SAN FRANCISCO, Sept. 21, 2020 /PRNewswire/ — The global electric vehicle insulation market size is expected to reach USD 5.4 billion by 2027, registering a CAGR of 19.5%, according to a new report by Grand View Research Inc. Growing regulatory support for the adoption of EVs and the implementation of strict vehicular emission norms are expected to drive the market growth.
Key suggestions from the report:
- In China, the demand is expected to grow at an of CAGR 17.4% over the forecast period on account of rising adoption of EVs in the country
- In 2019, the revenue for Under the Hood & Battery Pack application segment in the North America region stood at USD 96.3 million owing to wide-ranging product utilization for insulating a variety of vehicle components, such as battery packs and electric motor
- In Europe, the market is anticipated to reach USD 782.9 million by 2027 due to the rising adoption of EVs as a result of strong regulatory support
- In the Asia Pacific, the foamed plastics material segment is expected to register a CAGR of 21.7% over the forecast owing to superior impact resistance and dielectric properties
- Manufacturers are focusing on product portfolio expansion and R&D for the development of newer hybrid and lightweight materials with improved durability and insulation properties.
Read 125 page research report with ToC on “Electric Vehicle Insulation Market Size, Share & Trends Analysis Report By Material (Foamed Plastics, Ceramics), By Product (Electrical Insulation), By Application, By End-use (BEV, HEV), And Segment Forecasts, 2020 – 2027” at: https://www.grandviewresearch.com/industry-analysis/electric-vehicle-insulation-market
The rise in demand for environmentally sustainable and green vehicles is expected to have a positive impact on product demand. Product applications to control and maintain the battery pack coupled with reducing the vehicular noise and vibrations of the EVs are expected to drive the market growth over the forecast period.
Growing regulatory support in the form of rebates and subsidies for encouraging the use of EVs in the European Union is expected to have a positive impact on market growth. Furthermore, the growing emphasis on reducing the vehicular pollution in China is projected to augment the product demand over the forecast period.
The market is largely dominated by major corporations with high integration throughout the value chain. The market is highly price-sensitive and price wars among companies are common. The market is moving towards consolidation, with large firms taking over the overseas factories to expand in regions with high growth potential..
Grand View Research has segmented the global electric vehicle insulation market on the basis of material, product, application, end-use, and region:
- Electrical Vehicle Insulation Material Outlook (Revenue, USD Million, 2016 – 2027)
- Thermal Interface Materials
- Foamed Plastics
- Electrical Vehicle Insulation Product Outlook (Revenue, USD Million, 2016 – 2027)
- Thermal Insulation
- Electrical Insulation
- Acoustic Insulation
- Electrical Vehicle Insulation Application Outlook (Revenue, USD Million, 2016 – 2027)
- Under the Hood & Battery Pack
- Electrical Vehicle Insulation End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Battery EV
- Plug-in Hybrid EV (PHEV)
- Hybrid EV (HEV)
- Fuel Cell EV
- EV Insulation Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- The U.K.
- Asia Pacific
- South Korea
- Rest of the World
List of Key Players of Electric Vehicle Insulation Market
- Parker Hannifin Corp
- Elkem Silicones
- Knauf Industries
- BASF SE
- Zotefoams Plc
- Elmelin Ltd.
- Pyrophobic Systems Ltd.
- Morgan Advanced Materials.
Find more research reports on Advanced Interior Materials Industry, by Grand View Research:
- Acoustic Insulation Market– The global acoustic insulation market size was valued at USD 9.33 billion in 2015. Noise pollution, health awareness, and rising standard of living are likely to have a remarkable impact on the industry growth.
- Microporous Insulation Market– The global microporous insulation market size was estimated at USD 121.0 million in 2016. Outstanding thermal performance, lightweight, and resistance to fire & climate is likely to be a key factor.
- High-Temperature Insulation Market– The global high-temperature insulation market size was estimated at USD 4.44 billion in 2018 and is estimated to expand at a CAGR of 7.8% over the forecast period. Rising awareness regarding energy conservation is estimated to drive the market.
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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SOURCE Grand View Research, Inc.