type, the global electric vehicle plastics market share is segmented as BEV,
HEV, PHEV. BEV segment is likely to dominate the global market share for the
forecast period owing to rising innovations, environmental concerns, strict
emission regulation and norms. Additionally, government initiatives in the form
of introducing various tax & non-tax incentives for electric vehicle owners
have boosted the plastic growth employed in these BEVs. On the basis of material,
the global electric vehicle plastics market share is segmented as PP, PE, ABS,
PVC, PA, Nylon 6/6, Nylon 6, polycarbonate, PVB and other engineering resins.
PP is the fastest growing
segment owing to features like better heat resistance, protection from UV rays,
high strength & flexibility. On the basis of application, the global market
for electric vehicle plastics market is segmented as interior, exterior,
lighting & electric wiring and under the hood. Polyurethanes is estimated
to be the largest growing sector and is predicted to dominate the market for
the forecast period owing to its use in seating, electric wiring and hard
plastic parts.
On the basis of geographic
segmentation, the global market for electric vehicle plastics market includes North
America, Europe, Asia-Oceania, Middle-East & Africa. Asia-Oceania is
predicted to dominate the electric vehicle plastics market and is estimated to
grow at a higher CAGR during the forecast period. Asia-Oceania is an emerging
market for electric vehicles in the recent years. Government initiatives in the
form of incentives to support the demand for electric vehicles market have also
boosted the market.
Faraday Future, a 2015
startup jumped into the electric vehicle market with a view to challenge Tesla
electric motor and announced a big news about its plans to build a factor
outside Las Vegas and that raised curiosity among the masses especially for its
financial support. However, the startup has stopped construction owing to
parent’s company financial problems. The Chinese company LeEco has funded
Faraday Future but now has lost his fortune owing to the market fluctuations in
his own native country. So, now Faraday Future would showcase its first
production car at the CES 2017, the international electronics show in Las Vegas
from Jan 5-8. The key players in the global electric vehicles market include
BASF SE, The Dow Chemical Company, Tesla Motors, Ineos Capital Limited, and the
plastics are supplied to automotive OEMs such as Nissan, Chevrolet, and Volkswagen
AG.
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