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.
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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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