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Global Plastic For Electric Vehicles Market 2020 Size, Share Analysis Report by Top Players and Forecast to 2030


iCrowdNewswire   Jan 9, 2021  3:00 AM ET

Product overview

Electric vehicles usually consist of metal batteries which affect the functionality and weight of the vehicle. Vehicles in which plastic is used as a composite material help reduction in costs and require comparatively less service and cheap exhaust systems along with cheap fuel injection systems. The lightweight feature of plastic used in electric vehicles and the smaller size of engine for internal combustion helps in improving the fuel efficiency of the vehicle. The growing environmental awareness and government support initiatives across the world as well as investments made by original equipment manufacturers have increased the demand for the market.

Market Highlights

The Plastic for Electric Vehicles Market registered a growth of USD XXXX billion in 2019 and is expected to grow at a CAGR of XX% till 2030.

Lightweight plastic manufacturing element in electric vehicles which increases fuel efficiency with an increasing range of battery electric vehicles is expected to accelerate market growth. The usage of plastic over metal which reduces carbon emission and its less dependency on petroleum also increases the market growth. Energy recovery devices, fans, pumps, and non-moving parts reduce the overall weight of the vehicle acting as a driver for the plastic for the electric vehicle market. Increasing awareness about greenhouse emissions and high fuel efficiency is also increasing market growth.

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Plastic for Electric Vehicles Market: Segments

Electric Vehicle Plastics Market can be segmented by material type, vehicle type, application, and region.

The Polyurethane segment to grow with the highest CAGR of XX% during 2020-2030

By Material Type, electric vehicle plastics market can be segmented as Polypropylene, Polyurethane, Acrylonitrile Butadiene Styrene, Polyvinyl Chloride, Polyoxymethylene, Polystyrene, Polycarbonate, Polyamide, Acrylic, and others. Polyurethane is to have the highest CAGR in the market due to its large usage by car manufacturers which offers comfort, safety, and lightweight. It is used in the manufacturing of interior furnishings such as in the dashboard, door handles, and instrument panels which reduces the weight of the vehicle. Additionally, its versatility helps in easy exterior designing of automobiles which acts as a driving agent for the segment.

The Plugin battery electric vehicle segment to grow with the highest CAGR of XX% during 2020-2030

By Vehicle Type, the electric vehicle plastics market can be further segmented as Hybrid Electric Vehicles, Plug-In Hybrid Electric Vehicles, and Battery Electric Vehicles. Plug-in battery electric vehicles dominate the vehicle type segment and hold the largest CAGR due to their lightweight feature and enhanced fuel efficiency.

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The Transmission system segment to grow with the highest CAGR of XX% during 2020-2030

By Application, the electric vehicle plastics market can be fragmented into, Interior Furnishings, Exterior Furnishings, Power Plant System, Transmission Systems, and others. The transmission system is expected to show significant growth during the forecast period due to its high usage in delivering power from EV motor to drive wheels.

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC, and MENA.

Plastic for Electric Vehicles Market: Drivers and Restraints

Fuel efficiency and increased awareness to propel the plastic for electric vehicles market growth

Lightweight plastic manufacturing element in electric vehicles which increases fuel efficiency with an increasing range of battery electric vehicles is expected to accelerate market growth. The usage of plastic over metal which reduces carbon emission and its less dependency on petroleum also increases the market growth. Energy recovery devices, fans, pumps, and non-moving parts reduce the overall weight of the vehicle acting as a driver for the plastic for the electric vehicle market. Increasing awareness about greenhouse emissions and high fuel efficiency is also increasing market growth.

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Non-degradability and recycling problem to hamper the market growth

The non-degradable nature of the plastics acts as a restraint in the market for plastics for the electric vehicles market. Additionally, its fragility and delicacy may also hamper the growth of the market. Vehicle components that are manufactured from different plastic materials require components to be sorted before recycling it which acts as a challenge in the market.

Plastic for Electric Vehicles Market: Regions

The region segment can be further divided into five major types including North America, Latin America, Europe, APAC and MENA.

APAC region is expected to hold the largest share in the plastic for electric vehicles market due to the high demand and high sale of electric vehicles in the market. The presence of many plastic suppliers in the region as well as rising support of the government is also expected to fuel demand in the region. Increasing the adoption of nonpolluting e-vehicles for transportation is increasing the growth in the North American region. Additionally, the development of manufacturing facilities by original equipment manufacturers is also expected to open new opportunities for plastic supplies which are in turn going to increase the demand for plastic for the electric vehicles market.

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Top Market Players

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