The latest market report published by Credence Research “Global Electric Vehicle Insulation Market: Growth, Future Prospects, and Competitive Analysis, 2015 – 2027”. The global electric vehicle insulation market generated revenue of around USD 1,647.1 million in 2020 and anticipated to grow at a CAGR of over 23.6% during the forecast period from 2021 to 2027 to reach around USD 7,258.5 million in 2027.
Browse full report: https://www.credenceresearch.com/report/electric-vehicle-insulation-market
Electric vehicle insulation materials can minimize the impact of heat, sound, and vibration on the vehicle and passengers. When the vehicle is overheated, it will affect the performance of the vehicle and further cause the evaporation of the motorized liquid. In addition, the trembling of the vehicle can damage its border and heavy gears. Vehicle insulation can limit these damages and help increase the service life, performance, and impact on maintenance costs of the vehicle. Therefore, the increase in the adoption of electric vehicles with these advantages is expected to promote product demand.
Key Trends in Global Electric Vehicle Insulation Market
Growing Demand for Insulation in Electric Vehicles
Increasing awareness about insulation in electric vehicles for vehicle safety has resulted in growth of the target market. Electric vehicle insulation is widely used to improve energy efficiency which in turn is a factor expected to boost the target market growth. Favorable government initiatives to promote the use of battery-operated EVs owing to vehicle emissions are expected to support growth of the target market. High investments by major players and new advancements in technologies for the development of electric vehicles have created potential opportunities for major manufacturers and suppliers of the electric vehicle insulation. Increasing demand for advanced insulation materials along with autonomous electric vehicles are factors expected to drive growth of the target market.
Impact of COVID 19 on Electric Vehicle Insulation Market
Driven by the global pandemic, the electric vehicle insulation material market will show significant growth. Due to the COVID-19 pandemic, some or all of them have been closed globally to maintain social distancing and increase the number of cases. According to a recent update, the industry is facing unprecedented economic losses due to the disruption of the global supply chain of the major players operating in the target market. Distributors, suppliers, and retailers all have inventory in warehouses but cannot sell them, while manufacturers have to stop production in response to work stoppages.
Thermal Insulation Segment to Dominate the Global Electric Vehicle Insulation Market
Global Electric Vehicle Insulation Market by Vehicle Type Insights
Based on vehicle type, the global electric vehicle insulation market is segregated into hybrid electric vehicles (HEVs), plug-in hybrid electric vehicles (PHEVs), fuel cell electric vehicle, and battery electric vehicles (BEVs). Hybrid electric vehicles segment is accounted for a significant share in 2020 of the global electric vehicle insulation market.
Hybrid Electric Vehicles Segment to Dominate the Global Electric Vehicle Insulation Market
Global Electric Vehicle Insulation Market by Material Type Insights
Thermal interface materials, foamed plastics, ceramics, and others are the material types of electric vehicle insulation market. In 2020, Foamed plastics segment accounted for the largest share of global electric vehicle insulation market.
Foamed Plastics Segment to Dominate the Global Electric Vehicle Insulation Market
Global Electric Vehicle Insulation Market by Product Type Insights
Based on product type, the global electric vehicle insulation market is segregated into thermal insulation, electric insulation, and acoustic insulation. Thermal insulation segment is accounted for a significant share in 2020 of the global electric vehicle insulation market.
Global Electric Vehicle Insulation Market by Regional Insights
The Asia Pacific market is accounted for the highest revenue share and is expected to dominate the global electric vehicle insulation market over the forecast period. This is attributed to growing demand for the insulation in electric vehicles and the increasing collaboration among major players for market penetration North America electric vehicle insulation market is projected to register the considerable growth rate in the global market.
Global Electric Vehicle Insulation Market Competitive Landscape
Most prominent players in the global electric vehicle insulation Market include Autoneum Holding AG, Zotefoams Plc, Elmelin Ltd., Unifrax, DuPont, Compagnie de Saint-Gobain S.A., BASF SE, Alder Pelzer Holding Gmbh, Morgan Advanced Materials, 3M Company, and Others. The report covers very detailed profiles of these key players.
Global Electric Vehicle Insulation Market by Product Type, 2015 – 2027
· Thermal Insulation
· Electric Insulation
· Acoustic Insulation
Global Electric Vehicle Insulation Market by Vehicle Type, 2015 – 2027
· Hybrid Electric Vehicles (HEVs)
· Plug-In Hybrid Electric Vehicles (PHEVs)
· Fuel Cell Electric Vehicle
· Battery Electric Vehicles (BEVs)
Global Electric Vehicle Insulation Market by Material Type, 2015 – 2027
· Thermal Interface Materials
· Foamed Plastics
Global Electric Vehicle Insulation Market by Region, 2015 – 2027
· North America
· Asia Pacific
· Latin America
· Middle East and Africa
Global Electric Vehicle Insulation Market: Key Players
· Autoneum Holding AG
· Zotefoams Plc
· Elmelin Ltd.
· Compagnie de Saint-Gobain S.A.
· BASF SE
· Alder Pelzer Holding Gmbh
· Morgan Advanced Materials
· 3M Company