Electric Vehicle Composites Market: Overview
Electric vehicles are gaining wide popularity, as they consume less fuel and they do not pollute the air. An electric vehicle uses one or more electric motors for propulsion. Governments across the globe are adopting and implementing favorable policies for promotion of electric vehicles. Composite materials used for production of various components of electric vehicles improve fuel efficiency. High strength and low density are two significant features of composite materials used in electric vehicles. A composite material used in electric vehicles is generally a combination of two components: a resin or matrix and a fiber or filler. The growing trend of abolition of conventional steel and cast iron in vehicles so as to make them lightweight has led to development of automotive components with lightweight materials. Due to their resistance to corrosion and fatigue, composites are more durable and hence, they are expected to last for the entire lifespan of the electric vehicle. Electric vehicle manufacturers make use of composite body/chassis components for extending the lifespan of hybrid electric vehicles as well as battery electric vehicles.
Electric Vehicle Composites Market: Drivers & Restraints
Increasing usage of lightweight materials with an aim to reduce carbon dioxide emissions is considered a major factor driving the electric vehicle composites market. Electric vehicle composites offer superior strength-to-weight ratio. Development of battery electric and hybrid electric vehicles offering long travel distance led by their reduced weight is anticipated to propel the electric vehicle composites market during the forecast period. Exxon Company has fabricated an all-graphite frame and a glass/graphite hybrid body for its electric vehicles, achieving a total weight reduction of 200 lbs. Budd Company, due to its subcontract with Ai Research, has achieved significant reduction in the weight of parts by using glass-reinforced polyester. Several electric vehicle manufacturers are opting for the development of sustainable composite materials for their automobile components.
Electric Vehicle Composites Market: Segmentations
In terms of material, the electric vehicle composites market can be classified into resins and fibers. The commonly employed resins include polyamide, polyester, epoxy, and polyurethane. The fibers segment comprises graphene, carbon nanotubes, glass, and aramids. In terms of structural component, the market can be categorized into exterior body panels, canter consoles, cross beam frames, and bumpers. In terms of application, the electric vehicle composites market can be divided into hybrid electric vehicles, plug-in hybrid electric vehicles, battery electric vehicles, and fuel cell electric vehicles.
Electric Vehicle Composites Market: Regional Outlook
Geographically, the global electric vehicle composites market can be classified into North America, Europe, Asia Pacific, Latin America and Middle East & Africa. Various governments across the globe are promoting use of battery electric vehicles (BEVs) through high subsidies and tax rebates. BEVs is the most preferred choice of electric vehicles in China, which is the prominent market for electric vehicle composites in Asia Pacific. Advancements in material science and technology and increasing demand from the automotive industry are augmenting the electric vehicle composites market in Asia Pacific. North America is another significant market for electric vehicle composites across the globe. Tesla, a global leader in electric vehicle manufacturing, is located in California, the U.S. The electric vehicle composites market in Latin America and Middle East & Africa is estimated to expand at a moderate pace during the forecast period, owing to the recent economic growth in these regions.
Electric Vehicle Composites Market: Key Players
Key players operating in the global electric vehicle composites market include LANXESS, Hexagon Composites ASA, Solvay Group, Carbo Tech Composites GmbH, and DowDuPont.
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