Austin, July 17, 2024 (GLOBE NEWSWIRE) -- The EV Composites Market Size is estimated to reach USD 6.45 billion by 2032 and grow at a CAGR of 17.3% over 2024-2032.
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The phenomenal growth of the EV composites market is driven by relentless pursuit for extended driving range.
Composites have better strength-to-weight ratio than traditional metals such as steel hence can significantly reduce mass from an EV’s body. This impact was highlighted in recent industry study which suggested that 10% decrease in vehicle weight equates to 6% improvement in battery range.
Secondly, strict government directives to reduce emissions are pushing firms towards EVs. China with its leading position in global EV production expects electric cars to account for 35% of new vehicles by 2030, a policy intended to drive an increase of 80% in country’s EV production by 2025. Around the world similar legislations are being put up resulting into increasing demand of eco-friendly light-weight materials like composites.
EV Composites Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | USD 1.8 billion |
| Market Size by 2032 | USD 6.45 billion |
| CAGR | 17.3% by 2024-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Growth Drivers |
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Mega Trends:
The EV composites market is undergoing an evolution shaped by a few key trends. Bio-based composites are gaining popularity, bringing in a sustainable option to conventional materials. The use of such composites involves natural fibers such as flax, hemp and kenaf that also minimize the ecological footprint of the industry.
Furthermore, advanced manufacturing methods are under consideration, like automated fiber placement and resin transfer molding. These techniques make it possible to create intricate shapes with better strength and uniformity for optimum vehicle design.
A major challenge for wider use is cost of material.
Composites such as carbon fiber can be costly when compared to traditional materials though not all of them have reached this level yet. There is also a recycling issue to consider here too. Despite the progress made so far in this area, complexities inherent within composite structures make their efficient recycling difficult thereby posing potential environmental issues.
Endless possibilities exist in the EV composites market despite the obstacles it may face.
Ongoing advancements in material science are resulting in the development of composites that are not only lighter but also stronger and more affordable. Cooperation among material suppliers, car manufacturers, and research institutions can speed up innovation and improve material efficiency. Furthermore, the establishment of closed-loop recycling systems for composites can help tackle environmental issues and promote sustainability within the industry.
Regional Landscape:
The Asia Pacific region, a confluence of factors driving it to be dominant. This makes China, where the government has strict regulations on EVs and there exists a growing middle class that is attracted by cheap EVs, a strong composite market. In addition, Europe presents a good market as well where already established automakers are leading in the adoption of EVs. Nonetheless, North America is expected to play catch up as customers’ preferences change and there are government incentives.
Impact of external events.
The EV composites industry can be affected by several factors outside its control. Changes in crude oil prices influence consumer demand of electric cars which consequently affect the need for composite materials. Consequently, innovations in battery technology such as solid-state batteries development may change vehicle designs alongside the role played by different composite components. On top of that, carbon emissions regulations related to the environment will continue to have an important role in pushing towards “greener” composites.
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Key Takeaways:
- The EV composites sector is ready for ongoing expansion, driven by the rising demand for EVs and the advantages composites bring.
- Overcoming financial obstacles and creating effective recycling methods are essential stages in promoting widespread acceptance.
- Unique opportunities and challenges are presented in the regional landscape, with APAC taking the lead. Factors outside the market, such as oil prices, technological advancements, and environmental regulations, will continue to influence the market's path.
- By adopting new ideas and working together, the EV composites market could transform the electric vehicle industry in the years to come.
Table of Contents – Major Key Points
1. Introduction
2. Industry Flowchart
3. Research Methodology
4. Market Dynamics
5. Porter’s 5 Forces Model
6. Pest Analysis
7. EV Composites Market Segmentation, By Fiber Type
8. EV Composites Market Segmentation, By Resin Type
9. EV Composites Market Segmentation, By Manufacturing Process
10. EV Composites Market Segmentation, By Type
11. EV Composites Market Segmentation, By Application
12. Regional Analysis
13. Company Profiles
14. Competitive Landscape
15. Use Case and Best Practices
16. Conclusion
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