Electric Vehicle Plastics Market
Electric Vehicle Plastics Market 10-Year Market Forecast and Trends Analysis Research Report
Increasing demand for electric vehicles owing to growing environmental awareness supported by innovation, government, and investments made by OEMs, has resulted in a technological revolution in the global automobile industry. Demand for electric vehicles thereby, lead to an increasing demand for allied industries such as plastics which is an essential material required in manufacturing of electric vehicles. Manufacturers need lightweight materials to develop an electric vehicle which is one of the primary drivers for electric vehicle plastics market. Growing environmental concern is expected to increase the demand for electric vehicles which thereby would drive the demand for electric vehicle plastics market over the forecast period.
Electric Vehicle Plastics Market: Market Dynamics
Electric vehicle plastics market is primarily driven by the trend of light-weight plastic applications as a manufacturing element. Application of light-weight plastics in electric vehicle results in enhanced fuel efficiency along with increasing the range of battery electric vehicle( BEV). BEV is expected to be the largest contributor to electric vehicle plastic markets which in turn will boost up the growth of global electric vehicle plastics market. Electric vehicle plastics market is further expected to witness an increasing demand owing to its performance competency as compared to metal. Plastic’ s attributes such as carbon emission reduction and less dependency on petroleum drive the electric vehicle plastics market. Electric vehicle parts such as energy recovery devices, pumps, fans, casings and non-moving parts are expected to be manufactured using plastics thereby reducing the overall weight of the vehicle
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