Electric Vehicle Insulation Market: Key Success Factors, Growth Trends & Forecast 2022-2028

Stratview Research publishes a new report titled Electric Vehicle Insulation Market which is segmented by Product Type (Thermal Interface Materials, Foamed Plastics, Ceramic, and Others), by Application Type (Under the Bonnet and Battery Pack, Interior, and Others), by Propulsion Type (BEV, PHEV, HEV, and FCEV), by Insulation Type (Thermal Insulation & Management, Electrical, and Acoustic), and by Region (North America, Europe, Asia-Pacific, and Rest of the World).
Market Insights
The electric vehicle insulation market was estimated at USD 410 million in 2021 and is likely to grow at a CAGR of 11.93% during 2022-2028 to reach USD 913.14 million in 2028.
What is electric vehicle insulation?
Electric vehicle insulation refers to the materials and techniques used to protect the battery and other electronics within an electric vehicle (EV). An EV runs on electricity and has various electric components like batteries, motors, controllers, sensors, wiring, etc. Insulation keeps the battery safe by maintaining its temperature, reducing noise, preventing condensation, ensures the safety, efficiency, and reliability of all electric components.
Market Dynamics
The major factors driving the growth of the electric vehicle insulation market are-
• Increasing demand for electric vehicles: According to International Energy Agency (eia.org), the Zero-Emission Government Fleet Declaration, signed in September 2022, aims to reach 100% zero-emission cars and vans in government fleets, with an additional aspiration of 100% zero-emission trucks and buses acquisitions, by no later than 2035. Apart from this, the global electric vehicle fleet is also growing. Since vehicle insulation helps improve vehicle lifespan, with the growing fleet, the demand for electric vehicle insulation is also expected to grow.
• Government regulations and incentives – Governments across the globe are promoting the adoption of EVs as a part of their efforts to reduce greenhouse gas emissions. To encourage consumers, governments are offering various incentives such as tax credits, subsidies, grants for EV purchases, and more. With such policies, there is a growing demand for EVs and to meet the demand, manufacturers are raising demand for electric vehicle insulation.
• Cost reduction in batteries – The cost of lithium-ion batteries, one of the crucial components of electric vehicles, has been steadily decreasing over the years. Owing to this reduced cost, there is a significant popularity of EVs. As vehicles become affordable and more economical, the demand for insulation solutions increases.
• Rising consumer awareness –Consumers are increasingly seeking eco-friendly ways of transportation, and EVs are driving consumer interest. EIA estimates that 18% of new cars sold in 2023 will be electric. The growth in electric vehicle insulation is directly linked to the growth of electric vehicle manufacturing. The more consumers demand EVs, the more the electric vehicle insulation market will grow.
Global Electric Vehicle Insulation Market Report Segments:
Based on the product type, the market is segmented as thermal interface materials (TIM), foamed plastics, ceramic, and others. The foamed plastics segment held the largest share of the market in 2021 and is expected to remain dominant during the forecast period. The growth of the segment is directly driven by the growing demand for lightweight and impact-resistant insulation materials in the electric vehicle industry.
Based on the propulsion type, the market is segmented as Battery Electric Vehicles, Plug-In Hybrid Electric Vehicles, Hybrid Electric Vehicle (HEV), and Fuel Cell Electric vehicles (FCEV). The BEV segment is estimated to lead the market governed by its emission-free technology and its large battery pack.
Based on the application type, the market is segmented under the bonnet and battery pack, interior, and others. The under the bonnet and battery pack application segment is expected to dominate the market during the forecast period. The growth of the segment is owing to the need to insulate electric motors and batteries, among other components, considering BEVs; and electric motors, internal combustion engines (ICE), battery among a host of other components in the case of PHEVs.
Based on the insulation type, the market is segmented as thermal insulation & management, electrical, and acoustic. The thermal insulation & management application segment is estimated to govern the market during the forecast period. The growing demand for high-capacity batteries is the major factor propelling the demand for thermal insulation & management in battery packs, which in turn, is contributing to the growth of the segment.
In terms of regions, Asia-Pacific is estimated to be the largest as well as the fastest-growing market during the forecast period, with China being the major region with lucrative growth opportunities. The growth of the market is driven by the presence of major electric vehicle manufacturers such as BYD, Geely, SAIC, Chery Automobile, JAC Motors, and Zotye Automobile, creating a positive impact on the market. The growing concern to reduce greenhouse gas emissions is also creating an increase in the demand for electric vehicle insulation in the region.
Why is this report beneficial?
The report covers comprehensive data on emerging trends, market drivers, growth opportunities, and restraints that can change the market dynamics of the industry. It provides an in-depth analysis of the market segments which include products, applications, and competitor analysis.
It also offers –
- Market Overview
- Key Manufacturers Profiles
- Market Analysis by Region
- Market Segment by Type
- Market Segment by Application
- Raw Material and Supply Chain
- Other Key Research Findings
All the data compiled by the market experts is the outcome of rigorous primary and secondary research conducted on the market players and reliable sources, including company white papers, journals, press releases, and more.
Key players active in the market –
The following are some of the key players in the Electric Vehicle Insulation Market:
• BASF SE
• The 3M Company
• Morgan Advanced Materials
• DuPont
• Zotefoams plc
• ITW Inc.
• Saint-Gobain
• Von Roll Holding AG
• Autoneum
• Alder Pelzer Holding GmbH
• Elmelin Ltd
Read More: https://www.stratviewresearch.com/1091/electric-vehicle-insulation-market.html
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