The Plastics For Electric Vehicle market in Asia Pacific is expected to grow from US$ 419.70 million in 2019 to US$ 1753.47 million by 2027; it is estimated to grow at a CAGR of 19.8% from 2020 to 2027.
China, India, Japan, South Korea, Australia, and Rest of APAC are the major economies in Asia Pacific. The rising demand of electric vehicles will surge its demand in the market. With a growing emphasis on environmental sustainability, a shift has been made towards manufacturing automobiles which generates less greenhouse gases emissions and are comparatively better fuel efficient. The market for electric vehicles is looked upon on the basis of the cost-effectiveness, environment-sustainability, convenience and a variety of governmental policies including preferential rates, incentives towards equipment purchase and significant rebates. All such factors have propelled the demand for electric vehicles in the Asia Pacific market scenario. For instance, according to IEA, a 40% year-on-year increase has been registered with the sales of electric cars to 2.1 million worldwide in 2019, significantly surpassing that of 2018. The demand for electric vehicles is expanding with the rising consciousness towards environment backed by the adoption of advanced technology and positive government measures.
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The COVID-19 is anticipated to cause a loss of more than 3 Billion in the Asia Pacific region. The consequence and impact can be even worse and totally depends on the spread of the virus. The government of Asia Pacific is taking possible steps to reduce its effects by announcing lockdown, and thus, impact the revenue generated by the market. The Government have asked the chemical & materials manufacturers to delay their production which will adversely affect the worldwide supply of plastics for electric vehicle.
Asia Pacific Plastics For Electric Vehicle Market – By Vehicle Type
Asia Pacific Plastics For Electric Vehicle Market – By Application
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With the new features and technologies, vendors can attract new customers and expand their footprints in emerging markets. Considering these factors the Asia Pacific Plastics For Electric Vehicle market is expected to grow at a good CAGR during the forecast period.
Asia Pacific Plastics For Electric Vehicle Market Revenue and Forecast to 2027 (US$ Mn)
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