Selbyville, Delaware, Oct. 05, 2022 (GLOBE NEWSWIRE) --
The electric vehicle insulation market is expected to record a valuation of USD 1.3 billion by 2030, according to a new research report by Global Market Insights Inc. Batteries used in EVs are susceptible to overheating while charging or on the move. This increases the importance of battery safety as heat management affects the overall performance of the electric vehicle. Government organizations are implementing stringent measures to increase the safety of battery packs.
Citing an instance, in November 2021, the United Nations Economic Commission for Europe (UNECE) proposed a new legal instrument to ensure the durability of batteries used in plug-in hybrid and fully electric vehicles. The new measures, developed as a UNGTR (Global Technical Regulation), mandate manufacturers to certify that the batteries fitted in their electric vehicles will lose less than 20% of their initial capacity over five years or 100,000 Kms. The introduction of strict policies such as these for safety will push EV manufacturers to integrate heat management solutions around the batteries and consequently increase the use of EV insulation systems.
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Electric vehicle insulation market value from the BEV propulsion segment is estimated to register appreciable proceeds, with growing investments in the sector. For instance, in March 2022, Japanese automaker Suzuki announced that it would invest around USD 1.28 billion to develop a new EV battery factory in India. This is intended to enable Maruti Suzuki to sell affordable EVs in India as well as Japan by 2025. Investments such as these will also foster the development of critical insulation systems for EVs, and ultimately assert a positive impact on the industry outlook.
In terms of the insulation type, the electric vehicle insulation market from acoustic insulation segment is anticipated to depict a CAGR of over 11% through 2030. There is a rising demand for the integration of acoustic solutions into electric vehicles. EVs can achieve a silent ride by damping the sound from entering the vehicle cabin. Therefore, manufacturers use noise-damping patches and mats made using aluminum foil and butyl rubber to dampen vibrations which reduce overall noise. They are also lightweight, which retains the performance of the vehicle.
Interior and under the hood & battery packs are among the key application areas for insulation in a vehicle. The electric vehicle insulation market value from other applications, such as safeguarding power electronics, will be worth around USD 170 million by 2030. Power electronics are crucial for the functioning of electric vehicles. They control important features such as electric power steering, central body control, seat control, braking system, etc.
The systems can fail due to overheating incidents such as overvoltage puncturing. Therefore, it has become important to safeguard these components against overheating, to extract optimum performance from electric vehicles. Heat-resistant materials offer protection to semiconductors, MOSFETs, and IGBTs, which will further increases the demand for insulation systems in EV power electronics.
Europe electric vehicle insulation market size is projected to exhibit a growth rate of more than 11.5% through 2030, given the proliferating demand for green vehicles in the region. For instance, the European Commission has announced plans to have around 30 million on-road electric vehicles by the end of 2030.
To that end, the EU has devised a stimulus package of USD 721.4 billion (750 billion euro) which includes USD 19.23 billion (20 billion euro) for bolstering the sales of clean vehicles. Targeted efforts such as these to amplify the adoption of clean transportation will augment regional industry dynamics.
Major players operating in the electric vehicle insulation market include Alder Pelzer Holding GmbH, Elmelin Ltd., Pyrophobic Systems Ltd., Parker Hannifin Corp, BASF SE, Saint-Gobain, Autoneum, Zotefoams plc, DuPont, Unifrax, 3M, and Morgan Advanced Materials. These leaders are planning business expansion strategies by making strategic acquisitions.
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Partial Table of Contents (ToC) of the report:
Chapter 3. Electric Vehicle Insulation Market Insights
3.1 Industry segmentation
3.2 Industry size and forecast, 2018 - 2030
3.3 Industry ecosystem analysis
3.4 Innovation & sustainability
3.4.1 Patent analysis
3.4.2 Technology landscape
3.4.3 Future trends
3.5 Industry impact forces
3.5.1 Growth drivers
3.5.1.1 Increasing demand for high range vehicles and high-density batteries are driving the demand for electric vehicles
3.5.1.2 Need for Better Driving Experience
3.5.2 Industry pitfalls and challenges
3.5.2.1 Lack of charging infrastructure for EVs and higher cost of EVs
3.6 Regulatory landscape
3.7 Growth potential analysis
3.8 Regional pricing trends
3.9 Competitive landscape, 2021
3.10 Porter’s analysis
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About Global Market Insights Inc.
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
