iCrowdNewswire Feb 8, 2021 7:15 AM ET
The market for electric vehicle insulation was valued at US$ 1.26 billion in 2018 and is expected to grow at CAGR by 26.3 per cent during the forecast period from 2019 to 2027.
“Increasing adoption for electric vehicles along with rising environmental concerns will upgrade the market growth during the forecast period”
Increasing demand for electric vehicles is driven by an increase in demand for high-performance, fuel-efficient and low-emission vehicles. The adoption of electric mobility has increased significantly in the global market. In 2018, for example, global electric cars were over 5.1 million, doubling global sales of new electric cars. Government regulations and policies play a key role in the adoption of electric vehicles. Additionally, numerous standards and measures being used by emerging along with leading economies like incentives for zero and low emissions vehicles, fuel economy standards, deployment support for charging infrastructure, and many more. Rising technological advancement helps in bringing substantial cost cuts with the expansion of production capacity. The aforementioned factors are anticipated to expand the market revenue of electric vehicles, thereby driving the demand for vehicle insulation over the forecast period.
In addition, other solutions include the redesign of vehicle manufacturing platforms using a simpler and more innovative design architecture and the application of big data to the right size batteries. In addition, vigorous developments underpin a positive outlook for the increased deployment of electric vehicles and charging infrastructure, thereby fueling the market for electrical insulation on a global scale. For example, in 2030, according to the new policy scenario of the impact of the announced policy ambitions, global sales of electric cars are projected to reach around 23 million and the stock exceeds 130 million vehicles (excluding two/three-wheelers).
“Dominance is led by rising power demand from residential and industrial communities coupled with intensifying utility investments to drive the market growth.
The market for electric vehicle insulation is expected to grow faster, with a market share of around 43 per cent in the Asia-Pacific region, particularly Japan, China and South Korea. Growing energy demand across the region and the presence of emerging economies such as Japan, China, India and Singapore are likely to fuel demand for electric vehicle insulation across the region. In addition, Asia-Pacific attracted around 45% of its capital investment in 2017, leading the potential for foreign direct investment (FDI) on a global scale. Moreover, increasing investments for improving infrastructure and urbanizing populations, particularly in emerging economies like India and China, is anticipated to drive the market for electric vehicle insulation across the region. Furthermore, growing investments and developments for smart cities and grid technologies like installation of smart meters, distribution grid automation, and demand response systems in countries such as South Korea, Japan, and Australia would generate an ample prospects for the electric vehicle insulation market.
The Asia-Pacific market is expected to see the fastest growth followed by Europe and North America. The automotive industry in countries such as China, Japan and South Korea is committed to innovation, technology and the development of advanced electric vehicles. The increasing demand for carbon emissions reduction and the development of more advanced and faster charging stations are expected to boost the growth of electric vehicles. BYD, BAIC, Chery and SAIC, among others, are some of the key players in the market for electric vehicles in Asia Pacific.
Key Industry Developments:
- In April 2019, BYD announced the launch of the K12A at the company’s headquarters in Shenzhen, the world’s first 27-m pure electric bus. With a passenger capacity of 250 people, it is the longest pure electric bus in the world and can travel at a maximum speed of 70 km/h.
- In May 2019, Volkswagen announced pre-booking in Europe for the first model of its new full-electric ID.3. The first special edition, which has been specially configured for pre-booking, includes high-quality, high-performance equipment and is limited to 30,000 vehicles.
Key Market Movements:
- Globally, the electric vehicle insulation market market is rising at a CAGR of 26.3% for the estimated period from 2019 to 2027.
- Asia Pacific is likely to grow at a faster rate for electric vehicle insulation market over the forecast period. Moreover, rising foreign direct investments, increasing production of electric vehicles, urbanizing population, growing investments and technological expansion for smart cities from emerging countries like Singapore, China, and India will increase the market growth across the region.
- The North America will experience a significant market growth for electric vehicle insulation with holding a 40% market share in 2018. The persistent of top manufacturers, growing investments in electric vehicle production and its infrastructure, strong sales performance, potential market with presence of premium buyers will drive the market growth.
- However, sustainable market growth, introduction of smart cities, and regulatory developments alon with consumer focused government incentive scemes across the regions will drive the overall demand.
List of Companies Covered:
- Marian Inc.
- Techman Advanced Material Engineers
- Pyrophobic Systems Ltd.
- Elmelin Ltd.
- Alder Pelzer Holding Gmbh
- Morgan Advanced Materials
- Von Roll Holding AG
- Zotefoams Plc
- ITW Inc.
- BASF SE
Key questions answered in this report
- What are the current market trends and dynamics in the electric vehicle insulation market and valuable opportunities for emerging players?
- Which segment accounts for the fastest CAGR during the forecast period?
- Which type segment holds a larger market share and why?
- Are low and middle-income economies investing in the electric vehicle insulation market?
- What is the market trend and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
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Table of content:
1.1. Report Description
1.1.1. Purpose of the Report
1.1.2. Target Audience
1.1.3. USP and Key Offerings
1.2. Research Scope
1.3. Research Methodology
1.3.1. Phase I – Secondary Research
1.3.2. Phase II – Primary Research
1.3.3. Phase III – Expert Panel Review
1.3.4. Approach Adopted
220.127.116.11. Top-Down Approach
18.104.22.168. Bottom-Up Approach
1.4. Market Segmentation
2. Executive Summary
2.1. Market Snapshot: Global Electric Vehicle Insulation (EVI) Market
2.2. Global EVI Market, by Propulsion Type, 2018 (US$ Bn)
2.3. Global EVI Market, by Insulation Type, 2018 (US$ Bn)
2.4. Global EVI Market, by Application, 2018 (US$ Bn)
2.5. Global EVI Market, by Geography, 2018 (US$ Bn)
3. Market Dynamics
3.1.1. Global EVI Market Value, 2017-2027, (US$ Bn)
3.2. Market Dynamics
3.2.1. Market Drivers
3.2.2. Market Restraints
3.3. Attractive Investment Proposition, by Geography, 2018
3.4. Market Positioning of Key Players, 2018
3.4.1. Major Strategies Adopted by Key Players
4. Global Electric Vehicle Insulation Market, by Propulsion Type , 2017-2027 (US$ Bn)
4.2. Battery Electric Vehicle
4.3. Hybrid Electric Vehicle
4.4. Plug-In Hybrid Electric Vehicle
4.5. Fuel Cell Electric Vehicle
5. Global Electric Vehicle Insulation Market, by Insulation Type, 2017-2027 (US$ Bn)
6. Global Electric Vehicle Insulation Market, by Application, 2017-2027 (US$ Bn)
6.4. Battery Packs
7. North America Electric Vehicle Insulation Market Analysis, 2017-2027 (US$ Bn)
7.1.1. North America EVI Market Value and Growth, 2017-2027, (US$ Bn)
7.2. North America EVI Market Value, By Propulsion Type, 2017-2027 (US$ Bn)
7.2.1. Market Analysis
7.3. North America EVI Market Value, By Insulation Type, 2017-2027 (US$ Bn)
7.3.1. Market Analysis
7.4. North America EVI Market Value, By Application, 2017-2027 (US$ Bn)
7.4.1. Market Analysis
7.5. North America EVI Market Value, By Region/Country, 2017-2027 (US$ Bn)
7.5.1. Market Analysis
7.5.3. Rest of North America
8. Europe Electric Vehicle Insulation Market Analysis, 2017-2027 (US$ Bn)
9. Asia Pacific Electric Vehicle Insulation Market Analysis, 2017-2027 (US$ Bn)
10. Rest of the World Electric Vehicle Insulation Market Analysis, 2017-2027 (US$ Bn)
11. Company Profiles
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Keywords: Electric Vehicle Insulation Market, Electric Vehicle Insulation Market Size, Electric Vehicle Insulation Market Share, Electric Vehicle Insulation Market Trend, Electric Vehicle Insulation Market Growth, Electric Vehicle Insulation Market Forecast