Overview and Scope
Electric vehicle lightweight materials refer to metal alloys used to reduce the total cost of ownership and improve efficiency by enhancing the performance-to-weight ratio. It is a refined material that can be used to create lightweight car bodies and interiors. The vehicle’s weight will be reduced, resulting in improved energy efficiency.
Sizing and Forecast
The electric vehicle lightweight materials market size has grown exponentially in recent years. It will grow from $6.87 billion in 2023 to $8.92 billion in 2024 at a compound annual growth rate (CAGR) of 29.9%. The growth in the historic period can be attributed to fuel efficiency and range optimization, stringent emission standards, increased consumer awareness, cost reduction in manufacturing, focus on sustainability, urbanization and traffic efficiency, advancements in composite manufacturing..
The electric vehicle lightweight materials market size is expected to see exponential growth in the next few years. It will grow to $23.95 billion in 2028 at a compound annual growth rate (CAGR) of 28.0%. The growth in the forecast period can be attributed to increasing range expectations, expansion of charging infrastructure, rising demand for affordable evs, integration of autonomous driving, improved energy density in batteries, enhanced performance requirements, emergence of energy-efficient materials.. Major trends in the forecast period include technological innovations in materials, innovations in battery technologies, integration of nanostructured materials, lightweight design software, thermal management materials, collaborations for material innovation..
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Segmentation & Regional Insights
The electric vehicle lightweight materials market covered in this report is segmented –
1) By Material Type: Metals and Alloys, Composites, Plastics, Elastomers, Other Material Types
2) By Vehicle Type: Passenger Cars (Hatchbacks and Sedans), Utility Vehicles (SUVs, MPVs, Compact SUVs), Light Commercial Vehicles, Medium and Heavy-duty Vehicles, Buses and Coaches
3) By Propulsion Type: BEVs, PHVs, HEVs
4) By Application: Battery Packs, Electric Traction Motors, Electronic Components, Power Electronic Controllers, Body-in-White, Chassis and Suspension, Transmissions, Doors, Interiors, Other Applications
Asia-Pacific was the largest region in the electric vehicle lightweight materials market in 2023, and is expected to be the fastest-growing region in the electric vehicle lightweight materials market during the forecast period. The regions covered in the electric vehicle lightweight materials market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The rise in the adoption of electric vehicles (EVs) is expected to boost the growth of the electric vehicle lightweight materials market going forward. An electric vehicle refers to one that can be propelled by an electric motor that gets power from a battery and can be recharged from an external source. The next generation of electric vehicles may be largely dependent on lightweight materials. Electric vehicles’ weight can be significantly decreased by using composite materials made of fiber-reinforced plastic polymers, which also improve their performance, longevity, and range. For instance, according to the International Energy Agency (IEA), a France-based autonomous intergovernmental organization, in 2022, electric vehicle sales nearly doubled to 6.6 million in comparison to 2020, bringing the total number of electric vehicles on the road to 16.5 million globally. Electric vehicle sales share climbed by 4% in 2021. In the first half of 2022, 13% of newly purchased vehicles will be electric. Therefore, the rise in the adoption of electric vehicles (EVs) is driving the growth of the electric vehicle lightweight materials market.
Key Industry Players
Major companies operating in the electric vehicle lightweight materials market are focusing on product developments, such as advanced thermal insulation additives, to sustain their position in the market. Advanced thermal insulation additives refer to materials or substances that, when added to a system or structure, enhance its ability to resist the transfer of heat. For instance, in May 2023, Cabot Corporation, a US-based specialty chemicals and performance materials company, unveiled its latest product innovation, the ENTERATM aerogel particle portfolio. This launch represents a strategic move by Cabot into the realm of electric vehicle (EV) technology, as the ENTERA aerogel particles serve as advanced thermal insulation additives. this is Specifically designed for the development of ultra-thin thermal barriers in EV lithium-ion batteries, these innovative aerogel products empower formulators with versatile options. Cabot’s portfolio includes three distinct ENTERA aerogel products that can be seamlessly incorporated into various thermal barrier forms such as blankets, pads, sheets, films, foams, and coatings. This strategic introduction aligns with the automotive industry’s ongoing pursuit of enhancing thermal management systems for EV batteries, aiming to optimize energy efficiency and extend the range of electric vehicles.
The electric vehicle lightweight materials market report table of contents includes:
1. Executive Summary
2. Electric Vehicle Lightweight Materials Market Characteristics
3. Electric Vehicle Lightweight Materials Market Trends And Strategies
4. Electric Vehicle Lightweight Materials Market – Macro Economic Scenario
5. Global Electric Vehicle Lightweight Materials Market Size and Growth
……………………………
31. Global Electric Vehicle Lightweight Materials Market Competitive Benchmarking
32. Global Electric Vehicle Lightweight Materials Market Competitive Dashboard
33. Key Mergers And Acquisitions In The Electric Vehicle Lightweight Materials Market
34. Electric Vehicle Lightweight Materials Market Future Outlook and Potential Analysis
35. Appendix
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