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.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.