An
electric vehicle uses one or more electric motors or traction motor for
propulsion. It may be powered via a collector system by electricity or may be
self-contained with a battery or generator to convert fuel into electricity.
These include road & rail vehicles, surface & underwater vessels,
electric aircraft & electric spacecraft. On contrary, to traditional
vehicles which possessed internal combustion engine (ICE) is now getting
blurred with usage of electric vehicles which run on conventional energy or electricity.
With the growing approach towards electric vehicles (EV), plastic materials
play a pivotal role in helping to reduce carbon emissions or dependence on
petroleum. By using plastics in EV, the weight of the vehicle can be reduced
upto 40%. Additionally, high performance polymers and elastomers are used to
integrate components and functions. The miniaturization helps in reducing space
and improves packaging.
The
major market drivers for the global electric vehicle plastics market share
include strict emission norms & regulations leading to minimizing weight of
passenger cars& government initiatives to encourage adoption for electric
vehicles. Therefore, the electric vehicle plastics market share is estimated to
grow at a higher CAGR during the forecast period. However, a key factor
restraining the market share is the lack of charging stations for BEV operated
vehicles & HEV operated vehicles. Thus, charging infrastructure is
significant for the growth of electric vehicles as in case of BEV and PHEV.
Request Sample Copy of This Market Research @
https://www.millioninsights.com/industry-reports/electric-vehicle-plastics-market/request-sample
On
the basis of vehicle type, the global electric vehicle plastics market share is
segmented as BEV, HEV, PHEV. BEV segment is likely to dominate the global
market share for the forecast period owing to rising innovations, environmental
concerns, strict emission regulation and norms. Additionally, government
initiatives in the form of introducing various tax & non-tax incentives for
electric vehicle owners have boosted the plastic growth employed in these BEVs.
On the basis of material, the global electric vehicle plastics market share is
segmented as PP, PE, ABS, PVC, PA, Nylon 6/6, Nylon 6, polycarbonate, PVB and
other engineering resins.
PP
is the fastest growing segment owing to features like better heat resistance,
protection from UV rays, high strength & flexibility. On the basis of
application, the global market for electric vehicle plastics market is
segmented as interior, exterior, lighting & electric wiring and under the
hood. Polyurethanes is estimated to be the largest growing sector and is predicted
to dominate the market for the forecast period owing to its use in seating,
electric wiring and hard plastic parts.
Browse Full Research Report @
https://www.millioninsights.com/industry-reports/electric-vehicle-plastics-market
On
the basis of geographic segmentation, the global market for electric vehicle
plastics market includes North America, Europe, Asia-Oceania, Middle-East &
Africa. Asia-Oceania is predicted to dominate the electric vehicle plastics
market and is estimated to grow at a higher CAGR during the forecast period.
Asia-Oceania is an emerging market for electric vehicles in the recent years.
Government initiatives in the form of incentives to support the demand for
electric vehicles market have also boosted the market.
Faraday
Future, a 2015 startup jumped into the electric vehicle market with a view to
challenge Tesla electric motor and announced a big news about its plans to
build a factor outside Las Vegas and that raised curiosity among the masses
especially for its financial support. However, the startup has stopped
construction owing to parent’s company financial problems. The Chinese company
LeEco has funded Faraday Future but now has lost his fortune owing to the
market fluctuations in his own native country. So, now Faraday Future would
showcase its first production car at the CES 2017, the international
electronics show in Las Vegas from Jan 5-8. The key players in the global
electric vehicles market include BASF SE, The Dow Chemical Company, Tesla
Motors, Ineos Capital Limited, and the plastics are supplied to automotive OEMs
such as Nissan, Chevrolet, and Volkswagen AG.
Comments
Post a Comment