Rising investment across the automotive industry coupled with the ongoing favorable policies, targets and directives will stimulate the global Electric Vehicle Insulation demand
The global Electric Vehicle Insulation Market size is projected to reach around USD 5 billion by 2025. Electric Vehicle insulation is used to minimize the impact of heating, sound, and, vibration on vehicle and inside user. Overheating affects the performance of the vehicle and further lead to vaporization of automotive fluids. Further, vibrations degrade the chassis and heavy components of the vehicle. Vehicle insulation limits these degradations and improves vehicle life and performance, and reduce maintenance cost. The ongoing adoption of these vehicles owing to various benefits will propel the product demand.
The rising global awareness toward sustainability and limiting the dependency on fossil fuel has led to the adoption of the electric vehicles. The OEM manufacturers are putting efforts to match price parity between EV and conventional vehicle. The surging demand for effective batteries, lighter vehicle components and improved properties of insulating material is complementing the industry growth. Furthermore, ongoing integration of advanced material to improve the insulation capabilities is further fueling the industry size.
The report also throws light on various aspects of the global electric vehicle insulation industry by assessing the market using value chain analysis. The report covers several qualitative aspects of the Electric Vehicle Insulation industry in market drivers, market restraints and key industry trends. Furthermore, the report provides an in-depth assessment of the market competition with company profiles of global as well as local vendors.
The electric vehicle insulation market holds a strong competition among the well-established and new emerging players. These market players target to gain a competitive advantage over the other players by participating in partnerships, mergers, and acquisitions and expanding their businesses.
The electric vehicle insulation market is categorized into battery pack & under the bonnet, interior, and others the basis of application. The smart ball segment is expected to expand at a growth rate of over 20% over the forecast period on account of its rising demand of batteries. Further, growing need to insulate electric motor and associated component are expected to catapult the segment growth over the forecast timeframe.
Europe is expected to gain impressive growth in the coming years. Growing concern related to rising carbon count has shifted focus of the end user toward adoption of electric vehicle. The regulatory body of the country in the region has established a stringent target to completely phase out the Internal Combustion Engine (ICE) vehicle in the next five to ten years, which will fuel EV adoption, and in turn will boost the product demand. Furthermore, the government support to boost innovation activities associated with the electric vehicle is complementing the industry landscape.
The major players operating across the global electric vehicle insulation market include BASF SE, 3M, Morgan Advanced Materials, DuPont, Zotefoams, Unifrax, Saint-Gobain, Von Roll Holding AG, Autoneum, Alder Pelzer Holding, and Elmelin Ltd., including others. The industry for Electric Vehicle Insulation is integrated with the participation of established global players across the globe. In addition, these companies are focusing on expanding their footprint through implementation of inorganic as well as organic strategies which in turn is proliferating the business outlook.
Segment overview of Electric Vehicle Insulation market
- Insulation Type Overview, 2018-2025, (USD Million)
- Product Type Overview, 2018-2025, (USD Million)
- Thermal Interface Material
- Foamed plastic
- Application Overview, 2018-2025, (USD Million)
- Battery Pack & Under the Bonnet
- Propulsion Type Overview, 2018-2025, (USD Million)
- Regional Overview, 2018-2025, (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Rest of the World
- North America