Electric Vehicle Plastics Market by Type, Application & Component, Battery Type & Material, Vehicle
The Electric Vehicle Plastics Market is expected to grow from USD 3.7 billion in 2022 and is poised to reach USD 12.6 billion in 2027, at a CAGR of 27.9% during the forecast period.
The global demand for electric vehicles has shown significant growth in recent years. According to IEA statistics, electric vehicle sales have increased from 10.3 million units in 2020 to 16.2 million units in 2021, with an increase of 57.3% from the previous year.
The growth can be attributed to increasing support from local governments in incentives to usher customers into buying EVs and increase the adoption rate of electric mobility. The demand for premium electric vehicles has seen growth in developed and developing countries with high disposable income, better charging infrastructure, rising customer awareness. Developed regions such as Europe, North America, and a few Asian countries such as Japan and South Korea are the key markets for premium electric vehicles. Increasing the driving range of electric vehicles is a top priority for OEMs. Lighter vehicles require less power to travel a particular distance thus increasing the driving range per charge of a vehicle.
Some of the areas that will find plastics application in EVs are specifically around the battery pack and the structure, after that power electronics such as the inverter, the DC converter, and the onboard charger. Batteries today are heavy and can increase EV weight by 35% compared to an ICE. For example, battery pack of Mercedes-Benz EQC weighs in at 635 kgs. A 10% reduction in battery weight can improve driving range by 6% to 8%. So, replacing battery casing and battery separators by low density materials such as polypropylene, which is ~33% lighter than polycarbonate, can help in overall weight reduction. Vehicle interior and exterior applications such as door handles, bumpers, dashboards, seats contribute to a major share of weight in the vehicle. These parts if made from lightweight materials such as polyurethane and polypropylene can not only significantly reduce weight of the vehicle but also provide quality aesthetic looks due to their flexibility in design and manufacturing.
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|Target State: Maharashtra|
Target City : Navi Mumbai
Last Update : 20 October 2022 12:25 PM
Number of Views: 30
|Item Owner : vidhya|
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