An electric vehicle uses one or more electric motors or traction motors for propulsion. It may be powered via a collector system by electricity or may be self-contained with a battery or generator to convert fuel into electricity. These include road & rail vehicles, surface & underwater vessels, electric aircraft & electric spacecraft. On contrary, traditional vehicles which possessed an internal combustion engine (ICE) is now getting blurred with the usage of electric vehicles which run on conventional energy or electricity. With the growing approach towards electric vehicles (EV), plastic materials play a pivotal role in helping to reduce carbon emissions or dependence on petroleum. By using plastics in EV, the weight of the vehicle can be reduced up to 40%. Additionally, high-performance polymers and elastomers are used to integrate components and functions. Miniaturization helps in reducing space and improves packaging.
The major market drivers for the global electric vehicle plastics market share include strict emission norms & regulations leading to minimizing the weight of passenger cars& government initiatives to encourage the adoption of electric vehicles. Therefore, the electric vehicle plastics market share is estimated to grow at a higher CAGR during the forecast period. However, a key factor restraining the market share is the lack of charging stations for BEV-operated vehicles & HEV-operated vehicles. Thus, charging infrastructure is significant for the growth of electric vehicles as in the case of BEV and PHEV.
Based on vehicle type, the global electric vehicle plastics market share is segmented as BEV, HEV, PHEV. BEV segment is likely to dominate the global market share for the forecast period owing to rising innovations, environmental concerns, strict emission regulations, and norms. Additionally, government initiatives in the form of introducing various tax & non-tax incentives for electric vehicle owners have boosted the plastic growth employed in these BEVs. Based on material, the global electric vehicle plastics market share is segmented as PP, PE, ABS, PVC, PA, Nylon 6/6, Nylon 6, polycarbonate, PVB, and other engineering resins.
PP is the fastest-growing segment owing to features like better heat resistance, protection from UV rays, high strength & flexibility. Based on application, the global market for electric vehicle plastics market is segmented as interior, exterior, lighting & electric wiring, and under the hood. Polyurethanes are estimated to be the largest growing sector and are predicted to dominate the market for the forecast period owing to their use in seating, electric wiring, and hard plastic parts.
Based on geographic segmentation, the global market for electric vehicle plastics market includes North America, Europe, Asia-Oceania, Middle-East & Africa. Asia-Oceania is predicted to dominate the electric vehicle plastics market and is estimated to grow at a higher CAGR during the forecast period. Asia-Oceania is an emerging market for electric vehicles in recent years. Government initiatives in the form of incentives to support the demand for electric vehicles market have also boosted the market.
Faraday Future, a 2015 startup jumped into the electric vehicle market to challenge Tesla electric motor and announced big news about its plans to build a factory outside Las Vegas, and that raised curiosity among the masses especially for its financial support. However, the startup has stopped construction owing to its parent’s company financial problems. The Chinese company LeEco has funded Faraday Future but now has lost his fortune owing to the market fluctuations in his own native country. So, now Faraday Future would showcase its first production car at the CES 2017, the international electronics show in Las Vegas from Jan 5-8. The key players in the global electric vehicles market include BASF SE, The Dow Chemical Company, Tesla Motors, Ineos Capital Limited, and the plastics are supplied to automotive OEMs such as Nissan, Chevrolet, and Volkswagen AG.
Research Support Specialist, USA
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