Covina, Aug. 12, 2024 (GLOBE NEWSWIRE) -- According to Prophecy Market Insights, the global electric vehicle (EV) composites market size and share is projected to grow from USD 2.45 Billion in 2024 and is forecasted to reach USD 10.4 Billion by 2034, exhibiting a compound annual growth rate (CAGR) of 17.2% during the forecast period (2024 - 2034).
Electric Vehicle Composites Market Report Overview
Electric Vehicle Composites are advanced materials composed of two or more constituent elements with different physical or chemical properties. These ingredients come together to create a material that is distinct from its constituent parts. These composites are essential for improving the efficiency, sustainability, and performance of electric cars.
The lightweight nature of composites is one of their main benefits. Due to their weight, traditional automotive materials like steel and aluminum require more energy to produce. As composite materials are far lighter than metal, such as carbon fiber reinforced polymers (CFRP) and glass fiber reinforced polymers (GFRP), the vehicle’s overall weight overall weight is decreased.
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Our Free Sample Report includes:
- Overview & introduction of market study
- Revenue and CAGR of the market
- Drivers & Restrains factors of the market
- Major key players in the market
- Regional analysis of the market with a detailed graph
- Detailed segmentation in tabular form of market
- Recent developments/news of the market
- Opportunities & Challenges of the Market
Competitive Landscape:
The Electric Vehicle Composites Market is characterized by rapid growth, technological innovation, and fierce competition. Companies are expanding their global presence, focusing on sustainability, and diversifying their service offerings to stay competitive.
Some of the Key Market Players:
- Toray Industries, Inc.
- Teijin Limited
- Syensqo
- Piran Advanced Composites
- HRC (Hengrui Corporation)
- Envalior
- Exel Composites
- Kautex Textron GmbH & Co. KG
- SGL Carbon
- POLYTEC HOLDING AG
- Plastic Omnium
- Röchling SE & Co. KG
- Mar-Bal, Inc.
- ElringKlinger AG
- Faurecia
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This research report categorizes the EV Composites Market by:
- Fiber Type (Carbon Fiber, Glass Fiber, and Other Fibers);
- Resin Type (Thermoset Resins, and Thermoplastic Resins);
- Vehicle Segment (Ultra-Premium, Premium, and Non-Premium);
- Manufacturing Process (Compression Molding, Injection Molding, RTM);
- Application (Exterior, Interior, Battery Enclosure, and Powertrain & Chassis), and;
- Region (North America, Europe, Asia Pacific, the Middle East & Africa, and Latin America).
Analyst View:
Electric vehicle composites market composites is expanding rapidly due to the growing popularity of electric vehicles, developments in composite materials, and the urgent demand for transportation options that consume less energy. A number of significant patterns and variables that are influencing the market's course are noted by analysts.
Market Dynamics:
Drivers:
Increasing EV Adoption
- Electric Vehicle Composites market is primarily driven by the increase in the use of electric vehicles throughout the world. The market for electric cars is growing as more people and governments choose greener forms of transportation. This increases the demand for cutting-edge materials like composites, which improve the efficiency and performance of vehicles.
Weight Reduction for Efficiency
- To increase the driving range of electric vehicles, increasing energy efficiency is a major challenge. Due to their small weight, composites have a big advantage in this field. Composite materials contribute to improved energy efficiency and performance by lowering the vehicles overall weight, which makes them essential to the production of electric vehicles.
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Market Trends:
Integration in Structural Components
- One major trend in electric car manufacturing is the use of composite materials in structural components. Composite-based frames, body panels, and also engines improve structural integrity and safety while simultaneously lowering the weight of the vehicle. High-end and luxurious electric cars are where this trend is most apparent.
Segmentation:
Electric Vehicle Composites Market is segmented based on Fiber Type, Resin Type, Vehicle Segment, Application, and Region.
Fiber Type Insights
- This sector includes Carbon Fiber, Glass Fiber, and Other Fibers. The carbon fiber segment is expected to dominate the target market growth as it is well-known that carbon fiber has an extraordinary strength-to-weight ratio. It is substantially lighter than conventional materials like steel and aluminum and has much higher strength.
Resin Type Insights
- In the target market, thermoset resins is the most dominant sector as electric vehicles generate significant heat, particularly around the battery and motor areas, and due to their high heat resistance, thermoset resins continue to function and retain their structural integrity at high temperatures.
Vehicle Segment Insights
- This sector includes Ultra-Premium, Premium, and Non-Premium. The premium segment is expected to dominate the target market growth as these vehicles are made to provide quicker acceleration, greater top speeds, and extended driving ranges among other superior performance features. These performance measurements are made possible in part by the advanced materials used in these vehicles.
Application Insights
- In the target market, Battery Enclosure is the most dominant segment as it effectively controls the heat produced by the battery packs when they are charging and operating. When it comes to maintaining ideal operating temperatures and avoiding overheating, composites exceed traditional materials in terms of thermal insulation.
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Recent Development:
- In June 2024, Navrattan Group launched its E-Bus built using composite fiber materials. This E-Bus is a significant advancement in electric vehicle design, utilizing premium glass fiber composite technology combined with integrated processes. By using these cutting-edge materials, the bus's overall efficiency is greatly increased due to a decrease in both body weight and gross vehicle weight.
Regional Insights
- North America: Many top automakers and tech firms that are at the forefront of creating and utilizing cutting-edge composite materials are based in this region. Composite technology advancements like glass fiber and carbon fiber reinforced plastics help provide high-strength, lightweight parts for electric cars.
- Asia Pacific: This region is becoming more urbanized and industrialized quickly which is increasing demand for eco-friendly transportation options. One of the main ways to combat urban pollution and lessen reliance on fossil fuels is through the use of electric vehicles.
Browse Detail Report on "Electric Vehicle Composites Market Size, Share, By Fiber Type (Carbon Fiber, Glass Fiber, and Other Fibers), By Resin Type (Thermoset Resins, and Thermoplastic Resins), By Vehicle Segment (Ultra-Premium, Premium, and Non-Premium), By Application (Exterior, Interior, Battery Enclosure, and Powertrain & Chassis), and By Region - Trends, Analysis, and Forecast till 2034" with complete TOC @ https://www.prophecymarketinsights.com/market_insight/electric-vehicle-composites-market-5545
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