The global market for electric vehicle plastics is projected to have considerable CAGR of around 27.5% during the forecast period. The growing inclination towards lightweight vehicle further projected to grow the electric vehicle plastics market. Lightweight materials play an essential role in the electric vehicle industry. The use of these materials is likely to increase significantly over the decades since even a 10% reduction in vehicle weight yields 6.5% reduction in fuel consumption. Using lightweight materials in various automotive applications is one such advancement which is likely to improve the performance of the vehicle. The demand to enhance the application of lightweight materials such as plastics in current transport systems becomes even more critical and would also enable in addressing the reduction of the fuel consumption that further propels the market growth.
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The plastic based component has played a very important role in the electric vehicle industry. The advanced technology in plastic materials has opened new doors in safety, comfort and made significant energy savings. The innovation in plastic and plastic composite has driven a revolution within the automotive industry, allowing automotive designers and engineers to push the boundaries with the ability to produce concepts cost effectively. Plastic delivers superior value to customers and also increases safety and is better for the environment. The trim is a significant operational and appealing element of car exteriors. The auto trim comprises radiator grilles, mirror housings, door handles, side trim, wheel covers and others components. These parts depend largely on plastic for vehicle’s exterior decoration and functionality. A variety of plastics are used in manufacturing exterior trim. The most commonly used plastics in these applications include Nylons, polystyrene, polycarbonates, weather able ASA-AES, PVC, polyesters, and urethane.
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Electric vehicle is witnessing a significant growth all across the globe that further provide considerable opportunity for the market. The government of various regions is focusing to change their vehicle fleet from IC Engine vehicles to electric vehicles. The major reason for countries and government organizations to shift from IC vehicles to an electric vehicle is rising environmental pollution due to the combustion of fossil fuel and rising prices of crude oil in the international market. Favourable government policies toward electric vehicles is a prominent factor for the adoption of electric vehicles. Under a campaign by International Energy Agency, Electric Vehicle Initiative (EVI) has launched EV30@30 in June 2017. The goal of the campaign is to reach 30% of sales for Electric vehicles by 2030. Lead countries in the initiative are China and Canada. Other member countries are Finland, France, India, Japan, Mexico, the Netherlands, Norway, and Sweden. As per International Energy Agency (IEA), the around 1.9 million electric vehicles were sold in 2018 as compared to 326,000 in 2014. However, in 2018, the market share of electric vehicle is just around 1.2% which provide a significant opportunity to electric vehicle plastics market.
Global Electric Vehicle Plastics Market Segmentation
By Plastic Type
- Polyvinyl Chloride (PVC)
- Acrylonitrile Butadiene Styrene (ABS)
- Polyamide (PA)
- Polycarbonate (PC)
- Polyurethane (PU)
- Polymethylmethacrylate (PMMA)
- Others (Polypropylene)
By Vehicle Type
- Hybrid Electric Vehicles (HEVs)
- Battery Electric Vehicle (BEV)
- Plug-In Hybrid Electric Vehicles (PHEVs)
