The Electric Vehicle (Car) Polymers Market is expected to grow at > 65% during 2021-2026, according to a report from Stratview Research.
COVID-19 pandemic – Boon or a Curse to the industry?
The outbreak of COVID-19 has severely impacted several industries across the world. Tough government measures such as lockdown of major economies, has pressed the ‘pause button’ for most of the industries. For most of the industries, the revenue has gone down in 2020 and has resumed an uptrend gradually from 2021.
Key insights on Electric Vehicle (Car) Polymers Market
Electric Vehicle (Car) Polymers Market is likely to witness an impressive CAGR of 65% during the forecast period. The key factors driving the market for electric vehicle (car) polymers are the growing demand for electric vehicles among the emerging economies of the Asia-Pacific region, such as China and India, rapid increase in government regulations in order to reduce CO2 emissions, and development of charging infrastructure in the developing as well as developed nations.
Asia-Pacific is estimated to dominate the overall market for electric vehicle (car) polymers during the forecast period. The region has emerged as the largest consumer of electric vehicle (car) polymers, owing to the surge in production of electric cars in China, Japan, South Korea, among other countries. Growing concern for reducing the level of carbon footprints, increasing government support, and reduction in the overall weight of electric cars are the major factors bolstering the growth of the market for electric vehicle (car) polymers in the Asia-Pacific region. North America and Europe are also expected to offer promising growth opportunities during the forecast period.
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Market Scope & Market Segmentation
Electric Vehicle (Car) Polymers Market Share: By Type
Based on the type, the market is segmented as engineering plastics and elastomers. The elastomers segment is expected to fuel the major share of the market during the forecast period as elastomers find their extensive usage in insulation in cars and also, in manufacturing of tires.
Electric Vehicle (Car) Polymers Market Share: By Component Type
Based on the component type, the electric vehicle (car) polymers market is segmented as powertrain system, exterior, and interior. The interior segment of components is witnessing a significant transformation by replacement of metals with polymers, as components made with polymers have lower accidental risk and safety issues. Therefore, electric car manufacturers are employing polymers, instead of metals, in the interiors of electric cars, which also reduce the overall weight of electric cars. Polymer has proven to be the ideal material for the interior components of a car, as it is durable and aesthetically pleasing, also reducing the noise, vibration, and harshness (NVH) levels of an electric car. All these factors are likely to drive the growth of the segment during the forecast period.
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Which key questions will this report answer?
This market research report focuses to deliver relevant information regarding the market trends, structure and growth during the forecast period of 2020-2025. It also offers insights into different market segments and other factors affecting the market.
Some of the key questions answered by the report are:
Stratview Research’s reports are generated after accumulating data from various authenticated sources. > 10 primary interviews with industry experts are conducted by us for every report. Insights gained from primary interviews, in-depth analysis of company statements and annual reports, accompanied by a number of articles, whitepapers, and reports help us to connect the dots and triangulate the market in the most effective manner.
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