Global Electric Vehicle Plastics Market: Growth, Future Prospects, and Competitive Analysis, 2023 - 2030

Market Definition

The electric vehicle plastics market refers to the market for plastic materials used in the manufacturing of electric vehicles. Electric vehicles (EVs) are becoming increasingly popular due to their reduced emissions, improved fuel efficiency, and government incentives. Plastics are widely used in the manufacturing of EVs due to their lightweight, durable, and corrosion-resistant properties.

Key Market Drivers and Restraints

Rising awareness regarding plastics in electric vehicles is expected to drive the growth of the global electric vehicle plastics market. Also, increasing demand for polypropylene owing to its properties, such as light weight, flexibility, and high strength have stimulated the demand for this material, thereby promoting the development of the plastics market for electric vehicles over the forecast period.

However, recycling of plastic materials used in electric vehicle parts due to sorting of components made of varied plastics before recycling process is expected to hamper the global electric vehicle plastics market.

Impact of COVID 19

The electric vehicle plastics market will show considerable growth on the back of the global pandemic. As a result of the COVID-19 outburst, complete or partial shutdown across the globe in order to maintain social distance and increasing cases. Furthermore, with supply chain disruptions, delayed production lines, and distributors, suppliers, and retailers have stocks in warehouses but cannot sell them, as well as players are leveraging the demand for end-products.

Asia Pacific to Dominate the global electric vehicle plastics market

The global electric vehicle plastics market covers the six regions, namely Europe, North America, Asia Pacific, Latin America (LATAM), Middle East and Africa, including all the key economies in these regions. Asia Pacific market is dominated the global market and accounted for more than 31.2% of the total market. This is attributed to increasing demand for the plastics in electric vehicles and rising collaboration among players to enhance market penetration.

Global Electric Vehicle Plastics Market is led by the Battery Electric Vehicles

Based on vehicle type, the global electric vehicle plastics market is segregated into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs). In 2020, battery electric vehicles segment is accounted for a significant share in 2020 of the global electric vehicle plastics market.

Polypropylene would continue to dominate the global electric vehicle plastics market in terms of material type

Polypropylene (PP), polyurethane (PU), acrylonitrile butadiene styrene (ABS), polyvinyl chloride (PVC), polyethylene (PE), polystyrene (PS), polycarbonate (PC), polyamide (PA), polymethyl methacrylate (PMMA), and others (polyoxymethylene, etc.) are the material types of electric vehicle plastics market. In 2020, polypropylene segment accounted for the largest share of global electric vehicle plastics market, owing to its properties.

Battery electric vehicles is the major segment in the global electric vehicle plastics market in terms of vehicle type

Hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), and battery electric vehicles (BEVs) are the vehicle types of electric vehicle plastics market. In 2020, battery electric vehicles segment accounted for the largest share of global electric vehicle plastics market.

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Report Detail

  • Status:Published
  • Report Code:NNRR 66
  • No. of Pages:168
  • Published DateJune 2023
  • Category:Chemical and Material
  • Delivery Timeline:48 hrs

Customized

  • => Region Level Market Share
  • => Import Export Analysis
  • => Additional Company Profiles
  • => Region Specific Market Dynamics
  • => Production Analysis
  • => Additional Countries (Apart From Mentioned Countries)
  • => Country/Region-specific Report