Global Plastics in Electric Vehicles Market was sized US$ 527 Mn in 2017 and is anticipated to reach US$ 2800 Mn by 2026 at a CAGR of about 20.39 % during a forecast Period.
Global Plastics in the Electric Vehicles market is segmented by material, by vehicle, by application, and by region. In terms of material, polyamide, PP, PE, ABS, PU, PVC, PC and others. HEV, PHEV, and BEV are vehicle segment of Plastics in the Electric Vehicles market. Cooling pipes, fans, reinforcement, battery packs structures, and cells are the application segment of the Plastics in the Electric Vehicles market. Geographically into North America, Europe, Asia Pacific, Middle East & Africa, and Latin America.
Plastics are of lightweight and are durable, and often less expensive than the materials that they replace, making them increasingly desirable for manufactures. Application of lightweight plastics in electric vehicles results in the enhanced fuel efficiency along with the increased range of battery operated electric vehicles. Electric Vehicles Plastics consists of raw materials, which are highly used in the production of parts and supplies that make up an electric vehicle. Electric Vehicle Plastics prepared components can be found in the interior and exterior section, luggage section and bonnet section.
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On the basis of material, polypropylene (PP) constitutes dominating the electric vehicle plastics market. Polypropylene is widely used in electric vehicles for interior applications such as seats, car body, bumpers, head and armrest. Polypropylene attributes such as light-weight, flexibility and improved strength stir up the demand for the material thus, boosting up the electric vehicle plastic market.
Based on a vehicle, BEV type is expected to contribute majorly to the electric vehicle plastics market during the forecast period. BEV manufacturing requires the maximum amount of plastic materials due to the need for making the vehicle light-weighted and increase the range of the vehicle which, thereby fuels up the demand for electric vehicle plastics market.
In terms of geography, North America surveyed by Western and Eastern Europe hold a significant share in the global electric vehicle plastics market in terms of its volume. Asia-Pacific is projected to grow at the highest CAGR during the forecast period. China and Japan contribute significantly to the global sales and production of electric vehicles thereby growing the demand for electric vehicle plastics market.
