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 . On the basis of 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 . On the basis of application , the global market for electric vehicle plastics market is segmented as interior , exterior , lighting & electric wiring and under the hood . Polyurethanes is estimated to be the largest growing sector and is predicted to dominate the market for the forecast period owing to its use in seating , electric wiring and hard plastic parts .
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On the basis of 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 the 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 with a view to challenge Tesla electric motor and announced a big news about its plans to build a factor outside Las Vegas and that raised curiosity among the masses especially for its financial support . However , the startup has stopped construction owing to 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 .
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