Electric Vehicle Insulation Market: Global Industry Analysis With Opportunities and Trends
The latest market report published by Credence Research, Inc. “Electric Vehicle Insulation Market: Growth, Future Prospects, and Competitive Analysis, 2019 - 2027” the electric vehicle insulation market was valued at US$ 1.26 Bn in 2018 and expected to grow at a CAGR of 26.3% during the forecast period from 2019 to 2027.
Market Insights
"Increasing adoption for electric vehicles along with rising environmental concerns will upgrade the market growth during the forecast period"
Increasing demand for electric vehicles is governed by upsurge in demand for high-performance, fuel-efficient, and low-emission automobiles. The adoption of electric mobility have increased significantly in global market. For instance, in 2018, the global electric cars were exceeded by around 5.1 million thereby, doubling the sales of new electric cars globally. The government regulations and policies play a major role towards the adoption of electric vehicles. Additionally, numerous standards and measures being used by emerging along with leading economies like incentives for zero and low emissions vehicles, fuel economy standards, deployment support for charging infrastructure, and many more. Rising technological advancement helps in bringing substantial cost cuts with the expansion of production capacity. The aforementioned factors are anticipated to expand the market revenue of electric vehicles, thereby driving the demand for vehicle insulation over the forecast period.
Furthermore, other solutions include the redesign of vehicle manufacturing platforms using simpler and innovative design architecture, and the application of big data to right size batteries. In addition, vigorous developments underpin a positive outlook for the increased deployment of electric vehicles and charging infrastructure, thereby fueling the market for electric vehicle insulation on a global scale. For instance, in 2030, as per the new policies scenario the impact of announced policy ambitions, global electric car sales will forecasted to reach around 23 million and the stock exceeds 130 million vehicles (excluding two/three-wheelers).
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Key Industry Developments:
- In April 2019, BYD announced the launch of the K12A at the company's headquarters in Shenzhen, the world's first 27-m pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.
- In May 2019, Volkswagen announced pre-booking in Europe for the first model of its new full-electric ID.3. The first special edition, which has been specially configured for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles.
Key Market Movements:
- Globally, the electric vehicle insulation market market is rising at a CAGR of 26.3% for the estimated period from 2019 to 2027.
- Asia Pacific is likely to grow at a faster rate for electric vehicle insulation market over the forecast period. Moreover, rising foreign direct investments, increasing production of electric vehicles, urbanizing population, growing investments and technological expansion for smart cities from emerging countries like Singapore, China, and India will increase the market growth across the region.
- The North America will experience a significant market growth for electric vehicle insulation with holding a 40% market share in 2018. The persistent of top manufacturers, growing investments in electric vehicle production and its infrastructure, strong sales performance, potential market with presence of premium buyers will drive the market growth.
- However, sustainable market growth, introduction of smart cities, and regulatory developments alon with consumer focused government incentive scemes across the regions will drive the overall demand.
List of Companies Covered:
- Hilti
- Marian Inc.
- Techman Advanced Material Engineers
- Pyrophobic Systems Ltd.
- Elmelin Ltd.
- Alder Pelzer Holding Gmbh
- Morgan Advanced Materials
- 3M
- DuPont
- Unifrax
- Von Roll Holding AG
- Zotefoams Plc
- ITW Inc.
- BASF SE
- Autoneum
- Saint-Gobain
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